Group exclusions

At Schroders, we fully support the international conventions on cluster munitions, anti-personnel mines, and chemical and biological weapons. We will never knowingly hold any security that is involved in the production, stockpiling, transfer and use of these weapons. These restrictions apply across all Schroders funds. The list of excluded companies is below.

Coal is a major contributor to atmospheric greenhouse gas emissions and companies directly exposed to that fuel face growing social and political pressures as a result. In order to protect the value of our clients’ investments, our policy is to exclude companies which generate more than 20% of their revenues from thermal coal mining. Schroders will apply this policy to all Schroders funds that we directly manage. This will apply to companies globally except companies with a corporate domicile or primary listing in Indonesia, for which the same criteria will apply from 1 January 2026.

Individual funds may exclude certain other securities for various reasons. If these offerings don’t fit with your requirements, we are happy to manage segregated accounts that are tailored to your preferences with explicit exclusion lists.

Controversial weapons exclusion list (as of August 2022)


Company Name


Anhui Great Wall Military Industry Co Ltd


Anhui Military Industry Group Holding


Aryt Industries




Bharat Dynamics Ltd


China Aerospace Science and Technology


China Aerospace Science and Industry


China North Industries Group Corp (Norinco)


Hanwha Corporation


LIG Nex1

South Korea

Motovilikha Plants JSC


National Presto Industries Inc

United States

Poongsan Corporation

South Korea

Poongsan Holdings Corp.

South Korea

Premier Explosives Ltd




Sichuan Academy of Aerospace Technology


SNT Dynamics Co Ltd

South Korea

SNT Holdings Co Ltd

South Korea

Splav State Research


Important information:

Past performance is no guarantee of future performance. The value of investments and the income from them can go down as well as up, and you (or your clients) might not get back what you originally invested

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