The Fund does not invest in companies that derive any revenue from alcohol production and distribution, fossil fuel extraction and exploration, gambling operations, logging of old forests, nuclear energy production and uranium mining, pornography production, predatory lending practices, tobacco production and nicotine alternatives, as well as the development and production of controversial weapons. It also refrains from investing in companies found to consistently violate the UN Global Compact principles concerning human rights, including diversity, gender discrimination, and modern slavery, as well as labour rights, environmental preservation, and anti-corruption efforts. Oversight of the fund's Positive Impact Universe, in alignment with the Fund's objectives, lies with the Chief Impact Officer, who holds the authority to veto the inclusion of companies based on these criteria.

North Star focuses on a range of problems across both social and environmental areas. Its starting point is to consider which sectors of the economy require significant investment to achieve positive social or environmental outcomes, these are described as Impact Focus Areas. The Fund Manager considers the UN Sustainable Development Goals in the selection of its Impact Focus Areas and has identified 76 investable actions that investors can take to have a positive impact. Those actions were grouped into Impact Focus Areas and are as follows: Renewable energy, Land and resource management, Well-being, Care and support, Affordable Housing, Education, Healthy living, and Financial inclusion.

North Star's Impact Focus Areas are linked to multiple UN Sustainable Development Goals.