Pension fund evidence report · the register
Mercer SmartPath §12 — by block
Level 1, the scheme: Seen 85.55% · adverse 35.79% · excluded 12.52% of the extracted equity lines. These are the register’s figures, unchanged; the blocks below add up to them.
LEVEL 2 · THE BLOCKS
Five blocks, each with its own rule beside its result
Seen, adverse and excluded are our standard, the same on every block: the share of the block’s own lines, and beneath it the block’s contribution to the scheme figure. The rule column is the block’s own, with its threshold as written. A rule shown faded does not reach that block, and nothing in the block is tested against it.
BlockWeightHoldings EvidenceSeenAdverse ExcludedIts own rule · result Whose doing
Mercer Passive Global Equity Fund
holdings as at 2025-06-30
11.95%
Mercer Multi Asset Growth Fund
1,271
1,045 companies
Reported holdings94.3%
25.97% of the lines
49.5%
12.86 pp of the scheme
16.7%
4.33 pp of the scheme
>1%Mercer glob thermal coal extraction — 2 not disclosed · 65 not yet examined
>1%Mercer glob arctic drilling — 5 not disclosed · 27 not yet examined
>1%Mercer glob oil sands — 1 measured, boundary under review · 27 not yet examined
any involvementMercer glob controversial weapons — 1 scope unconfirmed · 30 not yet examined
any involvementMercer glob nuclear weapons outside NPT — 4 not yet examined
any involvementMercer glob tobacco production — 27 not yet examined
>50%Mercer glob tobacco distribution retail — 19 not disclosed · 15 not yet examined
any involvementMercer glob adult entertainment production — 1 not disclosed · 1 not yet examined
any involvementMercer glob adult entertainment services — 3 over · 14 not disclosed · 1 not yet examined
Tracks an index
a holding here is the index’s composition, so the question is the choice of index, not a manager ignoring a mandate; the fund’s name says so (“Mercer Passive Global Equity Fund”)
Mercer Passive Emerging Markets Equity Fund
holdings as at 2025-06-30
7.59%
Mercer Multi Asset Growth Fund
1,139
158 companies
Reported holdings48.4%
15.67% of the lines
0.5%
0.09 pp of the scheme
0.1%
0.01 pp of the scheme
>1%Mercer em thermal coal extraction — 1 measured, boundary under review · 3 not disclosed · 102 not yet examined
>1%Mercer em arctic drilling — 33 not yet examined
>1%Mercer em oil sands — 44 not yet examined
any involvementMercer em controversial weapons — 80 not yet examined
any involvementMercer em nuclear weapons outside NPT — 2 not disclosed · 29 not yet examined
any involvementMercer em tobacco production — 31 not yet examined
>50%Mercer em tobacco distribution retail — 13 not disclosed · 23 not yet examined
any involvementMercer em adult entertainment production — 5 not yet examined
any involvementMercer em adult entertainment services — 2 not disclosed · 5 not yet examined
Tracks an index
a holding here is the index’s composition, so the question is the choice of index, not a manager ignoring a mandate; the fund’s name says so (“Mercer Passive Emerging Markets Equity Fund”)
Mercer Passive Fundamental Indexation Global Equity UCITS CCF
holdings as at 2025-06-30
13.85%
Mercer Multi Asset Growth Fund
230
188 companies
Reported holdings92.4%
29.78% of the lines
32.6%
9.69 pp of the scheme
14.9%
4.44 pp of the scheme
—No rulebook on file — no published rule binds this block, so nothing here is a breach of one; our standard still applies
Tracks an index
a holding here is the index’s composition, so the question is the choice of index, not a manager ignoring a mandate; the fund’s name says so (“Mercer Passive Fundamental Indexation Global Equity UCITS CCF”)
Mercer Passive Sustainable Global Equity UCITS CCF
holdings as at 2025-06-30
12.57%
Mercer Multi Asset Growth Fund
1,030
741 companies
Reported holdings90.1%
26.47% of the lines
41.7%
11.04 pp of the scheme
14.1%
3.74 pp of the scheme
>1%Mercer pab adult entertainment production — 1 not disclosed · 1 not yet examined
>50%Mercer pab adult entertainment services — 6 not disclosed · 1 not yet examined
>1%Mercer pab alcohol production — 1 not yet examined
>50%Mercer pab alcohol related — 1 not yet examined
any involvementMercer pab controversial weapons (Solactive) — 18 not yet examined
>5%Mercer pab fossil fuels (Solactive) — 1 measured, boundary under review · 10 not disclosed · 5 not yet examined
>5%Mercer pab oil sands — 3 not yet examined
>1%Mercer pab gambling production — 2 not disclosed
>50%Mercer pab gambling related — 1 not disclosed
>0%Mercer pab tobacco production (Solactive) — 18 not yet examined
>50%Mercer pab tobacco related — 4 not disclosed · 3 not yet examined
any involvementMercer pab civilian firearms — none over
any involvementMercer pab controversial weapons (EU PAB) — 18 not yet examined
>1%Mercer pab coal mining and power — 1 not disclosed · 15 not yet examined
>10%Mercer pab fossil fuels (EU PAB) — 1 measured, boundary under review · 8 not disclosed · 5 not yet examined
>50%Mercer pab fossil fuel power — 1 measured, boundary under review · 26 not yet examined
>0%Mercer pab tobacco production (EU PAB) — 18 not yet examined
Tracks an index
a holding here is the index’s composition, so the question is the choice of index, not a manager ignoring a mandate; the fund’s name says so (“Mercer Passive Sustainable Global Equity UCITS CCF”)
Mercer Passive Global Equity CCF
holdings as at 2025-06-30
17.92%
Mercer Multi Asset Growth Fund
1
1 companies
Reported holdings — one line from a condensed schedule100.0%
2.11% of the lines
100.0%
2.11 pp of the scheme
0.0%
0.00 pp of the scheme
—No rulebook on file — no published rule binds this block, so nothing here is a breach of one; our standard still applies
Tracks an index
a holding here is the index’s composition, so the question is the choice of index, not a manager ignoring a mandate; the fund’s name says so (“Mercer Passive Global Equity CCF”)
LEVEL 3 · INSIDE EACH BLOCK
Grouped by block. A holding in more than one block appears under each.

