Worldwide Sustainability

Worldwide Sustainability

An unconstrained investment strategy that invests in companies across the world which are positioned to contribute to, and benefit from, sustainable development.

Our Worldwide Sustainability strategy was launched in November 2012. It is an unconstrained investment strategy, by which we mean it is not restricted to certain countries, and is able to invest in between 40-60 companies all over the world. As with all of our strategies, we are interested in finding only the very best businesses; those with high quality management teams, franchises, and financials, that are well positioned to contribute to, and benefit from, sustainable development.

Strategy highlights: a focus on quality and sustainability

  • Companies must contribute to sustainable development. 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

Quarterly updates

Strategy update: Q4 2023

Worldwide Sustainability strategy update: 1 October - 31 December 2023

The strategy performed well in Q4, resulting in a positive return for the full year. However, it was another turbulent year, following on from the travails of 2022, leading to a challenging environment for most portfolio companies and fluctuations in portfolio performance.

In 2022, Russia’s invasion of Ukraine led to a short-term boom in energy prices and a longer-term rise in geo-political tensions which have continued throughout 2023. Also during 2022, many companies had to cope with supply chain challenges, which led to overstocking in many instances and contributed to higher inflation. Throughout 2023, de-stocking and slowing demand was a common challenge, along with interest rates that in many countries ended the year approximately five times higher than they were at the start of 2022.

The period between August and October was particularly challenging as many macroeconomic concerns came to a head. At other times the overall market was buoyant, but this was largely driven by United States mega-cap tech stocks and fashionable themes such as artificial intelligence (AI) and weight loss drugs. Outside a very narrow range of stocks, the threat of recession, uncertainty over central bank actions and the increasingly pessimistic outlook from China put downward pressure on the valuations of small and mid-cap stocks and on many European-listed stocks. Against this backdrop and an increasingly concentrated market, the dispersion of returns was wide and there were some sharp drawdowns in the share prices of some portfolio companies.

An example was Adyen (Netherlands: Financials) whose price fell by 60% in August1 after it missed its growth estimates. This occurred at a time when the business was investing for the long-term, by increasing their headcount, which reduced their profit margins in the short term. We retained our conviction in the management team, business model and opportunity for the company and added to our position twice in October.

Fortinet (United States: Information Technology) also experienced a large price drawdown after its annual earnings were slightly lower than estimates due to clients shifting orders from June to July2 and worries of a slow-down in their core market of secure networking. However, the company is pivoting to faster growing security operations and universal Secure Access Service Edge (SASE) segments and has achieved consistently resilient growth over many years. It is forecast to grow by 25% a year for the next few years and we remain convinced it offers an excellent long-term investment opportunity. We took the opportunity to add to our position at attractive valuations.

We made no new additions to the portfolio in Q4 but increased positions in several companies with resilient cash flows on compelling valuations, including Halma (United Kingdom: Industrials), Spectris (United Kingdom; Information Technology) and Edwards Lifesciences (United States: Healthcare). We also added to companies that had become deeply out of favour but which have sound fundamentals and are well set up to benefit from tailwinds in automation, in the case of Zebra Technologies (United States: Industrials), and the energy transition, in the case of Alfen (Netherlands: Industrials).

Valuations also played a role in decisions to trim positions in Admiral (United Kingdom: Financials), Arista Networks (United States: Information Technology) and Advanced Drainage Systems (United States: Industrials). And we completely divested from Constellation Software (Canada: Information Technology) due to high valuations. While we retain conviction in its management and business model, its valuation left no room for error and we feel there are better opportunities elsewhere.

The most disappointing aspect of performance over the last two years has been the negative contribution from healthcare companies. As well as their contribution to human development, we expect them to be resilient and steady compounders of value over the long term. Our sense is that many of them have weathered the storm of post-pandemic de-stocking and are well-placed to grow as the sector normalises.

As always, we remain focused on buying companies with high-quality management teams and exceptional franchises that are driving human development and alleviating environmental pressures. Our portfolio is well diversified, not only across sectors and geographies, but also growth drivers such as improving energy efficiency, the rise of living standards in India and the growth of diagnostics. With portfolios of high-quality, great sustainability companies bought at reasonable valuations, we are excited about the future.

1 Source: S&P Capital IQ
2 Source: S&P Capital IQ

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 0.5%. 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.

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Stewart Investors Quarterly Client Update Q4 2023

1 October - 31 December 2023

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

Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. All securities mentioned herein may or may not form part of the holdings of Stewart Investors’ portfolios at a certain point in time, and the holdings may change over time. 

