MAS Moderate Fund

Companies of Concern

• Environmental Harm 0.12%

  • Mowi Asa

    0.04%

    ocean

    This company is harming the ocean

    Ocean Harm

    This company is harming the ocean

    Environmental Damage

    Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

    Mowi Asa Environmental Damage

    The Norwegian-based seafood company is heavily involved in the aquaculture industry, accounting for 23% of the global salmon market. They have been criticised for malpractice by NGO, Wildfish, for using chemical pesticides and causing animal harm in their Scottish salmon farms and by First Nation groups for environmental damage and biodiversity loss in Canada.

  • Southern Copper Corporation

    0.02%
    Environmental Damage

    Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

  • Unilever

    0.02%

    ocean

    This company is harming the ocean

    Ocean Harm

    This company is harming the ocean

    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

    Environmental Damage

    Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

    Unilever Animal TestingEnvironmental Damage

    Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.

• Fossil Fuels 0.28%

  • Cassa Depositi E Prestiti Spa

    0.07%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Quanta Services

    0.05%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

    Quanta Services Fossil Fuel Production

    Quanta Services provides infrastructure solutions for the oil and gas industry. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.

  • Dassault Systèmes Se

    0.03%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Fairfax Financial Holdings Ltd.

    0.02%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Bkw AG

    0.01%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

• Animal Cruelty 1.56%

  • Church & Dwight Co., Inc.

    1.11%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • LVMH Moët Hennessy Louis Vuitton Se

    0.15%
    Fur & Speciality Leather

    Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

    LVMH Moët Hennessy Louis Vuitton Se Fur & Speciality Leather

    Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.

  • The Sherwin-Williams Co.

    0.08%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Akzo Nobel Nv

    0.02%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • L'Oréal SA

    0.02%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

    L'Oréal SA Animal Testing

    L'Oréal is a personal care company and cosmetics company. The company states it has been at the forefront of alternative methods for decades and stopped all testing in 1989. However, L'Oréal sells in China where there are requirements for animal testing on certain products such as sunscreen and hair dye.

  • Novozymes A/S

    0.02%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Unilever

    0.02%

    ocean

    This company is harming the ocean

    Ocean Harm

    This company is harming the ocean

    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

    Environmental Damage

    Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

    Unilever Animal TestingEnvironmental Damage

    Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.

  • Albemarle Corp.

    0.01%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Ecolab Inc.

    0.01%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • PPG Industries, Inc.

    0.01%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

  • Rpm International, Inc.

    0.01%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

• Human Rights Violations 2.78%

  • Meta Platforms, Inc.

    0.67%
    Public Safety

    Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.

    Meta Platforms, Inc. Public Safety

    The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.

  • Wells Fargo

    0.47%
    Business Ethics

    Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

    Wells Fargo Business Ethics

    Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.

  • Toronto-Dominion Bank

    0.28%
    Business Ethics

    Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

  • Tesla

    0.26%
    Business Ethics

    Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

    Tesla Business Ethics

    Tesla has been involved in violations across human rights categories including business ethics due to CEO leadership style, limiting of shareholder rights and poor governance. There have also been big safety and human rights concerns with Tesla’s supply chain and production line.

  • UBS

    0.21%
    Business Ethics

    Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

    UBS Business Ethics

    Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).

  • Johnson & Johnson

    0.19%
    Public Safety

    Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.

    Johnson & Johnson Public Safety

    Johnson & Johnson is the world's largest and most diverse healthcare firm. There have been repeated incidents related to the quality and safety of several of its products across drugs, devices, and consumer products. There have also been exceptionally high number of liability claims relating to talc-based products and links to cancers.

  • Booking Holdings

    0.17%

    OPT

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    Occupied Palestinian Territories

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    War & Conflict

    Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.

    Booking Holdings War & Conflict

    Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.

  • IBM

    0.14%

    OPT

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    Occupied Palestinian Territories

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    War & Conflict

    Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.

