Since 2017, our portfolio has excluded investments in companies that manufacture tobacco products or nuclear weapons. This followed a decision by our investment manager, Russell Investments, to exclude these types of investments from its global fixed interest (bonds) and equities (shares) portfolios. These portfolios account for around two-thirds of UniSaver’s assets, but it effectively means tobacco and nuclear weapons investments are excluded from the entire exposure. The exclusion, for example, doesn’t extend to Australasian shares, which are managed by third-party managers. However, there are no tobacco companies or nuclear weapons manufacturers listed in New Zealand or Australia, so this isn’t an issue. The two exclusions were in addition to the existing exclusions relating to companies producing anti-personnel mines and cluster munitions.