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Carbon ReportEthos Aktiefond
Report created on: Feb 25, 2019
The carbon footprint provides a historic snapshotof the emissions from the equity holdings of thefund. The calculations are not comprehensive andindirect emissions, e.g. from suppliers, are basedon reported data or estimates of emissions. Themetric says nothing about how the portfoliocontributes to a low-carbon society. For furtherinformation about the metric, seewww.sebgroup.com.
Carbon Report - Ethos Aktiefond
Contents . . . . . . . . . . . . . . . . . . . . . . . . . . 3Executive Summary
. . . . . . . . 4Sector weighting and relative carbon footprint . . . . . . . . . . . . . . 4Relative Carbon Footprint Comparison
. . . . . . . . . . . . . . . . . 4Sector Analysis & Stock Selection . . . . . . . . . . . . . . . . . . . . . . . . . . 5Attribution Analysis
. . . . . . . . . 6Summary of 10 largest absolute contributors . . . . . . . . . . 6Summary of 10 largest portfolio companies
. . . . . . . . . . . . . . . . . . . . . . . . . . . 7Scope 3 Overview . . . . . . . . . . . . . . . . . . . 8Company Sector & Breakdown
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Carbon Ranking
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Carbon Report - Ethos Aktiefond
Carbon ReportEthos AktiefondReport created on: Feb 25, 2019 | Holdings Date: Dec 31, 2018 | Benchmark: Ethos AktiefondCurrency: SEK | Industry Classification: GICS | Company Breakdown Metrics: carbon intensity (tCO2e / Mio. revenue) | Value: 1'534'980'544.00SEKFund Management Company: SEB Investment Management AB
Executive SummaryCarbon emissions
Scope 1-2(tCO2e)
Total carbonemissions incl.
Scope 3 (tCO2e)
Relative CarbonFootprint
(kgCO2e / SEK1'000 invested)
Carbon Intensity(kgCO2e / SEK
1'000 revenue)
WeightedAverage Carbon
Intensity (kgCO2e/ SEK 1'000
revenue)
DisclosingTitles
by Weight(market value)
Portfolio 4'298.6 10'900.5 2.4 4.5 3.9 79.5% 84.0%
Benchmark 4'298.6 10'900.5 2.4 4.5 3.9 79.5% 84.0%
Total carbon emissions
- measure the carbon footprint of a portfolioconsidering Scope 1-2 as well as Scope 3emissions.*)
- Ethos Aktiefond is associated withgreenhouse gas emissions of 4'298.6 tonsper year.
Relative carbon footprint
- is a normalized measure of the portfolio'scontribution.
- It enables comparisons with a benchmarkbetween multiple portfolios, over time andregardless of portfolio size.
Carbon intensity
- allows investors to measure how muchcarbon emissions per SEK of revenue aregenerated.
- It therefore measures the carbon efficiencyof a portfolio per unit of output.
This report analyses the portfolio of securities in terms of thecarbon emissions and other carbon related characteristics ofthe underlying portfolio companies, and compares this data tothe performance of a relevant respectively chosen marketbenchmark.
The portfolio’s intensity is 0.0% higher than the benchmark.
100.0 100.0100.0 100.0
Carbon Intensity Carbon Emissions0.0
20.0
40.0
60.0
80.0
100.0
120.0
Portfolio Benchmark
The Sectors Materials, Industrials and Telecommunication Services(per GICS classification) in the portfolio make up 39.7% of the weightvs. 72.5% of the contribution to emissions.
3.7%
28.8%
7.2%
60.3%
39.7%
21.7%
11.0%
27.5%
Sector Weight Contribution to Emissions
MaterialsIndustrialsTelecommunication ServicesAll other Sectors
5 smallest contributors to the emissions of the fund are:Financed
emissions(tCO2e)
% of total Relative carbonfootprint
(kg CO2e / SEK 1'000Invested)
Storebrand A 0.0 0.0% 0.0
Systemair 0.2 0.0% 0.0
Loomis B 0.7 0.0% 0.0
Swedbank A 1.1 0.0% 0.0
Fabege 2.0 0.1% 0.0
5 largest contributors to the emissions of the fund are:Financed
emissions(tCO2e)
% of total Relative carbonfootprint
(kg CO2e / SEK 1'000Invested)
SCA B 767.4 21.3% 49.5
Stora Enso R (SEK) 370.4 10.3% 33.5
Lundbergsf�retagen B 314.7 8.7% 10.9
Boliden 272.9 7.6% 13.2
Tele2 B 242.5 6.7% 5.1
*) Scope 1 emissions are directly generated by company's operations, whereas indirect Scope 2 emissions are related to the company's energy consumption. Scope 3 emissions include other indirect emissions
including e.g. business travel, use of company's products sold, investments, and goods and services purchased.