Important information

The information contained within this material has been obtained from sources that First Sentier Investors (“FSI”) believes to be reliable and accurate at the time of issue but no representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information. To the extent permitted by law, neither FSI, nor any of its associates, nor any director, officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this. This material is intended solely for distribution to professional/institutional investors as may be defined in the relevant jurisdiction and is not intended for distribution to the public. The information herein is for information purposes only; it does not constitute investment advice and/or recommendation, and should not be used as the basis of any investment decision. Some of the funds mentioned herein are not authorised for offer/sale to the public in certain jurisdiction.

The value of investments and the income from them may go down as well as up and you may not get back your original investment. Past performance is not necessarily a guide to future performance. Please refer to the offering documents for details, including the risk factors.

Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. All securities mentioned herein may or may not form part of the holdings of Stewart Investors’ portfolios at a certain point in time, and the holdings may change over time.

Some of the information in this document has been compiled using data from a representative strategy accounts. This information relates to existing Stewart Investors strategies and has been provided to illustrate Stewart Investors’ expertise in the strategies 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. The distribution or purchase of shares in any funds, or entering into an investment agreement with First Sentier Investors or Stewart Investors may be restricted in certain jurisdictions.

This material and the information contained herein may not be reproduced in whole or in part without the prior consent of FSI. This material shall only be used and/or received in accordance with the applicable laws in the relevant jurisdiction.

In Hong Kong, this material is issued by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. In Singapore, this material is issued by First Sentier Investors (Singapore) whose company registration number is 196900420D. This advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors and Stewart Investors are business names of First Sentier Investors (Hong Kong) Limited. First Sentier Investors (registration number 53236800B) and Stewart Investors (registration number 53310114W) are business divisions of First Sentier Investors (Singapore).

First Sentier Investors (Hong Kong) Limited and First Sentier Investors (Singapore) are part of the investment management business of First Sentier Investors, which is ultimately owned by Mitsubishi UFJ Financial Group, Inc. (“MUFG”), a global financial group. First Sentier Investors includes a number of entities in different jurisdictions.

MUFG and its subsidiaries are not responsible for any statement or information contained in this material. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment or entity referred to in this material or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.

© First Sentier Investors 

Strategy update: Q3 2023

Worldwide Sustainability strategy update: 1 July - 30 September 2023

The narrowing of the global equity market that started in Q2 continued throughout Q3 and the dynamic of a rising market driven by a few large US technology stocks has been a strong feature of much of this year. As active investors, we don't start with the index composition but build portfolios from the bottom up. This allows us to ignore the stretched valuations in large tech stocks and look for quality companies with excellent stewards and a long runway for growth driven by strong sustainability tailwinds.

Over the quarter we initiated a position in Japanese bicycle maker Shimano (Japan: Consumer Discretionary) which has a third generation family steward, a reputable brand and the financial quality to allow it to benefit from the growing market in e-cycles. We also added EPAM Systems (US: Information Technology) a digital platform engineering and software development services company. We have been watching it for a while given its adaptability, quality and favourable positioning in enterprise software development, design and consulting and took advantage of attractive valuations to initiate a position.

Over the same period we divested two stocks fully from the portfolio. We sold Fanuc (Japan: Industrials) due to concerns about its profitability, competitiveness and future outlook. Although Tokyo Electron (Japan: Information Technology) has been a great contributor to the strategy, we grew concerned about its valuation and ability to weather the shifting dynamics of the semiconductor industry.

Another feature of the markets over the quarter has been the dramatic over-reactions to company news. When investing for the long-run, volatility in stock prices does not present concern, but rather provides opportunity. This quarter we took the opportunity to top-up on key positions, adding to high-quality companies with great growth prospects such as Fortinet (US: Information Technology), Adyen (Netherlands: Financials) and Veeva Systems (US: Health Care). These were funded by trimming positions that had run up in price including Marico (India: Consumer Staples) and Advanced Drainage Systems (US: Industrials)

We believe the best way to protect and grow our clients' capital over the long term is to invest in high-quality franchises, run by competent and honest stewards that have strong financials enabling them to contribute to and benefit from strong sustainability tailwinds.

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 0.5%. 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 2023

Worldwide Sustainability strategy update: 1 April - 30 June 2023

Markets seem to have performed strongly so far this year which again serves to highlight the difficulties in drawing helpful short-term conclusions on a naturally long-dated asset class such as equities. From our preferred bottom-up perspective, the outlook remains mixed. 

