Composition of Our Investments

Identification of Fossil Fuel Investments

Public equity in the fossil fuel industry was identified using Standard Industrial Classification (SIC) codes. Investments with the following codes are included in our figure for fossil fuels:   

SIC Code: SIC Name

  • 1220: Bituminous Coal & Lignite Mining
1221: Bituminous Coal & Lignite Surface Mining

  • 1311: Crude Petroleum & Natural Gas

  • 1381: Drilling Oil & Gas Wells

  • 1382: Oil & Gas Field Exploration Services

  • 1389: Oil & Gas Field Services, NEC 

We also added companies which fell outside the above SIC codes, but which we knew to be fossil fuel companies.

To identify private equity investments in fossil fuels, we utilized the ICB (Industry Classification Benchmark) classification system originally developed by Dow Jones and FTSE. The following subsectors within the ICB system were identified as sustainable investments:

  • Coal

  • Conventional Electricity
  • Exploration & Production

  • Integrated Oil & Gas
Oil & Gas

  • Oil Equipment & Services

  • Pipelines

We have similarly supplemented this list if there were any obviously fossil-fuel companies that did not fall into these categories.

Identification of Sustainable Investments 

All of our sustainable investments are in private equity. Therefore, these were identified using the following ICB subsectors: 

  • Alternative Electricity

  • Alternative Energy

  • Alternative Fuels

  • Renewable Energy Equipment

In addition, we have used discretion to flag other investments that were classified under a different subsector that could have fit under one of the above categories. One specific example is a company that makes wind turbine gears. They were classified under a more general Industrial Equipment classification, but we thought it was appropriate to flag them as a sustainable investment. We have also identified a number of real estate investments as sustainable due to LEED or Energy Star certification.