Mercer Passive Global Equity Fund

The named holdings that trip this block’s tests, with their evidence. Weight is the holding’s weight inside this block, as a share of the extracted lines.
HoldingWeight hereWhat it trips · evidence
APPLE INC1.127%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2024-03-04
ALPHABET INC0.697%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2025-09-05
JPMORGAN CHASE & CO0.298%
on our exclusion bar (conduct)
SEC determination, 2021-12-17
PROCTER & GAMBLE CO0.137%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
BANK OF AMERICA CORP0.125%
on our exclusion bar (conduct)
SEC determination, 2022-09-27
WELLS FARGO & CO0.096%
on our exclusion bar (conduct)
SEC determination, 2024-12-20
LINDE PLC0.081%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
GOLDMAN SACHS GROUP INC0.081%
on our exclusion bar (conduct)
SEC determination, 2023-09-22
HSBC HLDGS PLC0.079%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2021-12-02
Shell PLC0.078%
Mercer glob oil sands >1%: measured, boundary under review
0.45% of revenue · Shell plc Annual Report and Accounts / Form 20-F 2024 (exit date from Form 20-F 2025, https://www.sec.gov/Archives/edgar/data/1306965/000162828026017024/shel-20251231.htm), p.68 (Oil and gas information - SCO production); p.70 (average realised price); p.80 (Oil Sands); p.223 (Consolidated Statement of Income) · source
on our exclusion bar (conduct)
EPA litigated determination, 2023-11-09
TEXAS INSTRUMENTS INC0.069%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
ROYAL BANK OF CANADA0.068%
on our exclusion bar (conduct)
SEC determination, 2024-08-14
MORGAN STANLEY0.062%
on our exclusion bar (conduct)
SEC determination, 2024-01-12
CITIGROUP INC0.059%
on our exclusion bar (conduct)
SEC determination, 2022-09-27
MITSUBISHI UFJ FINANCIAL GRP0.058%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2021-12-02
LVMH MOET HENNESSY LOUIS V0.053%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2025-10-14
PFIZER INC0.050%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
COMCAST CORP0.050%
on our exclusion bar (conduct)
AGCM litigated determination, 2023-06-28
DEERE & CO0.048%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
TORONTO DOMINION BANK0.047%
on our exclusion bar (conduct)
SEC determination, 2024-08-14
MEDTRONIC PLC0.041%
on our exclusion bar (conduct)
SEC litigated determination, 2023-11-30
UBS GROUP AG0.041%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2021-12-02
BLACKSTONE INC0.040%
on our exclusion bar (conduct)
SEC determination, 2025-01-13
TRANE TECHNOLOGIES PLC0.036%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
INTEL CORP0.035%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2023-09-22
50 more not shown; the scheme’s holdings page lists every one.

