How we define holdings:
- Holdings calculations are based on the underlying securities held by the fund as at quarter-end.
- These are typically based on the sector that a specific company or issuer is allocated to, these could be considered “primary” exposures.
- “Secondary” exposure is not included for example if we held shares in a supermarket that sells tobacco or alcohol that would not appear as a holding in the tobacco or alcohol categories. Currently, this data is not available from companies or issuers however this may change in the future as there is an increasing focus and regulation on environmental and socially responsible disclosures.