◀ Back
Accept Decline
 European Sustainability

European Sustainability

The strategy was launched in June 2021 and invests in 30-45 companies that we consider to be the very best sustainability companies in Europe (including the UK). 

Our European Sustainability strategy invests in companies that we consider to be the very best sustainability companies in Europe. These businesses have strong and competitive franchises, exceptional people and distinctive cultures, and resilient financials. Individually and collectively they are solving difficult problems, meeting critical needs, and helping bring about a more sustainable future.

By focusing on the highest quality and best sustainability companies in Europe, we believe we can offer an exciting portfolio that stands out from the crowd.

Why invest in European companies?

World-leading sustainability companies

  • Europe has a large listed universe, including world-leading health care, clean energy, manufacturing and IT companies
  • Many of these companies have large and growing end-markets, including in many emerging economies, and a strong presence globally and locally

Exceptional people and cultures

  • Many companies are run by outstanding management teams and are often controlled by long-term stewards – foundations, families and entrepreneurs
  • Europe has a high concentration of companies with strong cultures, great franchises, and healthy balance sheets and financial characteristics

Sustainability tailwinds

  • Social norms, policies and regulations are often favourable for companies advancing sustainable technologies and solutions
  • European companies are known and respected for setting high standards

Strategy highlights: a focus on quality and sustainability

  • Companies must contribute to sustainable development and make a net-positive impact to a more sustainable future. Portfolio Explorer >

  • We invest in high-quality companies with exceptional cultures, strong franchises and resilient financials. How we pick companies >

  • We avoid companies linked to harmful activities and engage and vote for positive change. Our position on harmful products >

  • Our approach is long-term, bottom-up, high conviction and benchmark agnostic

  • We focus on capital preservation as well as capital growth – we define risk as the permanent loss of client capital

Latest insights

Strategy update: Q4 2022

European Sustainability strategy update: 1 October - 31 December 2022

We entered 2022 with a portfolio of high-quality, leading sustainability companies, with strong management teams, resilient cash flows and safe balance sheets.

However, this was not enough to protect against a challenging investment environment, marred by geopolitical uncertainty, an energy crisis, rapidly rising inflation, and a devastating war.

Many investors exited quality healthcare, technology and small and mid-cap companies and rotated into companies in the traditional energy, resources and banking sectors. This was painful for the strategy and performance in 2022 was disappointing. With the clairvoyance of hindsight, the portfolio should have been more diversified, with less exposure to companies on expensive valuation multiples.

Our main preoccupation throughout the year was on improving portfolio diversification and defensiveness. To this end, we:

  1. Initiated and built positions in three new financial services companies (Admiral Group: United Kingdom, Handelsbanken: Sweden and Komerční Banka: Czech Republic); two consumer companies (Beiersdorf: Germany and Unilever: United Kingdom); a communication services company (Elisa: Finland); a utility (Energiedienst: Switzerland); an information technology company (Bechtle: Germany); and a materials company (Sika: Switzerland).
  2. Sold out of two higher-rated technology companies (Alphawave IP: United Kingdom and ASML: Netherlands); three industrial companies (Kardex: Switzerland, Schindler: Switzerland and Vestas: Denmark); a consumer discretionary company (Mister Spex: Germany); a healthcare company (Philips: Netherlands); and a utility company (Ørsted: Denmark).
  3. Reduced exposure on a precautionary basis to other higher-rated companies that we thought were susceptible to a correction, including Infineon Technologies (Germany: Information Technology), Nemetschek (Germany: Information Technology), Spirax-Sarco Engineering (United Kingdom: Industrials), Tomra (Norway: Industrials), Adyen (Netherland: Information Technology), Rational (Germany: Industrials) and SFS (Switzerland: Industrials).
  4. Took profits in certain companies following good runs of performance and valuations becoming stretched, including NIBE Industrier (Sweden: Industrials), Vitec Software (Sweden: Information Technology), Alfen (Netherlands: Industrials), Beijer Ref (Sweden: Industrials), and Jerónimo Martins (Portugal: Consumer Staples).

