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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: Q2 2024
Worldwide Sustainability strategy update: 1 April - 30 June 2024
“We want to help lift the whole industry up”1.
Advanced Drainage Systems (United States: Industrials) are the second largest plastics recycler in the US but they want to do more. They are investing in a grinding facility and considering investments in sorting technology, which would improve margins and make plastic recycling more attractive to other companies.
We recently visited the United States to meet with a wide range of industrial and consumer companies across Chicago, Cincinnati, Columbus, Cleveland, Boston and New York. In total we met with 50 companies, many of them leaders in their industries. We highlight some of the companies we met with in more detail here along with reasons why we believe they fit so well with our investment approach. The trip was a great reminder of the number of excellent companies out there with competent and ethical stewards that generate returns by focusing on building long-term franchises in profitable niches.
During the quarter we added three new positions. Ashtead Group (United Kingdom: Industrials) is an industrial and construction equipment rental company that derives the majority of its revenues from the United States. The franchise has high returns and opportunities for strong growth prospects given the fragmented nature of the equipment rental market. Roper Technologies (United States: Information Technology) owns, buys and builds software companies that are leaders in their niches. This business model generates strong cashflows that can be used to buy more businesses, setting it up to continue to generate cashflows well in the future. TopBuild (United States: Consumer Discretionary) is the largest installer and distributor of insulation in North America. They are well positioned to grow from acquiring smaller businesses in another fragmented market and building economies of scale, supported by the growing need for more energy efficient homes and commercial buildings.
We continue to be vigilant about valuations and this is reflected in our decision to divest completely from seven positions. Three of these were from companies that, in our view, had reached rich valuations: Fisher & Paykel Healthcare (New Zealand: Health Care), Admiral (United Kingdom: Financials) and Marico (India: Consumer Staples). We divested from bioMérieux (France: Health Care) to consolidate the exposure to life sciences and from Kotak Mahindra Bank (India: Financials) to consolidate our exposure to Indian banks which are facing a more competitive environment. We divested from Synopsys (United Kingdom: Information Technology) and from Spirax Group (United Kingdom: Industrials) due to concerns about ongoing risks to their respective franchises coupled with valuations that left no room for error.
During the quarter, one of our companies was targeted by an activist investor who was concerned that it was overbuilding manufacturing capacity. Their concerns were based on near-term revenue expectations in an industry that is expected to grow by multiples in the coming years. We disagreed as the company’s record of counter cyclical and industry leading investments has handsomely rewarded patient shareholders and we wrote to offer them our support.
The market concentration we highlighted last quarter shows no sign of abating with continuing excitement about any company connected with building Artificial Intelligence (AI) infrastructure. We do not have any insight into how new technologies work through an economy nor where the main revenues or profits will appear. Instead of allowing ourselves to be distracted by a single growth driver, we seek to build a portfolio of companies that can benefit from a wide range of diverse growth drivers, as we believe that this is the best way to protect and grow our clients’ capital over the long term.
1 Source: Stewart Investors investment team, June 2024
Case Study: Roche
Listing: Swiss Market Index
Market cap: US$221bn
Shareholders since: September 2022
Company description
Founded in 1896 by Fritz Hoffman-La Roche, Roche is a multi-national healthcare company that produces pharmaceutical drugs, as well as diagnostic equipment and reagents. In 2023, its medicines treated 22 million patients worldwide and its diagnostic systems 29 billion test results.3
Why do we like it? / Investment rationale
One hundred and thirty years on from its foundation, Roche continually finds new ways to meet patient need. The ownership of the Hoffman and Oeri families empowers Roche to pursue decade-long opportunities; that Roche has had just seven CEOs in 125 years is testament to their long-term outlook.
