The Fund does not invest in companies that derive any revenue from the manufacture of tobacco products, controversial weapons, or pornography. This includes any company that owns a 50% or more interest in companies that derive any revenue directly from the manufacture of tobacco products or controversial weapons. The Funds will not invest in companies that discriminate against or seek to impinge on abortion rights for women, are involved in research for the reproductive cloning of human beings or animals, have poor records in relation to globally accepted human rights norms and standards, including modern slavery, child labour, capital punishment and indigenous rights, or that Stewart Investors reasonably believes wilfully or persistently neglect their environmental obligations, however no materiality thresholds applies to these items.

The Fund does not invest in companies that derive more than 5% of their revenues from wholesaling, distribution and provision of dedicated equipment and services to companies that produce tobacco or alcohol products, manufacture armaments, distribute pornography, or are involved in nuclear energy or gambling operations. It does not invest in companies that derive more than 5% of their revenues from the exploration, extraction, power generation, transportation, distribution, refining or providing dedicated equipment or services as part of the value chain of fossil fuels, the export of live animals, cruel production practices, such as factory farming, or the trade of controversial animal products such as ivory, or animal testing during the production of some consumer, medical, chemical and home and personal care products, some exceptions apply.

Stewart Investors seeks to identify and invest in companies which it believes have prospects of long-term positive financial returns and also contribute to, and benefit from sustainable development. The Manager incorporates environmental, social and governance considerations into the management of the Fund, it does not rely solely on quantitative thresholds for incorporating sustainability or ESG considerations but rather evaluates a company's track record and business model through a Quality Assessment and Sustainability Assessment.

The Fund will only invest in a company if Stewart Investors believe its activities lead to a positive social outcome, which is assessed by referencing the human development pillars that Stewart Investors has developed by referencing, amongst other things, the UN Human Development Index. These pillars include Health and well-being, Physical infrastructure, Economic welfare, and Opportunity and empowerment. Positive environmental outcomes are assessed by referencing to the climate solutions developed by Project Drawdown, a non-profit organisation that has mapped, measured and modelled over 90 different climate solutions that it believes will contribute to reaching "drawdown".

Stewardship is a key part of Stewart Investors' approach at each stage of the investment life cycle as it provides a channel through which Stewart Investors can assess and monitor a company's quality and contribution to sustainable development and encourage management teams to address any issues relevant to its business.

As Stewart Investors is not a legal entity, on occasion it signs up for initiatives via its parent company, First Sentier Investors. Stewart Investors are a signatory of the UN Principles of Responsible Investment. In addition to collaborative engagements, it supports a wide range of organisations, initiatives and industry bodies that contribute to the development of industry standards and improve best practices through First Sentier Investors.