Capital
allocation

Capital allocation

Aviva Investors’ Natural Capital Transition Global Equity has a dual objective to: 1) Provide clients with long term capital growth and, 2) Support the transition towards a nature positive economy.

We aim to achieve this by investing in shares of companies that are providing solutions to reduce human impacts on nature or are transitioning their business models towards a nature-positive economy. This translates to the following investment themes:

Circular economy

Moving to a circular economy means maximising the reuse of our planet’s finite natural resources, moving on from today’s throwaway society. An example sub theme is sustainable packaging technologies. Data released in February 2022 shows plastic waste has more than doubled since 2000³.

Sustainable land

Shifting to systems that protect and restore our natural habitats, rather than exploit and deplete them. Land use change for agricultural expansion is one of the biggest single drivers of biodiversity loss. An example of an investment opportunity is precision agriculture, which uses new technologies like drones to reduce overuse of pesticides and fertilisers.

Sustainable oceans

Reducing pollution of rivers and seas and the over exploitation of fish. The popularity of the recent Netflix film Seaspiracy shows consumers increasingly care about this issue. Investment opportunities include water treatment technologies and sustainable aquaculture.

Climate change

We know all too well what an existential threat this poses. Investment opportunities lie in sectors like renewables and green transport; however, there are also less known but substantial opportunities in areas like animal feed that reduces methane emissions from cows.

³The Living Planet Report 2022, WWF & ZSL

Capital allocation

These themes are aligned to the principles of four Sustainable Development Goals, which give us a broad investment universe with a significant potential for positive environmental outcomes. We believe these themes are attractive long-term investment drivers due to the pressing need to address the destruction of nature from overconsumption, destruction of natural habitats, overfishing, climate change and pollution. We believe investing in companies linked to these themes is an exciting way to access the broader longer-term theme of transitioning to a more nature-positive economy.

The opportunity

Humanity is waging a suicidal war against nature. Our two-century-long experiment with burning fossil fuels, destroying forests, wilderness and oceans and degrading the land has caused a biosphere catastrophe. Making peace with nature is the defining task of the 21st century. It must be the top, top priority for everyone, everywhere.”

UN Secretary General António Guterres, October 2021

The planet faces an acute natural capital loss crisis. We are consuming 70%⁴ more resources than our planet can provide every year – and 14 out of 18 ecosystem services highlighted below are degraded or in decline⁵. Yet over half of global GDP is highly dependent on it.⁶

⁴ Earth Overshoot Day 2023, ⁵ ipbes, ⁶ WEF 2020 Nature Risk Rising Report

The World Economic Forum have identified three sectors where critical shifts are needed to become nature positive:

The use of land and ocean to supply food to sustain growing populations;
Improvements in infrastructure and the built environment;
The huge transition in energy supply and processes involved in extractive industries.

The World Economic Forum estimates this transition could deliver an estimated $10 trillion of business opportunities and 395 million jobs by 2030.

We believe markets are going to have to increasingly price in the cost and consequences of natural capital depletion, and see significant investment opportunities to benefit from the transition towards a nature-positive economy.

We see three specific catalysts that will drive further change:

Increasing physical risks from the ongoing destabilisation of our ecosystems:

Companies that depend on the exploitation of natural capital for their business models are most obviously at risk. For example, food producers bearing the costs of the decline of natural pollinators such as bees, soil degradation ruining the economics of farming and pushing up soft commodity prices or diminishing fish stocks. Furthermore, the costs driven by depleted natural resources, changing climate and weather patterns will be passed on, impacting cost structures and capital allocation decisions – be it higher cost of goods sold or increased insurance premiums.

Regulatory and legal developments:

As the existential risks of the loss of natural capital becomes increasingly understood, as we have seen with climate change in recent years, we expect a huge increase in regulations to protect and preserve nature. For example, the UK introduced a new tax from April 2022 on plastic packaging that does not contain at least 30 per cent recycled plastic.

Growing consumer
activism:

Society and consumers are waking up to the biodiversity crisis and threats posed to them personally from the loss of our ecosystems. Increasingly, customers are looking for brands that reflect their own identity given heightened concerns about the environment with the increasing importance of Gen Z and millennials demographics.

Investment process

The fund employs an active, fundamental, research-driven approach to capturing opportunities arising from the transition to a more nature-positive economy. The fund’s key performance driver will be bottom-up stock selection, which leverages the combined connected analytical resources of our ESG and equities investment teams.