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Carbon Report - Ethos Aktiefond
Sector weighting and relative carbon footprint
WeightRel. Carbon Footprint
tCO2e / Mio SEK invested Portfolio vs.Benchmark
Portfolio Benchmark Portfolio Benchmark
Materials 3.70% 3.70% 21.2 21.2 0.00%
Industrials 28.81% 28.81% 1.5 1.5 0.00%
TelecommunicationServices
7.23% 7.23% 3.0 3.0 0.00%
Financials 21.50% 21.50% 0.9 0.9 0.00%
Consumer Staples 1.39% 1.39% 8.3 8.3 0.00%
Real Estate 6.65% 6.65% 1.3 1.3 0.00%
Consumer Discretionary 4.25% 4.25% 1.9 1.9 0.00%
Health Care 6.10% 6.10% 0.7 0.7 0.00%
Information Technology 4.34% 4.34% 0.5 0.5 0.00%
Relative Carbon Footprint Comparison
Mat
eria
ls
Indu
stria
lsTe
leco
mm
unic
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es
Fina
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ls
Cons
umer
Sta
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Real
Est
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Cons
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Dis
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Hea
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are
Info
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Tech
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gy0.0
5.0
10.0
15.0
20.0
25.0
Portfolio Benchmark
Sector Analysis & Stock SelectionThe graph below shows how the carbon allocation in the portfolio differs from the average ofeach sector. Sectors have been defined using the GICS classification at theSupersector/Industry Group level.
Build
ing
Prod
ucts
Cons
truc
tion
& En
gine
erin
gD
iver
sifie
d Ba
nks
Div
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fied
Met
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& M
inin
gD
iver
sifie
d Su
ppor
t Ser
vice
s
Elec
tric
al C
ompo
nent
s &
Equi
pmen
t
Envi
ronm
enta
l & F
acili
ties
Serv
ices
Fore
st P
rodu
cts
Hou
seho
ld A
pplia
nces
Indu
stria
l Mac
hine
ryM
ulti-
Sect
or H
oldi
ngs
Pack
aged
Foo
ds &
Mea
tsPa
per P
rodu
cts
Spec
ialty
Che
mic
als
Wire
less
Tel
ecom
mun
icat
ion
Serv
ices
0%
10%
20%
30%
Portfolio GICS Sub-Industry Emissions
Benchmark, Average GICS Sub-Industry Emissions
4
Carbon Report - Ethos Aktiefond
Attribution AnalysisThe two principal reasons why the carbon exposure of the portfoliomay differ from the benchmark are due to sector allocation as well asstock selection decisions.Sector allocation decision will cause the carbon intensity of theportfolio to diverge from the benchmark where the sectors are eithercarbon intensive or low carbon. If the portfolio is overweight incarbon intensive sectors the portfolio is likely to be more carbonintensive than the benchmark.However, if the stocks within a carbon intensive sector are the mostcarbon efficient companies, it is possible that the portfolio may stillhave a lower carbon footprint than the benchmark.
Sector Allocation Sector Selection
Sector AllocationContribution to Out/Underperformance
(tCO2e)
Sector AllocationContribution to Out/
Underperformance (%)
Stock SelectionContribution to Out/Underperformance
(tCO2e)
Stock SelectionContribution to Out/
Underperformance (%)
Materials 0.0 0.0% 0.0 0.0%
Industrials 0.0 0.0% 0.0 0.0%
Consumer Discretionary 0.0 0.0% 0.0 0.0%
Consumer Staples 0.0 0.0% 0.0 0.0%
Health Care 0.0 0.0% 0.0 0.0%
Financials 0.0 0.0% 0.0 0.0%
Information Technology 0.0 0.0% 0.0 0.0%
Telecommunication Services 0.0 0.0% 0.0 0.0%
Real Estate 0.0 0.0% 0.0 0.0%
Total 0.0 0.0% 0.0 0.0%
Explanation: The Outperformance of the portfolio is based on theeffect of over/underweighting certain sectors and selectingmore/less carbon intense stocks within each sector for each of theunderlying holdings. A positive number indicates that the effectincreased the greenhouse gas emission (in tons of CO2e) and anegative number indicated a decreasing effect.In this case, the sector weighting of Ethos Aktiefond saved 0.0 tCO2e,while the stock selection saved 0.0 tCO2e versus the benchmark. Thisexplains a 0.0% outperformance through sector weighting and 0.0%carbon outperformance by stock picking.
