Group exclusions
These restrictions apply across all Schroders funds. The list of excluded companies can be found on this page.
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 January 1, 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 April 2024)
Company Name | Country |
Aerospace Long-March International Trade Co., Ltd. | China |
Aeroteh SA | Romania |
Air Weapons Complex | Pakistan |
Alcast Pressure Dies Pvt Ltd. | India |
American Ordnance LLC | United States of America |
Anhui Great Wall Military Industry Co., Ltd. | China |
Anhui Military Industry Group Holding | China |
Arab Organization for Industrialization (AOI) | Egypt |
Aryt Industries | Israel |
Ashoka Industries Ltd. | India |
Avibrás Indústria Aeroespacial | Brazil |
Bharat Dynamics Ltd | India |
China Aerospace Science and Industry (CASIC) | China |
China Aerospace Science and Technology (CASC) | China |
China North Industries Group Corporation Limited (NORINCO) NB: this company does business internationally as 'China North Industries Corporation (NORINCO)'. In previous years, there has been some confusion over this company featuring multiple times under different names in third party screens: for the record, any references to 'China North Industries Group' or 'China North Industries Corporation' refer to the same company - NORINCO. | China |
Compania Nationala ROMARM SA | Romania |
Defense Industries Organization | Iran (Islamic Republic of) |
Defense Research & Development Organization (DRDO) | India |
Electromechanical Ordtech Ltd. | Greece |
Global Industrial & Defence Solutions | Pakistan |
HANWHA CORP | South Korea |
Hanwha Corp (also goes by Hanwha Engineering & Construction Corp.) | South Korea |
Hanwha Engineering & Construction Corp. (Hanwha Corporation) | South Korea |
Israel Aerospace Industries Ltd. | Israel |
Korea Defense Industry Corp. | South Korea |
LIG Corp. | South Korea |
LIG Nex1 | South Korea |
Manufacturing Engineering Scientific Industrial Concern OJSC (Tecmash) | Russian Federation |
Mechanical and Chemical Industry Corporation (Makina VE Kimya Endustrisi Kurumu Genel Mudurlugu) | Turkey |
Mil-spec Industries Corp | United States of America |
Motovilikha Plants JSC | Russia |
Munitions India Ltd | India |
National Development Complex | Pakistan |
National Engineering & Scientific Commission (NESCOM) | Pakistan |
NATIONAL PRESTO INDUSTRIES, INC. | United States of America |
Nityanand Udyog Pvt Ltd. | India |
Norinco International Cooperation Ltd. | China |
Pakistan Ordnance Factories | Pakistan |
Poongsan Corporation | South Korea |
POONGSAN HOLDINGS CORPORATION | South Korea |
Premier Explosives | India |
Rosoboronexport JSC | Russian Federation |
Rostec Corp. | Russian Federation |
RPA Splav named after A.N. Ganichev JSC | Russian Federation |
Sakr Factory for Developed Industries | Egypt |
Sichuan Academy of Aerospace Technology | China |
Sichuan Aerospace Industrial Group Co., Ltd. | China |
SNT DYNAMICS Co., Ltd. | South Korea |
SNT Holdings Co., Ltd. | South Korea |
Splav State Research | Russia |
Synthetic Moulders Ltd. | India |
The Day & Zimmermann Group, Inc. | United States of America |
The Kaha Company For Chemical Industries | Egypt |
Yugoimport-SDPR | Serbia |
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