Roche is industry-leading in its research & development (R&D) spend at 26% of pharmaceutical sales – almost USD15 billion4– and has produced blockbuster drugs in areas as diverse as neurology, oncology, and immunology. Their multiple sclerosis drug Ocrevus, for example, has over 25% share in the United States5; a recent formulation allows treatment by injection rather the original 4-hour infusion, saving patient and healthcare professionals’ time.6 Roche’s sustained investment in drug development has built a diversified pipeline of over 100 drugs, with nine in final phase testing7. Nor is Roche averse to finding new development methods; their gene therapy subsidiary, Genentech, has entered a strategic collaboration with Nvidia using artificial intelligence to maximise drug discovery opportunities within Roche’s extensive datasets.8
The pharmaceutical business has been strengthened by Roche’s market-leading diagnostics segment, which offers strong recurring revenues from the sale of consumables as well as equipment. Roche currently offers 600 tests and plans to launch a further 40 each year9. Long-term structural trends guide investment and development; Roche’s new, automated mass spectrometry systems (measuring the characteristics of chemical samples) should enable laboratories to perform more sensitive tests without hiring highly specialised technicians to operate complex machinery. Similarly, Roche has pioneered one of the first regulatory-approved10, self-administered cervical swabs to address low uptake of cervical cancer screening; an innovative solution that hopefully reduces the 4,000 annual, preventable deaths from cervical cancer in the United States, and many thousands more in middle- and low-income countries.11
Roche’s true opportunity lies at the intersection of its unique expertise across diagnostics, data, and drug development: personalised medicine, enabling earlier detection of illness, individualised treatment, and better patient monitoring. With its consistently strong balance sheet and strong cash flow generation – with cash flows growing at an average compound rate of 20% over the last 20 years12 – we believe Roche is ready to seize the opportunity.
What could go wrong? / Risks
Roche faces the risk of failures within its drug pipeline, although its extent and diversification, as well as the diagnostics segment, should cushion the impact of any one failure. Similarly, technological disruption could affect Roche’s business, despite its strong position in R&D investment.
3 Roche factsheet, 2023
4 Source: Stewart Investors investment team and company data
5 Source: Stewart Investors investment team and company data
6 Subcutaneous Ocrevus gets approval in EU for forms of MS (multiplesclerosisnewstoday.com).
7 Source: Stewart Investors investment team and company data
9 Source: Stewart Investors investment team and company data
10 Approved in the United States by the Food and Drug Administration (FDA)
11 Press release by Roche on cervical swab approval, 2024
12 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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Strategy update: Q1 2024
Worldwide Sustainability strategy update: 1 January - 31 March 2024
The market continues to look very concentrated, particularly for any company connected to Artificial Intelligence (AI). And, while the Magnificent 7 is no more as the likes of Tesla and Apple have slowed, NVIDIA, Microsoft and Meta continue to climb. Although we do not hold these companies, we are excited about the possibilities of AI to contribute to innovative solutions and drive human development, as reflected in some new positions in the portfolio.
During the quarter we added new positions in both TSMC (Taiwan: Information Technology) and Samsung Electronics (South Korea: Information Technology). Both companies are fabricating the chips that are designed by AI companies and are an essential part of the semiconductor value chain. They are also both well run with strong growth prospects and reasonable valuations. And it is not only in the developed world that increasing data, digitalisation and connectivity will be driving opportunities for growth. We entered a position in Tata Communications (India: Communication Services) as we also see exciting prospects for these structural growth drivers in India. We also added to Elisa (Finland: Communication Services) to take advantage of reasonable valuations and EPAM Systems (United States: Information Technology) as we continue to build our conviction in them.
We completely divested three portfolio companies. Cochlear (Australia: Health Care) remains a high-quality sustainability company and our decision to sell was prompted by concerns about its valuation compared to its growth prospects. We sold Cognex (United States: Information Technology) and Alfen (Netherlands: Industrials) due to concerns about their ability to weather more challenging end market environments ahead.