There are over 80,000 listed stocks globally, of which over 6,000 have a market cap over $1 billion and see average daily trading of $10 million or more. This is broadly what we consider our starting investment universe.

Avoid significant harm

We then apply exclusions to this universe – we have baseline exclusions that extend across our business, exclusions specific to the Sustainable Outcomes Fund range and those exclusively for the Natural Capital Transition Global Equity Fund. These are listed below and results in the screening out of approximately 12 per cent of the MSCI ACWI.

Controversial weapons and civilian firearms
Fossil Fuels
Tobacco
UN Global Compact violations
Global Norms violations
Environmental controversies
Intensive animal farming
Pesticide Manufacture

Natural capital overlay

We then look to identify two groups of companies – solutions companies and transition leaders. Our solutions database generates a universe of around 1,000 stocks judged to have over 20 per cent of revenues from products and services crucial to reducing human impacts on nature, which is combined with approximately 1,000 transition leaders identified today by our proprietary transition risk (T-risk) model.

a) Transition companies

Including transition companies is a unique approach across our Sustainable Outcomes range. For the Natural Capital Transition Global Equity Fund, we look for companies leading in their sector in reducing their impact on natural capital, thereby supporting the transition to a nature-positive economy. We identify these companies using our proprietary natural capital T-risk model, based on the following steps:

Aviva Investors, as at 31 December 2022. Please note this is to show our transition themes.

Step 1: Top-down natural capital profile

We use five NGO datasets and our proprietary methodology to classify 158 sub-sectors having a low, medium or high impact on nature. Every sector impacts nature in different ways. A universal standard metric to assess impacts on nature across all sectors equivalent to CO2 emissions for climate change does not exist, so we choose a different set of impact indicators for each sector. For example, a beverage company has key impacts via water use, packaging and sourcing of ingredients such as sugar, whilst for a bank it would be more pertinent to assess whether it has a zero-deforestation policy and whether it is underwriting new fossil-fuel development.

We categorise sectors as high, medium or low risk because in our framework, firms in higher-risk sectors are subject to more demanding thresholds to be considered for inclusion in our portfolio.

Step 2: bottom-up management assessment

^{Deforestation}	^Water	^Plastic	^{Recycling & product reuse}	^{Environmental management}
^{Hazardous chemical}	^{Sustainable protein}	^Pesticides	^{Carbon footprint}	^{Impact on} ^{natural capital}

We use a total of 45 data sets, 41 of which are specialist NGO data sets on specific issues such as deforestation, sustainable protein, packaging and chemical use. A non-exhaustive list is highlighted in the table.

We then measure a company's performance on a set of metrics carefully chosen as the most pertinent for its sector. We do not just assess whether a company has a biodiversity policy, but rely on this wide range of data, as well as our ESG sector analysts and our Earth pillar lead’s 22 years of experience working on environmental issues, including at Greenpeace, to aim to avoid greenwashing and find real sector leaders.

Step 3: ZSL deep dive

We have commissioned the Zoological Society of London (ZSL) to complete a deep dive assessment for each company in the portfolio, which acts as an independent expert assessment on top of our internal review. Together, we created a proprietary assessment framework for the fund. ZSL has extensive experience in assessing companies on sustainability, through its annual SPOTT⁷ rankings of companies on deforestation.

⁷Sustainable Palm Oil Transparency Toolkit.

b) Solutions companies

Investing in companies whose products or services offer solutions to the reduction of human impacts on nature is the other important sleeve in our fund. We look for companies providing solutions in each of the same four pillars in our investment approach previously illustrated, with examples as follows:

Circular Economy

Sustainable packaging solutions, recycling & reuse technologies, waste treatment services.

Sustainable Land

Plant-based proteins, precision agriculture, and sustainability verification.

Sustainable Ocean

Water treatment solutions, sustainable mariculture & aquaculture, and plastic reduction & biodegradable materials.

Climate Change

In addition to the more recognisable but still important themes of energy efficiency, renewables, green buildings and transport, we also seek companies that can enable the climate transition journey, for example through management consultancy advice to corporate and government projects on carbon reduction.

These examples do not represent an exhaustive list of solutions we consider.

We apply a minimum 20 per cent solution revenue threshold for materiality of their impact. We also keep flexibility with a ten per cent soft bucket for new and emerging solutions that may not yet have reached the 20 per cent threshold but have strong growth potential or could make a crucial contribution to protecting biodiversity.

Portfolio KPIs

The following sample metrics are used as indicators of whether a company is positively aligned to the objectives of the fund, they are not necessarily used as an input into the decision making process to invest in the company.

