Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

Discover more

Our philosophy is very simple. We are constantly searching for high quality businesses and when we acquire them, we will work relentlessly with them to create long-term sustainable value through innovation, ESG-led and proactive asset management.

Discover more

Stewart Investors manage investment portfolios on behalf of our clients over the long term and have held shares in some companies for over 20 years. They launched their first investment strategy in 1988.

Discover more

Policies, reports and industry collaboration

Policies, reports and industry collaboration


Global Responsible Investment and Stewardship Principles and Policy

Our Global Responsible Investment and Stewardship Principles and Policy builds on and improves our previous suite of RI policies in one consolidated document. The document articulates our approach to RI and what it means to us, and includes a set of guiding principles for investment team members as well as specific requirements in relation to ESG integration, corporate engagement, proxy voting and investment screens. Through this policy we communicate our approach to issues such as climate change, nature and biodiversity, diversity and human rights and modern slavery.

The policy was last updated in March 2022. The document is approved by the RI Steering Group following extensive consultation with investment teams and other stakeholders in the business.

Global Responsible Investment and Stewardship Principles and Policy

Taiwanese Stock Exchange Stewardship Compliance Statement

Climate change

In developing our Climate Change Statement, we sought to align our disclosure with the Task Force for Climate Related Financial Disclosure's recommendations and the Investor Group on Climate Change's Guide for Investor Disclosure. Strategy, Governance, Risk Management and Metrics.

Climate Change Statement

Task Force on Climate-related Financial Disclosures (TCFD) Mapping Document

Climate Change Action Plan

Stranded Assets Toolkit Overview


In a diverse global organisation good governance is extremely important. Governance of responsible investment and stewardship engages over 50 people across our organisation, allowing staff to participate in, and be kept up to date on our responsible investment work. 

Conflicts of Interest Statement

Human rights

We have focused our attention on the development of tools to monitor our investment strategies and supply chains.

Modern Slavery Statement

Human Rights Toolkit Overview


Our approach to exclusions is outlined in section 3.3 of our Global Responsible Investment and Stewardship Principles and Policy. Our current exclusions are as follows:

Controversial Weapons

  • Aerojet Rocketdyne Holdings Inc
  • Anhui GreatWall Military Industry Co., Ltd.
  • BAE Systems PLC
  • Bharat Dynamics Limited
  • General Dynamics Corp
  • ICL Group Ltd.
  • Larsen & Toubro Limited
  • LIG Nex1 Co Ltd
  • Northrop Grumman Corp.
  • Poongsan Corporation
  • SNT DYNAMICS Co., Ltd.
  • Walchandnagar Industries Ltd.


  • 22nd Century Group, Inc.
  • Al-Eqbal Co. for Investment Plc
  • Altria Group Inc
  • British American Tobacco (BAT) Uganda Ltd.
  • British American Tobacco Bangladesh Co Ltd
  • British American Tobacco Kenya PLC
  • British American Tobacco Malaysia Bhd.
  • British American Tobacco p.l.c.
  • British American Tobacco Zimbabwe Limited
  • Ceylon Tobacco Company Plc
  • Eastern Company
  • Godfrey Phillips India Ltd.
  • Golden Tobacco Limited
  • Imperial Brands PLC
  • ITC Limited
  • Japan Tobacco Inc.
  • Karelia Tobacco Company Inc.
  • Khyber Tobacco Co. Ltd.
  • KT & G Corporation
  • LT Group, Inc.
  • Ngan Son JSC
  • NTC Industries Limited
  • Pakistan Tobacco Co. Ltd.
  • Philip Morris (Pakistan) Limited
  • Philip Morris CR as
  • Philip Morris International Inc.
  • PT Bentoel International Investama Tbk
  • PT Gudang Garam Tbk
  • PT Hanjaya Mandala Sampoerna Tbk
  • PT Indonesian Tobacco Tbk
  • PT Wismilak Inti Makmur Tbk
  • Scandinavian Tobacco Group A/S
  • Shanghai Industrial Holdings Ltd.
  • Sinnar Bidi Udyog Ltd.
  • Swedish Match AB
  • Tanzania Ciggarette Co. Limited
  • Turning Point Brands Inc
  • Union Tobacco & Cigarette Industries Co.
  • Universal Corp
  • Vector Group Ltd.
  • VPR Brands, LP
  • VST Industries Limited
  • West Indian Tobacco Co. Ltd.

Disclaimer: Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. 

Industry collaboration

We support a number of industry and trade groups that are focused on developing and improving RI. While these groups do not speak for us unless we specifically sign a statement they draft, we are aligned with their broader missions.

Each year, we review the various initiatives that we have been involved with. We do this to ensure their purpose aligns with our clients’ interests and that we have the capacity to make a meaningful contribution. The initiatives that we actively support and engage with are listed here:



  • Signatory

Finance for Biodiversity pledge

  • Signatory

Task Force on Climate-Related Financial Disclosures

  • Supporter

Tobacco Free Portfolios Pledge

  • Signatory

Cambridge University Investment Leaders Group

  • Founder member
  • Chair of Working Group

Climate Action 100+

  • Supporting investor for 3 companies

Net Zero Asset Managers Initiative

  • Signatory


UK Sustainable Investment Forum

  • Board Member


  • President

Institute of Chartered Accounts in England and Wales (ICAEW)

  • Member of the Corporate Governance Committee
  • Member of Sustainability Committee

Prince’s Accounting for Sustainability (A4S)

  • Expert panel member

UK Investment Association

  • Member of Sustainability & Responsible Investment Committee
  • Chair of Standards & Definitions Working Group

London Stock Exchange Group

  • Member of Sustainable Investment Committee
  • Member ESG Advisory Committee

Asia Pacific

Financial Services Council

  • Director of the FSC Board
  • Member of the Fund Management Board Committee
  • Member of the Investment Expert Group
  • Member of the ESG Working Group

Investor Group on Climate Change

  • Member

Responsible Investment Association Australasia

  • Member of the Human Rights Working Group
  • Member of Nature Working Group

30% Club Australia

  • Investor Working Group member

40:40 Vision

  • Steering Group member
  • Investor Working Group member 

Women in Sustainable Finance

  • Committee member

Investors Against Slavery & Trafficking APAC

  • Chair

Japan Sustainable Investment Forum (JSIF)

  • Signatory

Japan Stewardship Initiative (JSI)

  • Signatory

Our Responsible Investment & Stewardship reports since 2007

Responsible investment annual reports

2021 - RI Report

2021 - Stewardship Report

2020 - RI Report

2020 - Stewardship Report

2019 - RI & Stewardship Report

2018 - RI & Stewardship Report

2017 -  RI & Stewardship Report

2016  -  RI & Stewardship Report

2015  -  RI & Stewardship Report

2013  -  RI & Stewardship Report

2012  -  RI & Stewardship Report

2011  -  RI & Stewardship Report

2010  -  RI & Stewardship Report

2009  -  RI & Stewardship Report

2008  -  RI & Stewardship Report

2007  -  RI & Stewardship Report

These documents contain information which is no longer up to date. As such, it is maintained on the website solely for informational purposes to provide historical information. The document should not be relied upon, including for the purposes of an investment decision. We recommend you seek professional investment advice before making a decision to invest.

Responsible investment reports

Read our latest annual Responsible Investment Report

Download report

Read our recent Navigating investment in a post-COVID world report

Download report

Read our 2021 Stewardship Report

Download report