When is an exposure to tobacco, an exposure to tobacco?
This is the issue which Stuart Clark and the Wealthselect team at Quilter have recently been debating.
They recently decided to disinvest entirely from the Ubam Positive Impact Emerging Markets fund - a fund which made up 2.71 per cent of the Quilter Wealthselect Sustainable's balanced portfolio and 5 per cent of that range's most adventurous portfolio. In both instances it is the portfolio's only emerging market exposure.
Quilter tells us the reason they called time on the Ubam fund was because its third party data provider identified tobacco production, in the form of e-cigarette production, through a joint venture of a holding in the fund.