The MSCI Sustainable Development Goals (SDG) data leverages MSCI’s Sustainable Impact Metrics data and⁸ gives an indication of a company’s solutions revenue tied to a specific SDG.

This is shown for all companies regardless of whether we treat them as Solutions or Transition names. Principle Adverse Impact (PAI) data follows Aviva Investor’s proprietary PAI framework⁹ which is used to identify companies we deem as failing our Do No Significant Harm tests or thresholds.

⁸MSCI ESG Sustainable Impact Metrics⁹The Aviva Investor PAI framework is based on a Red, Amber, Green (RAG) output, with “Reds” designating that a company is breaching our Do No Significant Harm test and therefore is ineligible for inclusion in this fund.

Natural Capital KPIs	Fund	ACWI
Companies with severe environmental controversies	0	35
Companies with >20% natural capital or climate change solutions revenues	45%	16%
Companies with positive contribution to natural capital	68%	42%
Companies in top quartile for environmental management	43%	21%
Companies with a Science Based Target on climate change	52%	17%

The MSCI All Countries World Index is used as the funds benchmark (ACWI)
Source: MSCI, Moody’s, FTSE.

Portfolio KPIs

Security Description	MSCI SDG 12 Revenue %	MSCI SDG 13 Revenue %	MSCI SDG 14 Revenue %	MSCI SDG 15 Revenue %	MSCI Environmental Impact Revenue Alignment	MSCI FTSE Green Revenue	MSCI Natural Capital % Revenue	MSCI Climate Change % Revenue	MSCI SBTI Approved	MSCI CDP Climate Score	MSCI Environment Pillar Score Quartile	MSCI Vigeo Eiris overall contribution to natural capital
ABBOTT LABORATORIES	0	0	0	0		0	0	0	T	B	3	Highly Positive
ACCENTURE PLC CLASS A	2	2	0	0		1	0	2	T	A	2	Highly Positive
ALPHABET INC CLASS A	2	0	0	0		7	0	2		A	3	Positive
ASTRAZENECA PLC	0	0	0	0		0	0	0	T	A	1	Marginal
AXA SA	0	0	0	0		0	0	0		B	1	Highly Positive
BALL CORP	0	0	0	0		96	0	0	T	A-	1	Highly Positive
BNP PARIBAS SA	0	0	0	0		0	0	0		B	1	Highly Positive
BUREAU VERITAS SA	0	0	0	0		4	0	0		B	3	Positive
BYD LTD H	46	5	0	0	PASS	38	0	46		F	1
CROWN HOLDINGS INC	0	0	0	0		38	0	0	T	B	1	Positive
DARLING INGREDIENTS INC	100	9	0	0	PASS	100	91	9		C	2	Not Covered
HYUNDAI MOTOR	24	0	0	0	PASS	14	0	24		A-	2	Positive
INFINEON TECHNOLOGIES AG	2	0	0	0		44	0	2		A-	2	Positive
KERING SA	0	0	0	0		0	0	0	T	A	1	Highly Positive
KERRY GROUP PLC	0	0	0	0		0	0	0	T	A-	2	Marginal
KONINKILIJKE DSM NV	3	1	0	0		15	2	1	T	A	1	Positive
KUBOTA CORP	34	0	2	1	PASS	2	34	0		A-	1	Highly Positive
LEVI STRAUSS CLASS A	0	0	0	0		0	0	0	T	A-	2
LINDE PLC	0	0	0	0		31	0	0	T	A	2	Marginal
MICROSOFT CORP	22	0	0	0	PASS	27	0	22	T	A	1	Highly Positive
MOODYS CORP	0	0	0	0		0	0	0	T	A	1	Highly Positive
MUENCHENER RUECKVERSICHERUNGS-GESE	0	0	0	0		0	0	0		C	3	Positive
NATIONAL GRID PLC	3	3	0	0		0	0	3	T	A	1	Marginal
NESTLE SA	0	0	0	0		7	0	0	T	A-	1	Positive
NOVARTIS AG	0	0	0	0		0	0	0	T	A	1	Positive
ON SEMICONDUCTOR CORP	1	0	0	0		15	0	1		C	2	Marginal
SALESFORCE INC	17	0	0	0		5	0	17	T	A-	2	Positive
SEVERN TRENT PLC	14	5	9	0		99	9	5	T	A-	2	Marginal
SHERWIN WILLIAMS	40	0	0	0	PASS	20	40	0		C	1	Positive
SIEMENS N AG	9	4	0	0		31	0	9	T	A-	1	Positive
STORA ENSO CLASS R	29	3	0	0	PASS	12	26	3	T	A-	3	Highly Positive
TAIWAN SEMICONDUCTOR MANUFACTURING	7	0	0	0		64	0	7			2	Positive
TARGET CORP	0	0	0	0		0	0	0	T	A-	2	Positive
TETRA TECH INC	24	2	11	3	PASS	95	22	2		F	1	Not Covered
THERMO FISHER SCIENTIFIC INC	2	0	0	0		1	0	2		B	3	Adverse
TREX INC	6	0	0	0		87	0	6		Not Available	4	Not Covered
TRIMBLE INC	5	0	0	0		34	1	4		B	2	Adverse
UNION PACIFIC CORP	0	0	0	0		0	0	0	T	B	4	Positive
VISA INC CLASS A	0	0	0	0		0	0	0	T	A	1	Highly Positive
WASTE MANAGEMENT INC	14	3	1	0		100	11	3		B	4	Positive
WATTS WATER TECHNOLOGIES INC CLASS	16	0	8	0		90	16	0			2	Not Covered
ZOETIS INC CLASS A	0	0	0	0		2	0	0		C	2	Marginal