In quarter four, we took advantage of attractive valuation opportunities to increase exposure to several holdings, including Deutsche Post DHL Group (Germany: Industrials), Beiersdorf (Germany: Consumer Staples), Inficon (Switzerland: Information Technology), Indutrade (Sweden: Industrials), Sartorius (Germany: Health Care), Roche (Switzerland: Health Care), Alcon (Switzerland: Health Care), Carl Zeiss Meditec (Germany: Health Care), and Unilever (United Kingdom: Consumer Staples). We trimmed some of our diagnostics exposure by reducing positions in Tecan (Switzerland: Health Care) and bioMérieux (France: Health Care), and some of our more expensive industrial exposure via Nibe, Tomra and Beijer Ref.

As a result of these changes, we believe the portfolio is more robust. The overall (sector-level) exposure to technology and industrial companies is lower than 12-18 months ago, healthcare exposure roughly similar, and exposure to financial and consumer companies slightly higher.

We are becoming steadily more excited about the opportunities that lie ahead. We are fortunate to have slightly elevated cash levels and look forward to increasing positions in some of the highest-quality, best sustainability companies in Europe, at more reasonable valuations.

Download a PDF copy

Select Strategy update and/or Proxy voting to produce a report. You can then download a copy of the report by clicking on the button.

You can build a bespoke report for all our strategies on the full Quarterly update report.

Stewart Investors Quarterly Client Update Q4 2022

1 October - 31 December 2022

Investment philosophy

  • We are stewards: Our role is to allocate society’s capital to productive uses, in accordance with our Hippocratic Oath
  • We are long term: Our time horizon is measured in years, not weeks, and we value companies accordingly
  • We invest only in companies contributing to a more sustainable future: We engage constructively as owners to help companies on their sustainability journeys
  • We invest only in high-quality companies: We seek out companies with exceptional cultures, strong franchises and resilient financials
  • We believe capital preservation is important for capital growth: We define risk as the possibility of the permanent loss of client capital

Investment objective

To generate attractive long-term, risk-adjusted returns by investing in the shares of high-quality companies that are particularly well positioned to contribute to, and benefit from sustainable development.

Important information

This material has been prepared and issued by First Sentier Investors (Australia) IM Ltd (ABN 89 114 194 311, AFSL 289017) (FSI AIM), which forms part of First Sentier Investors, a global asset management business. First Sentier Investors is ultimately owned by Mitsubishi UFJ Financial Group, Inc (MUFG), a global financial group. Stewart Investors is a trading name of FSI AIM.

It is directed at persons who are professional, sophisticated or wholesale clients and has not been prepared for and is not intended for persons who are retail clients. A copy of the Financial Services Guide for FSI AIM is available from First Sentier Investors on its website. This material contains general information only. It is not intended to provide you with financial product advice and does not take into account your objectives, financial situation or needs. Before making an investment decision, you should consider, with a financial adviser, whether this information is appropriate in light of your investment needs, objectives and financial situation. 

Any opinions expressed in this material are the opinions of the individual author at the time of publication only and are subject to change without notice. Such opinions may substantially differ from other individual authors within First Sentier Investors.

MUFG and its subsidiaries do not guarantee the performance of any financial products mentioned or the repayment of capital in relation to any financial products mentioned. Investments in any investment-type financial products mentioned are not deposits or other liabilities of MUFG or its subsidiaries, and investment-type products are subject to investment risk including loss of income and capital invested. 

To the extent permitted by law, no liability is accepted by FSI AIM, MUFG nor their respective affiliates for any loss or damage as a result of any reliance on this information. This material contains, or is based upon, information that we believe to be accurate and reliable, however neither FSI AIM, MUFG nor their respective affiliates offer any warranty that it contains no factual errors. No part of this material may be reproduced or transmitted in any form or by any means without the prior written consent of FSI AIM.

