What the big name culprits have to say for themselves

Cazenove Capital Sustainable Cautious

Strategy: ‘To invest across the sustainability spectrum.’ Slice of portfolio or fund in non-ESG (environmental, social, corporate governance) bonds: 32 per cent. Justification: ‘Whilst the majority of our investments in our sustainable models are actively promoting positivity for both people and the planet, we will hold some non-ESG funds for portfolio construction purposes as part of our diversified approach.’

BMO Sustainable Universal Cautious

St ra t e gy: ‘ To avoid, i nvest, improve’ – with an emphasis on selecting assets that ‘make a positive contribution to society and the environment’. Slice of portfolio or fund in non-ESG bonds: 24 per cent Justification: ‘We apply our own analysis of government bonds in the Sustainable Universal range consistent with t he view of

“avoid, invest, improve”, and sust ainability as a whole. This includes restricting investment to government debt of developed countries where it can be clearly shown that they deliver significant benefits to society.’

Wealthsimple SRI

Strategy: To ‘invest your money across the entire stock market using a range of global SRI (socially responsible investment) funds that are carefully screened and weighted for environmental, social and governance factors, as well as for performance.’ Slice of portfolio or fund

in non- ESG bonds: 76 per cent ( 20/ 80 equity/ bond fund), 67 per cent ( 30/ 70 equity/ bond fund), 57 per cent ( 40/ 60 equity/ bond fund).

Justification: ‘Our take is that gilts (UK Government bonds) are an integral building block to a diversified and low-cost investment portfolio and provide a viable option for an SRI offering given government investments in a number of positive areas (foreign aid, healthcare, education and renewable energy).’

Nutmeg SRI

Strategy: To let you ‘align your investments with your personal values and moral convictions.’ Slice of portfolio or fund in non- ESG bonds: 56 per cent ( 1/ 10: risk), 52 per cent ( 2/ 10 risk).

Justification: ‘ The scale and nature of government bonds means they are core holdings in almost all investment portfolios.’

Wealthify SRI

Strategy: We ‘let you invest in organisations committed to having a positive impact on society and the environment’. Slice of portfolio or fund in

non-ESG bonds: 48 per cent (Tentative Ethical) and 50 per cent (Cautious Ethical).

Justification: ‘The decision not to exclude developed market government bonds is based on the fact that government bonds contribute to healthcare, education, public infrastructure and public services, such as police and fire services, all of which are vital to a functioning and civilised society.’