The NCTF reserves a maximum 10% portfolio allocation for solutions companies with less than 20% of revenues from solutions – this reflects the nascent environment for nature based solutions and to allow the fund to invest in small or fast growing solutions providers.

Holdings classification & SDG mapping

By weighting, just over half of the portfolio are transition companies, with 42 per cent solution companies, as at date - 31/12/2022. (Several companies qualify as both solutions and transition companies as they are both a sector environmental leader and sell environmental solutions, but for the purposes of this analysis, each company is given one overall designation).

Portfolio by weight

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As at date - 31/12/2022

Sustainable Development Goal Allocation

			SDG 12	SDG13	SDG 14	SDG15
	Transition / Solution	Solution Theme	Circular Economy	Climate Action	Life below Water	Life on Land
ABBOTT LABORATORIES	T		N	N	Y	N
ACCENTURE PLC	T		Y	N	N	N
ALPHABET INC	T		N	N	Y	N
ASTRAZENECA PLC	T		N	N	Y	N
AXA SA	T		N	N	N	Y
BALL CORP	S	Recycled content & sustainable packaging	Y	N	N	N
BNP PARIBAS	T		N	N	N	Y
BUREAU VERITAS SA	S	Auditing & verification of sustainabililty claims	N	N	N	Y
BYD CO LTD-H	S	Electric vehicles	N	Y	N	N
CROWN HOLDINGS INC	S	Recycled content & sustainable packaging	Y	N	N	N
DARLING INGREDIENTS INC	S	Recycling & sustainable fuels	Y	N	N	N
HYUNDAI MOTOR CO	S	Electric vehicles	N	Y	N	N
INFINEON TECHNOLOGIES AG	S	Electric motors	N	Y	N	N
KERING	T		Y	N	N	N
KERRY GROUP	T		N	N	N	Y
DSM BV	T		N	N	N	Y
KUBOTA CORP	S	Water treatment & pollution prevention	N	N	N	Y
LEVI STRAUSS & CO	T		N	N	Y	N
LINDE PLC	S	Gases used in sustainable agriculture/aquaculture & water treatment	N	Y	N	N
MICROSOFT CORP	T		N	N	Y	N
MOODY'S CORP	T		N	Y	N	N
MUENCHENER RUECKVER AG-REG	T		N	Y	N	N
NATIONAL GRID PLC	T		N	N	N	Y
NESTLE SA-REG	T		N	N	N	Y
NOVARTIS AG-REG	T		N	N	Y	N
ON SEMICONDUCTOR	S	Electric vehicles	N	Y	N	N
SALESFORCE INC	T		N	Y	N	N
SEVERN TRENT PLC	S	Water treatment & pollution prevention	N	N	Y	N
SHERWIN-WILLIAMS CO/THE	S	Low VOC paint	N	N	N	Y
SIEMENS AG-REG	S	Smart grid & energy efficiency	N	Y	N	N
STORA ENSO OYJ	T		N	N	N	Y
TAIWAN SEMICONDUCTOR	T		N	N	Y	N
TARGET CORP	T		Y	N	N	N
TETRA TECH INC	S	Environmental consulting	N	N	N	Y
THERMO FISHER SCIENTIFIC INC	S	Environmental testing	N	N	Y	N
TREX COMPANY INC	S	Recycled content & circular economy	Y	N	N	N
TRIMBLE INC	S	Precision agriculture	N	N	N	Y
UNION PACIFIC CORP	S	Rail freight	N	Y	N	N
VISA INC	T		N	Y	N	N
WASTE MANAGEMENT INC	S	Waste management & circular economy	Y	N	N	N
WATTS WATER TECHNOLOGIES	S	Water & energy conservation	N	N	Y	N
ZOETIS INC	S	Animal health	N	N	N	Y

