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Sustainability Factsheet

Environmental*

 As at  30th June FSEF MSCI World
Waste tns/£m FCF 10.5 1,938
Hazard's Waste tns/£m FCF 0.3 40
Water m³/£m FCF 2,682 20,383
GHG/CO2 tns/£m FCF 117 211
Energy MWh/£m FCF 764 1,549
SBTi validated (1.5°) aligned 76% 46%
SBTi net zero aligned 52% 23%

Social*

As at  30th June FSEF MSCI World
Employees who are women 41% 39%
Management who are women 32% 32%
Executives who are women 28% 23%
Directors who are women 38% 35%

Governance*

As at  30th June FSEF MSCI World
Compliance with GRI 38% 30%
Independent directors 81% 73%
Executives holding shares 58% 42%
Reporting to CDP 86% 73%
Reporting scope 1&2 GHG emissions 93% 63%
Reporting water withdrawal 55% 50%
Reporting waste generated 55% 53%

Innovation

As at  30th June FSEF MSCI World
R&D as % of sales* 7.2% 2.5%
TTM Organic Growth" 8.6% 4.8%
Capital Impact™ 0.58 0.20

Upright Net Impact Profile**

Upright Net Impact Ratio***

Top 5 Net Impact Companies

As at 30th June Net Impact Ratio
Undisclosed PositionΔ 77%
Stryker 59%
Automatic Data Processing 53%
Wolters Kluwer 53%
Alphabet 52%

Bottom 5 Net Impact Companies

As at 30th June Net Impact Ratio
Undisclosed PositionΔ -48%
Undisclosed PositionΔ -47%
L’Oreal -42%
Marriott -31%
Gregg's -31%

Proxy Voting

12 months ending 30th June %
Proxies voted 100
Voted against management 8
Voted against executive remuneration 64

Q2 2026 Commentary

Environmental

  • Portfolio companies, Google and Microsoft, along with Meta and Amazon announced the launch of the Data Centre Innovation initiative alongside investment platform Elemental Impact. The initiative is aimed at investing in clean energy and materials technology startups and testing their solutions in data centres for future deployments across broader energy and industrial applications.
  • Microsoft and Iberdrola's US subsidiary Avangrid announced the signing of a power purchase agreement, providing Microsoft with energy from a new 140 MW solar project in Washington. The agreement marks the fourth US renewable energy project under contract between Avangrid and Microsoft.
  • Microsoft and BioCirc, a renewable energy producer, announced a seven-year agreement under which Microsoft will receive up to 650,000 tons of carbon removal credits generated from BioCirc's bioenergy carbon capture and storage platform in Denmark.
  • Microsoft and Meadow Lake Tribal Council announced a new long-term carbon offtake deal. Microsoft will purchase more than 600,000 tonnes of carbon removal credits generated by a bioenergy and carbon capture and storage project in Canada.
  • Microsoft announced that it has achieved its goal of becoming water positive in 2025, replenishing more water than it withdrew across its global operations during the year. Microsoft have achieved its goal five years ahead of its target year of 2030.
  • Climate tech startup Alt Carbon and Microsoft announced a multi-year carbon removal deal, under which Microsoft will purchase almost 37,000 tonnes of carbon removal credits generated from Alt Carbon's enhanced rock weathering (ERW) project in Darjeeling, India. The agreement marks Microsoft's first ERW-based deal in Asia.
  • Google announced a new set of water stewardship commitments. The commitments include a goal to become water positive, i.e., replenishing more water than it consumes, across its data centre operations by 2030. Other commitments include investments in water infrastructure, watershed protection, alternative water sources, and transparency measures. Google has also committed to investing $17 million to support new water stewardship projects across seven states in the US.
  • Google announced that it had signed a 15-year power purchase agreement with Linea Energy. Under the agreement, Google will purchase 500 MW of renewable energy generated by a solar project in T exas. The energy will be used to support the company's data centre operations in the state.
  • Portfolio company Google, along with American Express Global Business Travel and Shell Aviation are extending their existing sustainable aviation fuel (SAF) program. The Avelia program was launched in 2022 and uses a book-and-claim model that enables businesses and travellers to pay for SAF and claim the environmental benefits even if SAF is not available at their departure airport.
  • Living Carbon announced that it had singed new carbon removal offtake agreements with Google, Meta, and McKinsey under which the companies had agreed to purchase 130,000 tonnes of carbon removal credits generated by US-based reforestation projects.
  • Google and energy storage startup Energy Dome announced an agreement to construct a 23 MW energy storage plant in Ireland. The project marks the first commercial operation under the companies' strategic agreement aimed at scaling Energy Dome's CO2 battery technology.
  • Waymo, an autonomous driving technology company owned by Google, and energy storage developer B2U Storage Solutions announced a new partnership aimed at repurposing retired electric vehicle batteries. The companies are developing methods to facilitate the use of the batteries in energy storage systems.
  • American Airlines and Google announced an agreement to purchase 132 million litres of SAF over a three-year period. According to the companies the use of the purchased SAF will enable the reduction of around 300,000 tonnes of CO2e.

Innovation

  • Waters announced a strategic partnership with IMU Biosciences aimed at accelerating the development of IMU’s next-generation AI-powered High Definition Immunology platform. The partnership is aimed at improving the processes that characterise the immune system, delivering analysis in real time and facilitating insights at greater scale across delivery, translational, and clinical research applications. 

*Source: Bloomberg and company reports. Environmental numbers are weighted averages, others are simple averages except "R&D as a % of sales," which is a median. The Environmental numbers presented above are a guide only as only c.75% of portfolio companies reporting comparable numbers. Where constituent numbers are not available these are estimated by Fundsmith LLP Research based upon nearest comparable sector numbers obtainable and scaling for company’s assets. "Organic Growth" is the trailing twelve month, reported average sales growth excluding M&A and FX, using last reported numbers. Capital Impact™ is the Productive Asset Investment Ratio (capex/depreciation) multiplied by Return on Invested Capital (EBIT/invested capital) as last reported. The more productive the capital investment the higher the number.

Upright data is sourced from The Upright Platform https://uprightplatform.com/. Upright uses a macromodel and a company model to calculate the net impact of a company across four dimensions with 19 subcategories. The macromodel produces an estimate of the impact for all products and services and the company model uses the macromodel’s output to produce an estimate of the impact of each company based on the products and services they offer.

**Net impact profile shows the net impact, measured by impact cents per dollar of revenue, of the Fund versus the MSCI World across Upright’s four dimensions. Impact cents per dollar of revenue represents the financial costs/benefits created by the mix of products and services offered by the Fund’s companies normalised to revenue, allowing for comparisons. For example, if the Fund has a net positive of 5 for the ‘Social’ dimension, it is creating a net of 5 cents worth of positive impact for every 100 cents of revenue.

***Net impact ratio is the sum of all underlying positive impacts created by constituent companies minus the sum of negative impacts, the result is then divided by the sum of positive impacts to create a ratio, expressed as a percent. A positive value indicates a net positive impact across the four dimensions and a negative value a net negative impact. 

Δ Positions are not disclosed whilst we are in the process of building our desired weighting.

Sustainability Facts Archive