On the one hand we are seeing some profit warnings stemming from tightening concerns which is stymieing demand for various goods and services. At the same time, a recent trip to India showed a buoyant economy with fantastic companies preparing for a very bright few years ahead. Trying to draw general conclusions from all of this data is impossible so we remain, as ever, focused on trying to find the best managed companies working to deliver a sustainable future at suitable valuations while also pulling at threads in the investment cases of companies held across the portfolios.

Over the past quarter, we have taken the opportunity to initiate a new position in Swedish conglomerate Assa Abloy (Sweden: Industrials) which focuses on security products from locks to biometric access. We have followed the company for many years and took an opportunity at a reasonable valuation to initiate a position. We also added to some of our favourite existing positions including Indian financial institution HDFC (India: Financials), several US industrial companies including Watsco (US: Industrials), Advanced Drainage Systems (US: Industrials) and Zebra Technologies (US: Information Technology) as well as European holdings including Infineon Technologies (Germany: Information Technology) and Roche (Switzerland: Health Care). We funded some of these additions by trimming holdings in Elisa (Finland: Communication Services), Beiersdorf (Germany: Consumer Staples), Cochlear (Australia: Health Care) and Constellation Software (Canada: Information Technology) among others as valuations crept up. We did not divest any positions in the quarter.

Irrespective of how markets behave or the macro noise in the short term, we remain committed to understanding the bottom-up fundamentals of each investment. We continue to consider the evolution of the governance, franchise and financial quality of our holdings alongside their sustainability positioning and strive to distil corporate quality from this. We believe these aspects to be far more tangible than any top-down focus on macroeconomic factors which do little to tell us about corporate quality which is ultimately what endures.

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 0.5%. 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 2023

Worldwide Sustainability strategy update: 1 January - 31 March 2023

Another eye-opening quarter goes by in Financeland and we are again forced to contend with all kinds of governance, financial and economic failures which serve to highlight the perilous condition of the global economy and its capital markets.

From our position, we continue to see the world through the bottom-up lenses of our high-quality investee companies which inspire feelings of optimism and excitement. This is a jarring juxtaposition to news headlines which can drive despondency and paralysis.

A year ago, we were digesting the invasion of Ukraine and a boom in hydrocarbon fuels, alongside questions over the future of sustainable investing. This year, we are looking at bank runs and governance failures and the denouement of long-term issues stemming from moral hazard and adverse selection. Our goal remains, as ever, to stay focused on high-quality management teams running sustainable and necessary franchises, driving human development forward with strong financials to allow these companies to weather any coming storms.

To that end, we took several steps this quarter to improve the quality of the strategy. In terms of new positions, we re-invested in Edwards Lifesciences (United States: Health Care) which is a high-quality cardiac valve supplier that we owned previously. The valuation had fallen significantly since we divested and we believe Edwards’ shares again offer good, long-term returns. We also took a position in Advanced Drainage Systems (United States: Industrials), a water management company whose shares have nearly halved from last year on concerns over weaknesses in the residential market and where we feel we have a reasonable entry point to a strong franchise. We have also added to some of our favourite companies where share prices have presented opportunities. These include companies such as Halma (United Kingdom: Information Technology), Spectris (United Kingdom: Information Technology), Infineon Technologies (Germany: Information Technology), Admiral Group (United Kingdom: Financials) and Nordson (United States: Industrials), among others.

In terms of divestments, we sold out of Tomra (Norway: Industrials), a supplier of sorting and reverse vending machines and technology, and a long-term holding from the inception of the strategy. Increasingly, we became concerned about Tomra’s margins, competition and outlook versus its valuation. We have also sold our position in Rational (Germany: Industrials) as the valuation crept back up amidst concerns over the outlook for commercial kitchens. We trimmed position sizes in Tecan (Switzerland: Health Care), WEG (Brazil: Industrials), Arista Networks (United States: Information Technology) and Alfen (Netherlands: Industrials), among others. The overriding reasons being valuations creeping up.

While we don’t make macro predictions, it is hard to escape the feeling that current headlines sound ominously familiar to those of a decade and a half ago. From our perspective, we continue to meet with, analyse and invest in high-quality sustainability franchises, run by competent and honest people, and with strong financials, as we believe this is the best way to protect and grow our clients’ capital over the long term. 

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 0.5%. 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

Proxy voting: Q4 2023

Worldwide Sustainability proxy voting: 1 October - 31 December 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 42 resolutions from five companies to vote on. On behalf of clients, we didn't 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: Q3 2023

Worldwide Sustainability proxy voting: 1 July - 30 September 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 79 resolutions from eight companies to vote on.  On behalf of clients, we voted against two resolutions.