Controlling the portfolio sizes of companies also raised cash for new positions. These fell into three broad areas: Firstly, trimming the size of top ten holdings which have run up in price including Fortinet (United States: Information Technology), Beiersdorf (Germany: Consumer Staples), bioMérieux (France: Health Care) and Admiral (United Kingdom: Financials). Secondly, we are watching the emerging competitive environment facing Indian banks and controlling our exposure by reducing our position in Kotak Mahindra Bank (India: Financials).
Thirdly, we continued to take some profits from our position in Adyen (Netherlands: Financials). This stock has been exposed to the full force of market irrationality over the last six month and its price fell by over half in August when it slightly missed earnings growth expectations. We took the opportunity to add several times over the next few months before the price started to increase again. We then trimmed twice during the quarter to take profits and control the position size, but we retain conviction in the quality of its franchise and growth runway ahead.
As we head further into 2024, there remains little consensus around whether inflation will continue to fall or rise further, whether interest rates will remain where they are or be cut, or whether we are heading into a stronger or weaker economy. However outside of the stock market we are seeing some return to normality. Companies that we meet with are welcoming the end of a phase of de-stocking that was brought about by the supply chain issues and overstocking of 2022 and are looking forward to a return to more typical growth trends. We remain as reticent as ever to predict the path of macroeconomic variables, instead, focusing on finding high-quality companies supported by a diverse range of structural growth drivers, with strong balance sheets and competent management to take advantage of them.
Case Study: Fortinet
Listing: NASDAQ
Market cap: US$51bn
Shareholders since: July 2019
Company description
Founded in 2000 by brothers Ken and Michael Xie, Fortinet is one of the largest global providers of network security hardware and software. These solutions support customers across a highly diversified set of geographies, industries and customers. In 2023, their Fortiguard services offering blocked 2.4trn vulnerability attempts and 3bn malware deliveries to protect customers.1
Why do we like it? / Investment rationale
Fortinet’s strength lies within its founders’ expertise, patience, and ambition. Together, Ken and Michael have almost 50 years of experience in network security. They had the foresight as early as the late 1990s to invest in the design and manufacture of firewall-specific processing chips (application-specific-integrated-circuit, or ASICs).
When compared to firewalls run on general-purpose computing processors, Fortinet’s ASIC-based firewalls operate more quickly and efficiently, allowing them to block more complex threats from accessing the network. Not only do Fortinet’s chips offer better performance at lower power requirements (-88% vs. industry-standard processing chips), reducing the overall cost of ownership for customers, but vertical integration helps them secure chips, even during recent supply chain snarls in which some competitors experienced months-long shipping delays.
This technical expertise has helped Fortinet build a strong franchise across a highly diversified customer base, with its single biggest country exposure being the US at 27% of sales. More predictable services revenues now amount to 60% of sales, while Fortinet has grown free cash flow at a compounded average growth rate of 27% since 2015. Pleasingly, the Xie brothers’ long-termism has seen much of this bolster a balance sheet which has more cash than debt. They have also been able to invest cash flows into research & development, and have invested $1.7 billion to this end since 2017. This investment underpins Fortinet’s ambitions to grow further through end-to-end network security solutions – protecting infrastructure, data, access and applications.
As such, Fortinet is well-placed to capitalise on structural tailwinds around our economy’s increasing dependence on computing networks to connect data, devices, and people – fanned further by the possibilities of broader AI adoption – but also the mounting risks posed by cyberattacks. Some estimates suggest global cybercrime costs could hit $10.5 trillion dollars by 20252, to say nothing of less-easily quantified reputational risks or consequences of state-sponsored attacks on critical infrastructure. In an increasingly uncertain world, Fortinet’s technical expertise and patient investment offers customers the protections they need to seize the digitalisation opportunity.
What could go wrong? / Risks
Fortinet itself faces the risk of cyberattacks and technological disruption, although we feel these are mitigated by their R&D investment and expertise. Similarly, deteriorating macro-economic conditions could pressure customer budgets and push out cybersecurity investments, although recurring revenues and cash generation should help Fortinet weather short-term demand weakness.