Some of the information within has been compiled using data from a representative account. This information relates to an existing Stewart Investors strategy and has been provided to illustrate Stewart Investors’ expertise in the strategy. This material is provided for information purposes only and does not constitute a recommendation, a solicitation, an offer, an advice or an invitation to purchase or sell any fund and should in no case be interpreted as such. Past performance is not a reliable indicator of future results.

References to specific securities (if any) are included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. Any securities referenced may or may not form part of the holdings of First Sentier Investors’ portfolios at a certain point in time, and the holdings may change over time.

© First Sentier Investors Group

Strategy update: Q3 2022

European Sustainability strategy update: 1 July - 30 September 2022

It has been painful seeing the share prices of most portfolio constituents decline this year.

We hold a good variety of high-quality, great sustainability companies, with strong cash flow capabilities, ample liquidity, and safe balance sheets. If the portfolio were a collection of boats, we believe the view below the surface of the roiling sea would be of sturdy hulls and safe anchors and lines.

The economies of most European countries seem to be heading into a recession. Geopolitical tensions are mounting. Decades of short-sighted energy policies are catching up with most European nations. The cost of most things is rising. Interest rates are rising. Debt burdens are rising. Financial liquidity squeezes look increasingly likely. Pressures are mounting on company earnings. There are no miracles in the central bank box of magic tricks.

Though the quarter began with a classic bear-market rally, it was no surprise that share prices retraced in September. Our main preoccupation was the same as the previous quarter: trying to improve portfolio diversification and defensiveness. We replaced two companies, reduced exposure to twelve, and added to eight holdings. As a result of these changes the portfolio cash position ended lower than last quarter, but still elevated; this may well continue to be the case in the months ahead.

We sold the remaining portions of holdings in Vestas (Denmark: Industrials) and Ørsted (Denmark: Utilities). Both investments were mistakes. Both are well-run, but difficult, order-book businesses. Both ought to have a bright future, yet are highly sensitive to regulatory dynamics and fluctuating input costs. The longer we held them, the longer our list of unknown-unknowns became. Other investment ideas seem more likely to deliver a satisfactory return over the coming decade.

Unilever (United Kingdom: Consumer Staples) and Handelsbanken (Sweden: Financials) were brought into the portfolio. Unilever is a reasonably-valued, cash-generative, dividend-paying, global consumer goods giant. It owns over 400 brands. Its products are used daily by almost 3.5 billion people across 190 countries. The company has not fared especially well since fending off a takeover attempt by Kraft-Heinz in 2017. Although we’re generally sceptical of activist interventions, we think the involvement of Nelson Peltz’s Trian group could create opportunities for helpful changes at Unilever.

Handelsbanken is a full-service bank with a decentralised, customer-focused operating model. It has survived four major banking crises in its 150-year history. During the severe Swedish banking crisis in the early-1990s, it was the only bank not to be either bailed out or nationalised. During the 2008 Global Financial Crisis, it was a net lender to peer banks and to the Swedish (Central) Riksbank.

Handelsbanken has emerged stronger and leaner from a difficult period of restructuring and reorganisation over the last five-odd years. We believe it will continue to improve under the leadership of CEO Carina Åkerström.

We trimmed positions in Tomra (Norway: Industrials), Tecan (Switzerland: Health Care), NIBE Industrier (Sweden: Industrials) and Diploma (United Kingdom: Industrials), among others, during the spell of relative share price buoyancy in the early part of the quarter. We built positions in the companies we recently introduced into the portfolio – Admiral (United Kingdom: Financials), Elisa (Finland: Communication Services), Beiersdorf (Germany: Consumer Staples), Energiedienst (Switzerland: Utilities) and Komerční Banka (Czech Republic: Financials) – and also added to Judges Scientific (United Kingdom: Industrials) and ALK-Abelló (Denmark: Health Care).