Total Emissions(tCO2e)
Portfolio 4'298.6
Benchmark 4'298.6
Portfolio Carbon Outperformance (tCO2e) 0.0
Portfolio Carbon Outperformance (%) 0.0
Interaction Effect: 0.0 0.0%
Attribution Analysis - Graph
Mat
eria
ls
Indu
stria
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Cons
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Dis
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iona
ry
Cons
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Sta
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Hea
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Fina
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Tech
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unic
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Real
Est
ate
0%
0%
0%
0%
0%
Sector Stock Total
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Carbon Report - Ethos Aktiefond
Summary of 10 largest absolute contributorsThe tables below show the 10 largest greenhouse gas contributorsand the 10 largest holdings respectively of the Ethos Aktiefond.
Carbon Data section explains your Financed Emissions, i.e. theamount of greenhouse gases that the portfolio finances from thecompany’s overall emissions, relative to company ownership. Youcan further see what % of the overall portfolio GHG emissions eachcompany accounts for and if the company’s GHG emission numberwas disclosed by the company or approximated.
In the Analysis section, the Benchmark emissions are stated and theAverage Sector Emissions allow a comparison of the greenhouse gasintensity of a company against its respective sector, i.e. the amount ofGHG emissions that an investment of the same size would havefinanced, would it have been invested in the overall sector ratherthan the specific company.
The effect on the portfolio can be found under PortfolioContribution: This is a measurement of how much a specific holdingraises or reduces the carbon footprint of the portfolio.
Weight Carbon Data Analysis
Company GICS Sub-Industry Portfolio Benchmark % oftotal
carbonintensity
(tCO2e / Mio.revenue)
FinancedEmissions
(tCO2e)
BenchmarkEmissions
(tCO2e)
Av. SectorEmissions
(tCO2e)
PortfolioContribution
(tCO2e)
SCA B Forest Products 0.8% 0.8% 21.3% 26.9 767.4 767.4 779.1 -731.40
Stora Enso R (SEK) Paper Products 0.6% 0.6% 10.3% 38.9 370.4 370.4 1'064.1 -341.86
Lundbergsf�retagen B Multi-Sector Holdings 1.6% 1.6% 8.7% 27.9 314.7 314.7 133.6 -238.36
Boliden Diversified Metals &Mining
1.1% 1.1% 7.6% 26.6 272.9 272.9 1'970.8 -217.76
Tele2 B WirelessTelecommunicationServices
2.6% 2.6% 6.7% 6.4 242.5 242.5 251.8 -112.82
AarhusKarlshamn Packaged Foods &Meats
1.4% 1.4% 5.9% 11.9 211.2 211.2 244.6 -142.41
NCC B Construction &Engineering
0.7% 0.7% 5.4% 5.4 193.9 193.9 222.5 -160.76
ABB (SEK) Electrical Components& Equipment
3.0% 3.0% 4.6% 5.0 164.4 164.4 231.2 -12.23
Telia Company IntegratedTelecommunicationServices
4.6% 4.6% 4.3% 3.7 155.4 155.4 454.4 86.44
Balder Fastighets Real Estate OperatingCompanies
2.0% 2.0% 3.9% 27.9 142.5 142.5 154.4 -38.62