We voted against the appointment of the auditor at Advanced Drainage Systems and Vitasoy as they have been in place for over 10 years and the company has 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: Q2 2023

Worldwide Sustainability proxy voting: 1 April - 30 June 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter there were 449 resolutions from 32 companies to vote on.  On behalf of clients, we voted against 30 and abstained one resolution.

We voted against the appointment of the auditor at A.O. Smith, Arista Networks, Beiersdorf, bioMérieux, Cognex, Constellation Software, Edwards Lifesciences, Elisa, Fortinet, Markel, Synopsys, Texas Instruments, Veeva Systems, Watsco and Zebra Technologies 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. (16 resolutions)

We voted against Edwards Lifesciences’ request to remove personal liability from certain senior officers. We believe such an amendment is unnecessary and do not think the company’s reasoning holds merit. (one resolution)

We voted against Fortinet’s request to remove personal liability from certain senior officers. We believe such an amendment is unnecessary and do not think the company’s reasoning holds merit. (one resolution)

We voted against Natura’s remuneration policy as we do not believe it is particularly long-term and the absolute pay amounts have increased significantly, especially in the context of recent poor performance. We voted against the establishment of a supervisory council as at the time of voting the company had not disclosed the candidates that would be up for election. We also voted against the election of a candidate, appointed by minority shareholders, to the supervisory council in alignment with our vote against the establishment of the supervisory council and we do not believe the candidate is truly independent. (four resolutions) 

We voted against Synopsys’ executive remuneration and amendments to their Employee Equity Incentive plan as we believe it is subject to adjustments to facilitate payments to management. (two resolutions) 

We voted against Texas Instruments’ executive remuneration, as we believe the absolute pay-outs for the CEO are high compared to other executive directors and the median employee. We also disagree with the vast majority of remuneration being discretionary and believe it is in shareholder interests for management to be measured against a few key metrics that hold them to account over the long term. (one resolution) 

We voted against WEG’s request to recast votes for the amended supervisory council slate, as we preferred to vote in favour of the female candidate nominated by minority shareholders and who has been on the fiscal council for two years. We abstained from voting on the election of the supervisory council as we preferred to support the minority candidate. (one resolution against, one resolution abstained)

We voted against Zebra Technologies’ executive compensation as we believe there is a large disparity between the CEO’s pay and the other executives. (one resolution)

We voted against a shareholder proposal requesting A.O. Smith report on racism in company culture. We believe the company is committed to diversity and inclusion as reflected in its Board which is 50% female and/or from underrepresented racial/ethnic groups. The company began tracking racial diversity in leadership roles in 2021, has enhanced its inclusivity training for leaders and continues to promote and discuss the topic heavily. (one resolution) 

We voted against a shareholder proposal relating to Synopsys which would enable shareholders with a combined 10% share ownership the right to call a special shareholder meeting. (one resolution)

We voted against a shareholder proposal at Veeva Systems which requested amendments to bylaws. We believe the company is shareholder friendly, and the proposal would breach the Company’s Certification of Incorporation. (one resolution)

We supported a shareholder proposal relating to Edwards Lifesciences which requested that the company separate the roles of the Chair and CEO. (one resolution)  

We supported shareholder proposals relating to Texas Instruments which requested the company report on its process for customer due diligence, by outlining sanctions and export control compliance, risks associated with Russia’s invasion of Ukraine, more information on the know-your-customer due diligence process, and an assessment of legal, regulatory and reputational risks to the company. We also supported a request for the company to adopt a 10% threshold for calling special meetings as currently the Board’s threshold is a shareholding of 25% which appears high. (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 2023

Worldwide Sustainability proxy voting: 1 January - 31 March 2023

Proxy voting by country of origin

Proxy voting by proposal category

During the quarter, there were 86 resolutions from six companies to vote on. On behalf of clients, we voted against six resolutions.

We voted against the appointment of the auditor at Infineon Technologies and Nordson 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)

We voted against Nordson’s remuneration proposal, as we have done at the previous three annual general meetings. Our preference is for schemes that are reasonable and simple, and while we do not disagree with any of the chosen metrics in their own right, we think five separate performance metrics split across various payment methods is overly complex. We also voted against the company’s request to eliminate the requirement for supermajority support for proposals, such as mergers and takeovers, as we believe the supermajority condition makes it more difficult for would-be acquirers with short-term agendas to enact a takeover. (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.

Portfolio Explorer

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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 investee companies* 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 as at 31 December 2023. *Assets that the strategies may hold which an active decision has not been made, and sustainability assessment does not apply, include cash, cash equivalents, short-term holdings for the purpose of efficient portfolio management and holdings received as a result of mandatory corporate actions. Holdings of such assets will not appear on Portfolio Explorer.

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: © 2014–2024 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.