We are long-term investors. We understand patience pays off in a number of different ways. We are also trained to invest into crises. As valuations become more attractive, we become more excited about adding to our favourite companies. We will do our best to balance enthusiasm and patience as we take opportunities ahead of us.

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 1%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

Strategy update: Q2 2022

European Sustainability strategy update: 1 April - 30 June 2022

Share prices across Europe continued to fall over the quarter.

The conflict in Ukraine intensified. Geopolitical tensions worsened. Worries mounted that shortages of energy and agricultural products will fuel broader inflation and necessitate further interest rate rises. Wage disputes broke out across the continent. Fears rose that economies will weaken.

Against this backdrop of increasing economic fragility and volatility, our main focus was on trying to improve portfolio diversification and defensiveness. Portfolio turnover was unusually high: we replaced six companies, reduced exposure to twelve, and added to ten holdings. As a result of these changes, the cash position rose to its highest level since inception of the strategy just over a year ago.

We sold Philips (Netherlands) because we believe the company will struggle to execute a turnaround and recover losses since it recalled some of its ventilation products last year. Other investment ideas seem more likely to deliver a satisfactory return over the coming decade.

We sold ASML (Netherlands), a leading supplier of lithography equipment to semiconductor manufacturers, amid concerns about de-rating risk and an increasingly uncertain outlook for the semiconductor sector. Similar concerns led us to sell Alphawave IP (United Kingdom), the provider of semiconductor connectivity solutions, although the company’s management team have also proven to be less adept than we hoped.

We sold Swiss-listed Schindler, the maker of elevators and escalators, and Kardex, which provides automated storage solutions and material handling systems. The prospects for margin improvement at both companies are receding as economic headwinds stiffen.

And to help make room in the portfolio for more defensive names, we also sold Mister Spex (Germany), the digitally-native eyewear retailer. The company is young and could struggle to grow revenues if consumer discretionary spending weakens.

BechtleBeiersdorfEnergiedienstElisaAdmiral and Komerční banka were brought into the portfolio.

Bechtle is a German-listed, founder-stewarded company with a broad, vendor-neutral portfolio catering to the IT infrastructure and operational needs of its customers. Beiersdorf, also German-listed, is a family-controlled company that was founded 140 years ago. It makes skin, personal care and adhesive products, including leading brands like Nivea and Elastoplast.

Energiedienst is a 100-year old utility that supplies run-of-the river (Rhine) hydroelectricity and solar and wind-generated power to residential and commercial customers in Switzerland and Germany. Elisa is Finland's market leader in telecommunications and digital services. It has an unusual pricing model based on network speed and quality of service, rather than data volume.

Admiral is a UK-listed, founder-stewarded insurance company with a strong track record in underwriting auto, household, pet and travel insurance. It has a diverse leadership team and an impressive people-focused culture; all employees are shareholders. Insurance companies, like banks, rarely drive change in developed economies, but they play an essential role in allowing individuals, families, businesses and other organisations to cope with risks that are very difficult to bear at an individual level.

Komerční banka is a well-capitalised, conservatively-run Czech bank, with a solid deposit base and strong asset quality. It pays an attractive dividend and has an ambitious decarbonisation programme covering its lending practices and operations.

Big macro questions swirl around us. Will inflationary pressures ease as economies weaken? Have markets now adequately priced in an economic slowdown? If there is a recession, how long might it last? We don’t know the answers.

The questions preoccupying us are fundamental, bottom-up investment questions. Are we holding the best combination of high-quality, great sustainability companies in the portfolio? Do they have safe balance sheets and good liquidity? Do they have pricing power? Do they have strong cash flow capabilities? Are they reasonably valued? We will keep asking these questions, and questioning our answers, in an effort to improve the resilience of the portfolio.