Summary of 10 largest portfolio companies
Weight Carbon Data Analysis
Company GICS Sub-Industry Portfolio Benchmark % oftotal
carbonintensity
(tCO2e / Mio.revenue)
FinancedEmissions
(tCO2e)
BenchmarkEmissions
(tCO2e)
Av. SectorEmissions
(tCO2e)
PortfolioContribution
(tCO2e)
Swedbank A Diversified Banks 6.9% 6.9% 0.0% 0.0 1.1 1.1 79.7 381.94
Volvo B ConstructionMachinery & HeavyTrucks
5.7% 5.7% 3.2% 1.2 114.3 114.3 313.4 192.35
Atlas Copco A Industrial Machinery 5.0% 5.0% 1.0% 1.3 35.5 35.5 433.3 234.50
Telia Company IntegratedTelecommunicationServices
4.6% 4.6% 4.3% 3.7 155.4 155.4 454.4 86.44
SEB A Diversified Banks 4.5% 4.5% 0.1% 0.1 2.2 2.2 52.5 242.46
SvenskaHandelsbanken A
Diversified Banks 4.5% 4.5% 0.1% 0.1 2.6 2.6 51.8 238.50
Ericsson B CommunicationsEquipment
3.5% 3.5% 0.8% 0.4 27.5 27.5 114.6 160.33
Astrazeneca SEK Pharmaceuticals 3.0% 3.0% 1.3% 3.2 48.1 48.1 72.6 109.57
ABB (SEK) Electrical Components& Equipment
3.0% 3.0% 4.6% 5.0 164.4 164.4 231.2 -12.23
Sandvik Industrial Machinery 2.8% 2.8% 3.0% 5.0 109.1 109.1 244.1 36.43
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Carbon Report - Ethos Aktiefond
Scope 3 OverviewThe following section provides a top-down approximation of thefinanced scope 3 emissions from each sector. The purpose of thisanalysis is to give an order of magnitude of the emissions in theportfolio on a sector level and should not be used as a basis forcomparing two individual companies.The methodology includes Scope 1, 2 and Scope 3 upstream andproduct use downstream.
The following graph shows the financed scope 1+2 emissions inrelation to the scope 3 emissions of the portfolio.
Materials Industrials ConsumerDiscretionary
ConsumerStaples
HealthCare
Financials InformationTechnology
TelecommunicationServices
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1'672
1'708
1'778
933
689
176
479
252
145
89
1'248
443
77
42
696
474Scope 3Scope 1&2
The graph below compares the total emissions (including Scope 1,Scope2 and Scope 3) between portfolio and benchmark.
Portfolio Benchmark0
2000
4000
6000
8000
10000
12000
6'785
4'116
6'785
4'116Scope 3Scope 1&2
*) The methodology includes Scope 1, 2 and Scope 3 upstream and product use downstream.
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Carbon Report - Ethos Aktiefond
Company Sector & BreakdownThis table presents all holdings in the portfolio, sorted by sector,following the logic from the sections above.
It shows how each company contributes to the overall portfoliofootprint. It allows you to see which stocks are the greatestcontributors to the portfolio’s emission in absolute as well as relativeterms.
The -/+ signs on the far right indicate if a specific holding raises orreduces the carbon footprint of the portfolio. This helps with portfoliooptimization and in managing the overall carbon portfolio footprintwithout comprising the chosen sector allocation.
Weight Carbon Data Analysis
Company Portfolio Benchmark % of total carbon intensity(tCO2e / Mio.