As at date - 31/12/2022

Sustainable Development Goal Alignment

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Natural Capital Transition Fund	MSCI SDG 12 Revenue %	MSCI SDG 13 Revenue %	MSCI SDG 14 Revenue %	MSCI SDG 15 Revenue %
Natural Capital Transition Fund	8.35	0.69	0.71	0.10
ABBOTT LABORATORIES	0.00	0.00	0.00	0.00
ACCENTURE PLC CLASS A	2.13	2.13	0.00	0.00
ALPHABET INC CLASS A	2.39	0.00	0.00	0.00
ASTRAZENECA PLC	0.00	0.00	0.00	0.00
AXA SA	0.00	0.00	0.00	0.00
BALL CORP	0.00	0.00	0.00	0.00
BNP PARIBAS SA	0.00	0.00	0.00	0.00
BUREAU VERITAS SA	0.31	0.00	0.00	0.00
BYD LTD H	46.29	5.08	0.00	0.00
CROWN HOLDINGS INC	0.00	0.00	0.00	0.00
DARLING INGREDIENTS INC	100.00	9.07	0.00	0.00
HYUNDAI MOTOR	24.21	0.00	0.00	0.00
INFINEON TECHNOLOGIES AG	1.58	0.00	0.00	0.00
KERING SA	0.00	0.00	0.00	0.00
KERRY GROUP PLC	0.00	0.00	0.00	0.00
KONINKILIJKE DSM NV	2.50	0.68	0.00	0.00
KUBOTA CORP	33.53	0.00	2.21	0.55
LEVI STRAUSS CLASS A	0.00	0.00	0.00	0.00
LINDE PLC	0.00	0.00	0.00	0.00
MICROSOFT CORP	21.72	0.00	0.00	0.00
MOODYS CORP	0.00	0.00	0.00	0.00
MUENCHENER RUECKVERSICHERUNGS-GESE	0.00	0.00	0.00	0.00
NATIONAL GRID PLC	2.91	2.91	0.00	0.00
NESTLE SA	0.00	0.00	0.00	0.00
NOVARTIS AG	0.00	0.00	0.00	0.00
ON SEMICONDUCTOR CORP	0.56	0.00	0.00	0.00
SALESFORCE INC	17.02	0.00	0.00	0.00
SEVERN TRENT PLC	14.05	4.56	9.49	0.00
SHERWIN WILLIAMS	39.57	0.00	0.00	0.00
SIEMENS N AG	9.42	4.48	0.00	0.00
STORA ENSO CLASS R	29.05	3.48	0.00	0.00
TAIWAN SEMICONDUCTOR MANUFACTURING	7.00	0.00	0.00	0.00
TARGET CORP	0.05	0.00	0.00	0.00
TETRA TECH INC	24.11	1.90	10.56	2.97
THERMO FISHER SCIENTIFIC INC	1.72	0.00	0.00	0.00
TREX INC	5.72	0.00	0.00	0.00
TRIMBLE INC	5.24	0.00	0.00	0.00
UNION PACIFIC CORP	0.00	0.00	0.00	0.00
VISA INC CLASS A	0.00	0.00	0.00	0.00
WASTE MANAGEMENT INC	14.28	2.95	0.98	0.49
WATTS WATER TECHNOLOGIES INC CLASS	16.06	0.00	8.03	0.00
ZOETIS INC CLASS A	0.00	0.00	0.00	0.00

As at date - 31/12/2022

*Bold values represent revenue greater than 20%

Principal Adverse Impacts

Security
Description

PAI 02: Carbon Emissions Intensity (EVIC EUR Scope 1,2&3)

PAI 03: Carbon Emissions Intensity (Sales EUR Scope 1,2&3)

PAI 04: Fossil Fuel (Strong Screen)

PAI 05: Non Renewables Consumption

PAI 06: Energy Consumption Intensity (EUR)

PAI 07: Biodiversity Controversy

PAI 08: Water Efficiency

PAI 09: Hazardous Waste (Metric Tonne)