    IBM War & Conflict

    Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.

  • Palantir Technologies

    0.14%

    OPT

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    Occupied Palestinian Territories

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    Human Rights Abuses

    Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

    War & Conflict

    Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.

    Palantir Technologies Human Rights AbusesWar & Conflict

    Has developed AI-based predictive policing systems. These are sold to Israeli security forces and used in surveillance of Palestinian in occupied Palestinian territories. The systems were originally designed for US immigration authorities and are used in the US to target immigrants and manage raids.

  • Thermo Fisher Scientific

    0.08%
    Human Rights Abuses

    Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

    Thermo Fisher Scientific Human Rights Abuses

    Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence that DNA sequencing products continue to be distributed in China, despite the company announcing it would halt sales to the region.

  • Kingspan Group

    0.05%
    Public Safety

    Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.

  • Motorola Solutions Inc

    0.04%

    OPT

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    Occupied Palestinian Territories

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    War & Conflict

    Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.

    Motorola Solutions Inc War & Conflict

    Motorola is an American provider of communication products, video equipment, telecommunications equipment, software, systems, and services. Motorola Solutions and its subsidiary, Motorola Israel, have been accused of complicity in human rights violations due to its sale of communication products to the Israeli Ministry of Defence in the occupied Palestinian territories. Israeli settlements in occupied Palestinian territories are deemed illegal under international law.

  • Uber Technologies, Inc.

    0.03%
    Labour Rights Violations

    Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.

    Uber Technologies, Inc. Labour Rights Violations

    A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.

  • Axon Enterprise

    0.02%
    Public Safety

    Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.

    Axon Enterprise Public Safety

    Axon is a weapons and technology manufacturing company. They make tasers, body cameras for police and drones for crowd surveillance which are used in riot control situations in the US by ICE. Manufacturing of equipment for riot control is concerning due to its usage against civilian populations.

  • Airbnb

    0.01%

    OPT

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    Occupied Palestinian Territories

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    War & Conflict

    Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.

    Airbnb War & Conflict

    Online travel platforms, are complicit in the severe human rights violations to Palestinians from illegal settlement in Occupied Palestinian Territories. Promotion of tourism to these settlements normalises annexation and provides income supporting settlement. Under UN Principles, companies have obligations to prevent Human Rights breaches from services in situations of conflict.

• Social Harm 0.05%

  • Brown-Forman Corp.

    0.01%
    Alcohol

    Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.

• Weapons 0.31%

  • Amphenol Corp.

    0.07%

    OPT

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    Occupied Palestinian Territories

    Complicit in severe breaches of civilian Human Rights in Occupied Palestinian Territories

    Military Weapons

    Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.

    Amphenol Corp. Military Weapons

    Amphenol are a US company manufacturing electronic components. They supply services to the military weapons industry through interconnect systems which have applications in harsh conditions for the military and aerospace sectors, specificially weapons release connectors.

  • Walmart, Inc.

    0.07%
    Firearms

    Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.

    Walmart, Inc. Firearms

    The USA’s largest retailer by sales, selling a variety of general merchandise and grocery items. Walmart retails shotguns, pistols and ammunition at some of its stores in the USA, as well as components for firearms such as scopes (less than 1% given scale of other lines). Walmart operates stricter controls on firearms than required by US federal law.

  • AMETEK

    0.05%
    Military Weapons

    Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.

  • Jacobs Solutions, Inc.

    0.04%
    Military Weapons

    Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.

  • W. W. Grainger

    0.03%
    Firearms

    Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.

    W. W. Grainger Firearms

    W.W. Grainger is a trading and distribution company which makes riot protection equipment, such as body protection systems, shields and batons. Manufacturing of equipment for riot control is concerning due to its usage against civilian populations.

  • Howmet Aerospace, Inc.

    0.02%
    Military Weapons

    Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.