revenue)
FinancedEmissions
(tCO2e)
BenchmarkEmissions
(tCO2e)
Av. SectorEmissions
(tCO2e)
PortfolioContribution
(tCO2e)
Specialty Chemicals 1.0% 1.0% 0.3% 1.6 10.5 10.5 680.2 38.8 +
Hexpol 1.0% 1.0% 0.3% 1.6 10.5 10.5 680.2 38.8
Paper Packaging 0.2% 0.2% 0.4% 6.5 12.7 12.7 121.9 -4.8 -
Billerud 0.2% 0.2% 0.4% 6.5 12.7 12.7 121.9 -4.8
Diversified Metals & Mining 1.1% 1.1% 7.6% 26.6 272.9 272.9 1'970.8 -217.8 -
Boliden 1.1% 1.1% 7.6% 26.6 272.9 272.9 1'970.8 -217.8
Forest Products 0.8% 0.8% 21.3% 26.9 767.4 767.4 779.1 -731.4 -
SCA B 0.8% 0.8% 21.3% 26.9 767.4 767.4 779.1 -731.4
Paper Products 0.6% 0.6% 10.3% 38.9 370.4 370.4 1'064.1 -341.9 -
Stora Enso R (SEK) 0.6% 0.6% 10.3% 38.9 370.4 370.4 1'064.1 -341.9
Building Products 2.8% 2.8% 0.9% 1.4 33.9 33.9 1'279.5 114.9 +
Systemair 0.3% 0.3% 0.0% 0.0 0.2 0.2 133.2 15.0
Assa Abloy B 0.8% 0.8% 0.6% 3.6 21.6 21.6 383.7 22.1
NIBE INDUSTRIER B 1.7% 1.7% 0.3% 0.9 12.2 12.2 762.6 75.7
Construction & Engineering 2.5% 2.5% 5.6% 3.4 202.8 202.8 842.2 -74.9 -
NCC B 0.7% 0.7% 5.4% 5.4 193.9 193.9 222.5 -160.8
Sweco B 1.9% 1.9% 0.2% 0.4 8.9 8.9 619.7 88.9
Electrical Components & Equipment 3.0% 3.0% 4.6% 5.0 164.4 164.4 231.2 -12.2 -
ABB (SEK) 3.0% 3.0% 4.6% 5.0 164.4 164.4 231.2 -12.2
Construction Machinery & Heavy Trucks 6.1% 6.1% 3.5% 1.4 127.1 127.1 333.7 200.0 +
Volvo B 5.7% 5.7% 3.2% 1.2 114.3 114.3 313.4 192.4
Concentric 0.4% 0.4% 0.4% 6.1 12.7 12.7 20.3 6.3
Industrial Machinery 10.1% 10.1% 5.0% 2.7 180.9 180.9 871.5 379.6 +
Sandvik 2.8% 2.8% 3.0% 5.0 109.1 109.1 244.1 36.4
Alfa Laval 2.2% 2.2% 1.0% 2.2 36.3 36.3 194.1 80.5
Atlas Copco A 5.0% 5.0% 1.0% 1.3 35.5 35.5 433.3 234.5
Environmental & Facilities Services 0.7% 0.7% 0.4% 3.5 15.4 15.4 703.0 21.3 +
Tomra Systems 0.7% 0.7% 0.4% 3.5 15.4 15.4 703.0 21.3
Diversified Support Services 1.1% 1.1% 1.5% 2.0 53.9 53.9 336.8 1.2 +
Bravida Holding 1.1% 1.1% 1.5% 2.0 53.9 53.9 336.8 1.2
Security & Alarm Services 1.3% 1.3% 0.0% 0.0 0.7 0.7 67.5 66.1 +
Loomis B 1.3% 1.3% 0.0% 0.0 0.7 0.7 67.5 66.1
Research & Consulting Services 1.2% 1.2% 0.1% 0.2 4.5 4.5 62.1 58.3 +
�F B 1.2% 1.2% 0.1% 0.2 4.5 4.5 62.1 58.3
Auto Parts & Equipment 0.7% 0.7% 1.6% 4.6 56.2 56.2 117.0 -20.4 -
Autoliv SDB 0.7% 0.7% 1.6% 4.6 56.2 56.2 117.0 -20.4
Household Appliances 1.3% 1.3% 2.1% 4.3 75.7 75.7 100.9 -10.3 -
Husqvarna B 1.3% 1.3% 2.1% 4.3 75.7 75.7 100.9 -10.3
Leisure Products 1.0% 1.0% 0.2% 1.1 7.9 7.9 73.9 41.9 +
Thule Group 1.0% 1.0% 0.2% 1.1 7.9 7.9 73.9 41.9
Apparel Retail 1.3% 1.3% 0.2% 0.4 7.9 7.9 52.4 60.0 +
Hennes & Mauritz B 1.3% 1.3% 0.2% 0.4 7.9 7.9 52.4 60.0
Packaged Foods & Meats 1.4% 1.4% 5.9% 11.9 211.2 211.2 244.6 -142.4 -
AarhusKarlshamn 1.4% 1.4% 5.9% 11.9 211.2 211.2 244.6 -142.4
Health Care Facilities 0.4% 0.4% 0.2% 0.6 7.1 7.1 29.2 11.1 +
HUMANA 0.4% 0.4% 0.2% 0.6 7.1 7.1 29.2 11.1
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Carbon Report - Ethos Aktiefond
Weight Carbon Data Analysis
Company Portfolio Benchmark % of total carbon intensity(tCO2e / Mio.