PAI 10: Overall Flag

PAI 11: Mech UN Global Impact

PAI 12: Gender Pay Cap Ratio

PAI 13: Male / Female Board Ratio

ABBOTT LABORATORIES

Neutral

No data

Neutral

Amber

Neutral

ACCENTURE PLC CLASS A

Neutral

No data

Neutral

No data

Amber

Neutral

Low Population

Neutral

ALPHABET INC CLASS A

Neutral

No data

Neutral

No data

Amber

Neutral

ASTRAZENECA PLC

Neutral

No data

Neutral

Amber

No data

Neutral

AXA SA

Neutral

No data

Neutral

No data

Amber

Neutral

Low Population

Neutral

BALL CORP

Neutral

No data

Low Population

Neutral

Amber

Neutral

BNP PARIBAS SA

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

BUREAU VERITAS SA

Neutral

No data

Neutral

No data

Neutral

Amber

No data

Neutral

BYD LTD H

Neutral

Amber

Neutral

Low Population

Neutral

Amber

No data

Amber

CROWN HOLDINGS INC

Neutral

Low Population

Amber

No data

Neutral

DARLING INGREDIENTS INC

Neutral

Amber

Neutral

No data

Neutral

Amber

No data

Neutral

HYUNDAI MOTOR

Neutral

Low Population

Neutral

Amber

Neutral

No data

Amber

INFINEON TECHNOLOGIES AG

Neutral

No data

Neutral

No data

Neutral

KERING SA

Neutral

No data

Neutral

Amber

Neutral

No data

Neutral

KERRY GROUP PLC

Neutral

No data

Neutral

No data

Neutral

No data

Neutral

KONINKILIJKE DSM NV

Neutral

Amber

Low Population

Neutral

KUBOTA CORP

Neutral

Low Population

Neutral

Amber

No data

Amber

LEVI STRAUSS CLASS A

Neutral

No data

Amber

Neutral

LINDE PLC

Neutral

Amber

Neutral

No data

Amber

Neutral

No data

Amber

MICROSOFT CORP

Neutral

Amber

Neutral

No data

Neutral

Low Population

Amber

Neutral

MOODYS CORP

Neutral

No data

Neutral

No data

Neutral

MUENCHENER RUECKVERSICHERUNGS-GESE

Neutral

No data

Neutral

No data

Low Population

Neutral

No data

Neutral

NATIONAL GRID PLC

Neutral

No data

Neutral

No data

Neutral

NESTLE SA

Neutral

No data

Amber

Neutral

Low Population

Neutral

NOVARTIS AG

Neutral

Amber

Neutral

Low Population

Neutral

ON SEMICONDUCTOR CORP

Neutral

Amber

Neutral

No data

Neutral

No data

Amber

SALESFORCE INC

Neutral

No data

Neutral

No data

Neutral

No data

Neutral

SEVERN TRENT PLC

Neutral

No data

Amber

Neutral

SHERWIN WILLIAMS

Neutral

No data

Neutral

Amber

No data

Neutral

SIEMENS N AG

Neutral

No data

Neutral

Low Population

Amber

Neutral

Low Population

Neutral

STORA ENSO CLASS R

Neutral

Amber

Neutral

No data

Amber

Neutral

Low Population

Neutral

TAIWAN SEMICONDUCTOR MANUFACTURING

Neutral

No data

Neutral

Amber

No data

Amber

TARGET CORP

Neutral

No data

Low Population

Neutral

Amber

No data

Neutral

TETRA TECH INC

Neutral

No data

Neutral

No data

Neutral

No data

Neutral

THERMO FISHER SCIENTIFIC INC

Neutral

No data

Amber

Neutral

No data

Neutral

TREX INC

Neutral

No data

Neutral

No data

Neutral

Amber

No data

Neutral

TRIMBLE INC

Neutral

No data

Neutral

No data

Neutral

Amber

No data

Neutral

UNION PACIFIC CORP

Neutral

Amber

Neutral

No data

Amber

No data

Neutral

VISA INC CLASS A

Neutral

No data

Neutral

No data

Amber

Neutral

WASTE MANAGEMENT INC

Neutral

Amber

Neutral

No data

Low Population

Neutral

Amber

No data

Neutral

WATTS WATER TECHNOLOGIES INC CLASS

Neutral

No data

Neutral

Amber

No data

Neutral

ZOETIS INC CLASS A

Neutral

No data

Neutral

No data

Neutral

Amber

No data

Neutral

As at date - 31/12/2022