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 1%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

Strategy update: Q1 2022

European Sustainability strategy update: 1 January - 31 March 2022

‘We will not succumb to irrational exuberance in good times nor to unjustified gloom in bad times’ – Stewart Investors Hippocratic Oath¹.

Russia’s invasion of Ukraine in February triggered a sharp fall in European stock markets. Another bloody chapter of European history is being written: a humanitarian catastrophe and geopolitical cleavage which will echo down the decades.

An immediate result was extreme energy price inflation stemming from Europe’s dependence on Russian gas and oil. This is currently transmitting to the agricultural sector. Food shortages often presage social and political unrest; think of the Arab Spring in 2010.

Unfortunately, many portfolio companies had already suffered pronounced share price declines in January. Companies that had performed well last year were broadly sold. Capital shifted into cyclical beneficiaries of rising inflation: traditional energy, commodity and financial sector companies. We rarely hold these companies for clients because they seldom meet our quality and sustainability requirements.

Portfolio activity was focused on buying. We took advantage of inflows and better valuations to increase shareholdings in 32 portfolio companies. The biggest additions were in Tecan (Switzerland), Vitec Software (Sweden), NIBE Industrier (Sweden), Halma (UK) and Judges Scientific (UK). We were also able to introduce Sika (Switzerland) into the portfolio.

Sika is a Swiss-listed provider of bonding, sealing, damping, reinforcing and protecting products for the building and automotive sectors. It is reformulating existing products and developing new products that minimise the use of ecologically damaging substances, reduce emissions, and contribute to circular economy outcomes. Examples include lower-emission and recycled concrete solutions, facade systems for energy-efficient buildings, and adhesives that make electric vehicles lighter.

While susceptible to the construction cycle, Sika is a beneficiary of the perpetual and growing need to repair and maintain a growing stock of buildings around the world. It has demonstrated pricing power and an ability to maintain high margins and cash flows across market cycles.

We made no outright sales, but did halve our position in Ørsted (Denmark), the developer of offshore wind projects, following a sudden – we believe excessive – share price bounce in reaction to fears about hydrocarbon energy shortages because of the Russia-Ukraine conflict.

Over the quarter many portfolio companies reported strong results and good progress at the same time as their valuations de-rated. The combination of improving company fundamentals and increasingly reasonable valuations is unusual. It seems a good time to be buying into our favourite sustainability companies, not a time to succumb to unjustified gloom.

But neither is it a time to succumb to irrational exuberance. Concerns about inflation, rising rates, and the withdrawal of monetary and fiscal support could easily morph into even bigger worries about stagflation, declining real incomes, and the diminishing capacity of governments to absorb shocks and shore up demand as economies slide. We are not predicting a recession, but we are saying it is possible, and we need to be prepared for the possibility. 

We like the shape and composition of the portfolio. We have high conviction in the companies we hold. Holding high-quality, great sustainability companies with safe balance sheets, pricing power and strong cash flow capabilities does not ensure success in all circumstances. But it is the best recipe we know for portfolio resilience across a range of unpredictable market environments: we expect no shortage of these in the months ahead.

Hippocratic oath

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 1%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

Proxy voting: Q4 2022

European Sustainability proxy voting: 1 October - 31 December 2022

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 38 resolutions from six companies to vote on. On behalf of clients, we voted against two resolutions.

We voted against the appointment of the auditor at Chr. Hansen and Coloplast, as they have been in place for over 10 years and the companies have given no information on intended rotation. We believe rotating an auditor on a relatively frequent basis (e.g. every 5-10 years) helps to ensure a fresh pair of eyes are examining the accounts, and follows best practice. (two resolutions)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q3 2022

European Sustainability proxy voting: 1 July - 30 September 2022

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 23 resolutions from one company to vote on. On behalf of clients, we did not vote against any resolutions.

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q2 2022

European Sustainability proxy voting : 1 April - 30 June 2022

During the quarter, there were 488 resolutions from 28 companies to vote on. On behalf of clients, we voted against 12 resolutions.