revenue)
FinancedEmissions
(tCO2e)
BenchmarkEmissions
(tCO2e)
Av. SectorEmissions
(tCO2e)
PortfolioContribution
(tCO2e)
Biotechnology 0.6% 0.6% 0.1% 1.8 3.5 3.5 6.9 30.0 +
Swedish Orphan Biovitrum 0.6% 0.6% 0.1% 1.8 3.5 3.5 6.9 30.0
Pharmaceuticals 4.2% 4.2% 1.4% 2.7 51.1 51.1 102.6 174.9 +
Novo Nordisk 1.2% 1.2% 0.1% 0.8 3.0 3.0 30.0 61.4
Astrazeneca SEK 3.0% 3.0% 1.3% 3.2 48.1 48.1 72.6 109.6
Life Sciences Tools & Services 0.9% 0.9% 0.4% 1.1 12.7 12.7 30.0 31.5 +
Addlife 0.9% 0.9% 0.4% 1.1 12.7 12.7 30.0 31.5
Diversified Banks 17.7% 17.7% 0.3% 0.1 10.3 10.3 205.8 1'138.2 +
SEB A 4.5% 4.5% 0.1% 0.1 2.2 2.2 52.5 242.5
Swedbank A 6.9% 6.9% 0.0% 0.0 1.1 1.1 79.7 381.9
Nordea 1.9% 1.9% 0.1% 0.4 4.4 4.4 21.8 93.9
Svenska Handelsbanken A 4.5% 4.5% 0.1% 0.1 2.6 2.6 51.8 238.5
Multi-Sector Holdings 3.0% 3.0% 10.0% 32.0 361.3 361.3 252.6 -216.1 -
Lundbergsf�retagen B 1.6% 1.6% 8.7% 27.9 314.7 314.7 133.6 -238.4
Kinnevik Investment B 1.4% 1.4% 1.3% 0.0 46.5 46.5 118.9 25.9
Life & Health Insurance 0.8% 0.8% 0.0% 0.0 0.0 0.0 7.6 40.0 +
Storebrand A 0.8% 0.8% 0.0% 0.0 0.0 0.0 7.6 40.0
Communications Equipment 3.5% 3.5% 0.8% 0.4 27.5 27.5 114.6 160.3 +
Ericsson B 3.5% 3.5% 0.8% 0.4 27.5 27.5 114.6 160.3
Electronic Equipment & Instruments 0.8% 0.8% 0.2% 2.2 8.1 8.1 52.1 33.1 +
Mycronic 0.8% 0.8% 0.2% 2.2 8.1 8.1 52.1 33.1
Integrated Telecommunication Services 4.6% 4.6% 4.3% 3.7 155.4 155.4 454.4 86.4 +
Telia Company 4.6% 4.6% 4.3% 3.7 155.4 155.4 454.4 86.4
Wireless Telecommunication Services 2.6% 2.6% 6.7% 6.4 242.5 242.5 251.8 -112.8 -
Tele2 B 2.6% 2.6% 6.7% 6.4 242.5 242.5 251.8 -112.8
Real Estate Operating Companies 6.7% 6.7% 4.3% 12.1 153.7 153.7 501.7 203.1 +
Castellum 2.2% 2.2% 0.3% 2.0 9.2 9.2 169.0 108.5
Balder Fastighets 2.0% 2.0% 3.9% 27.9 142.5 142.5 154.4 -38.6
Fabege 2.4% 2.4% 0.1% 0.7 2.0 2.0 178.2 122.5
Total portfolio 84.0% 84.0% 100.0% 4.5 3'609.5 3'609.5 11'941.7
Note that the weighting for the benchmark will not always total 100% as the stocks shown are only for those held by the portfolio.
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Carbon Report - Ethos Aktiefond
Carbon RankingThis is a standardized ranking of the fund based on the product'sweighted average carbon intensity using two peergroups. Oneconsisting of all other funds in the database (global percentile) andone where the fund is ranked taking the specific Lipper GlobalClassification into account (peer percentile). The ranking is based onpercentiles and ranges from 0 (worst) to 100 (best).
Global Percentile
96(n=5290)
Peer Percentile
97(Lipper Global Equity Global, n=935)
The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive and indirect emissions, e.g. from suppliers, are based on reporteddata or estimates of emissions. The metric says nothing about how the portfolio contributes to a low-carbon society. For further information about the metric, see www.sebgroup.com.
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