1 Fortiguard Outbreak Alerts Annual Report 2023
2 2022 Official Cybercrime Report by Cybersecurity Ventures: https://www.esentire.com/resources/library/2022-official-cybercrime-report
Reference to the names of each company mentioned in this material is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation.
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: 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.
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.
Proxy voting
Proxy voting: Q2 2024
Worldwide Sustainability proxy voting: 1 April - 30 June 2024
Proxy voting by country of origin
Proxy voting by proposal category
During the quarter there were 446 resolutions from 32 companies to vote on. On behalf of clients, we voted against 26 resolutions.
We voted against the appointment of the auditor at A.O. Smith, Arista Networks, Edwards Lifesciences, EPAM Systems, Fortinet, Markel, Roper Technologies, Spirax Group, Synopsys, Texas Instruments, Veeva Systems 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. (12 resolutions)
We voted against remuneration motions at Assa Abloy as we believe acquisitive businesses should incentivise management on returns as well as shares held. (two resolutions)
We voted against recasting of votes at Natura as we wish to avoid the election of potentially unknown nominees. We voted against a remuneration proposal which the company highlighted was based on a discrepancy in our third-party research, misrepresenting the underlying proposal. Unfortunately it was too late to reverse the vote. We have alerted our research provider to the error. (two resolutions)
We voted against a proposal regarding transaction of business at Tecan as the company provided no detail on the proposal and we wish to avoid unfettered discretion. (one resolution)
We voted against an amendment to officer exculpation at Veeva Systems as we are not in favour of limiting the responsibility of corporate officers. (one resolution)
We voted against recasting and cumulative voting at WEG as this would allow the board to make changes without shareholder assessment or knowledge of candidates. (three resolutions)
We abstained from voting on requests for a separate board election and the election of a Supervisory Council position at WEG due to insufficient information and our preference for the current family stewards to remain in place. (two resolutions)
We voted against the decision to grant a one-off executive award with short vesting conditions at Zebra Technologies as we did not see sufficient rationale to support it. (one resolution)
We voted against a shareholder proposal at A.O. Smith requesting the company report on hiring practices for people with arrest records as we do not deem it necessary or productive and support the company's hiring process. (one resolution)
We voted against a shareholder proposal regarding board declassification at EPAM Systems as we do not deem it necessary for all directors to stand for election annually and believe this could destabilise the board by allowing excessive turnover. (one resolution)
We voted against a shareholder proposal regarding greenhouse gas (GHG) emissions disclosure at Markel as the proposal called for disclosure of emissions from underwriting, insuring and investments, which is not yet widely or reliably reported in the industry, hence we would prefer to discuss the issue with the company. (one resolution)
We abstained from voting on a shareholder proposal to remove supermajority requirements for certain issues at Roper Technologies as the board didn't provide a recommendation. (one resolution)
We voted against a shareholder proposal mandating an independent director serve as Chair at Synopsys as we are confident in the stewardship of the current Chair and former CEO to lead the majority independent board. (one resolution)
We voted for shareholder proposals regarding the right to call a special meeting and requesting a report on customer due diligence at Texas Instruments as we found both to be sensible. (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 2024
Worldwide Sustainability proxy voting: 1 January - 31 March 2024
Proxy voting by country of origin
Proxy voting by proposal category
During the quarter there were 126 resolutions from 10 companies to vote on. On behalf of clients, we voted against 7 resolutions.
We voted against the appointment of the auditor at Nordson and Roche as they have each been in place for over 10 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 follows best practice. We also voted against excessive executive renumeration at Roche. (seven 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: 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.
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 30 June 2024. *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.
First Sentier Investors (registration number 53236800B) and Stewart Investors (registration number 53310114W) are the business divisions of First Sentier Investors (Singapore).
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