We voted against Alcon’s board remuneration and their remuneration report, as we believe the CEO and Chair’s remuneration is high compared to the rest of the executive committee. We also have reservations on the company awarding discretionary bonuses. (two resolutions)

We voted against Atlas Copco’s remuneration report as no progress appears to have been made to address shareholder concerns. The CEO's total remuneration exceeds that of peers and there is no disclosure on short-term incentive plan (STIP) targets. (one resolution)

We voted against Beijer Ref’s remuneration policy and report, as we believe it lacks disclosure on performance-related measurements and is skewed to the short term. (two resolutions).

We voted against the appointment of the auditor at Indutrade, Ørsted, SFS and Vestas as they have been in place for over 10 years and the companies have given no information on intended rotation. We believe rotating an auditor on a relatively frequent basis (e.g. every 5-10 years) helps to ensure a fresh pair of eyes are examining the accounts, and following best practice. (four resolutions)

We voted against Philips’ remuneration report as we believe it is unnecessarily complex and is subject to repeated adjustments to facilitate payments to management. (one resolution)

We voted against the appointment of the auditor at Sika, as per our comments on auditor rotation above. We voted against an independent proxy to vote on additional or amended proposals in accordance with the board of directors at the annual general meeting (AGM) of shareholders. We consider ourselves active shareholders and prefer to vote on such matters at the AGM. (two resolutions)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Proxy voting: Q1 2022

European Sustainability proxy voting : 1 October - 31 December 2022

During the quarter there were 168 resolutions from ten companies to vote on. On behalf of clients, we voted against nine resolutions.

We voted against the appointment of the auditors at Infineon TechnologiesRingkjøbing LandbobankRoche and Belimo as all have auditing firms, which have been in place for over 18 years. We believe rotating an auditor on a relatively frequent basis (e.g. every 5-10 years), helps to ensure a fresh pair of eyes are examining the accounts, and following best practice. (four resolutions)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

If you are unable to view the portfolio explorer, please re-open in Google Chrome, Edge, Firefox, Safari or Opera. IE11 is not supported.

For illustrative purposes only. Reference to the names of example company names mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. Companies mentioned herein may or may not form part of the holdings of Stewart Investors. Holdings are subject to change.

Certain statements, estimates, and projections in this document may be forward-looking statements. These forward-looking statements are based upon Stewart Investors’ current assumptions and beliefs, in light of currently available information, but involve known and unknown risks and uncertainties. Actual actions or results may differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements. There is no certainty that current conditions will last, and Stewart Investors undertakes no obligation to correct, revise or update information herein, whether as a result of new information, future events or otherwise.

Source: Stewart Investors investment team and company data. Securities mentioned are all holdings which have/have had a portfolio weight over 0.5% from representative Asia Pacific Sustainability Strategy, Asia Pacific & Japan Sustainability Strategy, Asia Pacific Leaders Sustainability Strategy, European Sustainability Strategy, European (ex UK) Sustainability Strategy, Global Emerging Markets Leaders Sustainability Strategy, Global Emerging Markets Sustainability Strategy, Indian Subcontinent Sustainability Strategy, Worldwide Sustainability Strategy and Worldwide Leaders Sustainability Strategy accounts up to 31 December 2022.

The Stewart Investors supports the Sustainable Development Goals (SDGs). The full list of SDGs can be found on the United Nations website.

Source for Climate Solutions and impact figures: © 2014–2023 Project Drawdown (drawdown.org). Source for Human Development Pillars: Stewart Investors investment team.

Source for climate solutions and human development analysis and mapping: Stewart Investors investment team. Contributions are defined by the team as demonstrable contributions to any solution, either direct (directly attributable to products, services or practices provided by that company), or enabling (supported or made possible by products or technologies provided by that company).

Investment terms

View our list of investment terms to help you understand the terminology within this document.