Mercer Passive Emerging Markets Equity Fund

The named holdings that trip this block’s tests, with their evidence. Weight is the holding’s weight inside this block, as a share of the extracted lines.
HoldingWeight hereWhat it trips · evidence
COLGATE-PALMOLIVE CO0.007%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
ABB LTD0.007%
on our exclusion bar (conduct)
DOJ determination, 2022-06-30
Tata Power Co. Ltd.—
Mercer em thermal coal extraction >1%: measured, boundary under review
18.9% of revenue · The Tata Power Company Limited Integrated Annual Report 2024-25, printed p.248 (MD&A, Coal and Related Infrastructure Companies); printed pp.517-520 (note 8a, summarised JV financials); printed p.190 (revenue from operations Rs 64,502 crore); printed p.545 (Arutmin sale) · source

Mercer Passive Fundamental Indexation Global Equity UCITS CCF

The named holdings that trip this block’s tests, with their evidence. Weight is the holding’s weight inside this block, as a share of the extracted lines.
HoldingWeight hereWhat it trips · evidence
APPLE INC1.828%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2024-03-04
ALPHABET INC1.011%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2025-09-05
MEDTRONIC PLC0.273%
on our exclusion bar (conduct)
SEC litigated determination, 2023-11-30
INTESA SANPAOLO SPA0.268%
on our exclusion bar (conduct)
SEC determination, 2024-09-24
GENERAL MOTORS CO0.231%
on our exclusion bar (conduct)
DGCOMP determination, 2025-04-01
MERCEDES BENZ GROUP AG0.182%
on our exclusion bar (conduct)
DGCOMP determination, 2025-04-01
HONDA MOTOR CO LTD0.181%
on our exclusion bar (conduct)
DGCOMP determination, 2025-04-01
SOCIETE GENERALE GROUP0.176%
on our exclusion bar (conduct)
SEC determination, 2023-08-08
COMCAST CORP0.106%
on our exclusion bar (conduct)
AGCM litigated determination, 2023-06-28
HARTFORD INSURANCE GROUP INC0.080%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
NATWEST GROUP PLC0.049%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2021-12-02
LOEWS CORP0.037%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
AMERICAN FINANCIAL GROUP INC0.017%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29

Mercer Passive Sustainable Global Equity UCITS CCF

The named holdings that trip this block’s tests, with their evidence. Weight is the holding’s weight inside this block, as a share of the extracted lines.
HoldingWeight hereWhat it trips · evidence
APPLE INC1.553%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2024-03-04
ALPHABET INC0.677%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2025-09-05
JPMORGAN CHASE & CO0.408%
on our exclusion bar (conduct)
SEC determination, 2021-12-17
GOLDMAN SACHS GROUP INC0.119%
on our exclusion bar (conduct)
SEC determination, 2023-09-22
PROCTER & GAMBLE CO0.115%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
HSBC HLDGS PLC0.103%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2021-12-02
MORGAN STANLEY0.095%
on our exclusion bar (conduct)
SEC determination, 2024-01-12
CITIGROUP INC0.078%
on our exclusion bar (conduct)
SEC determination, 2022-09-27
PFIZER INC0.073%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
TEXAS INSTRUMENTS INC0.067%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
MEDTRONIC PLC0.060%
on our exclusion bar (conduct)
SEC litigated determination, 2023-11-30
MOTOROLA SOLUTIONS INC0.060%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
MOODY'S CORP0.049%
on our exclusion bar (conduct)
SEC determination, 2024-09-03
COMCAST CORP0.040%
on our exclusion bar (conduct)
AGCM litigated determination, 2023-06-28
BANK OF AMERICA CORP0.037%
on our exclusion bar (conduct)
SEC determination, 2022-09-27
ROYAL BANK OF CANADA0.034%
on our exclusion bar (conduct)
SEC determination, 2024-08-14
INTEL CORP0.031%
on our exclusion bar (conduct)
DGCOMP litigated determination, 2023-09-22
WASTE MANAGEMENT INC0.015%
on our exclusion bar (conduct)
SEC determination, 2022-04-20
3M CO0.011%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
HUNTINGTON BANCSHARES0.009%
on our exclusion bar (conduct)
SEC determination, 2024-02-09
TELECOM ITALIA SPA0.007%
on our exclusion bar (conduct)
AGCM litigated determination, 2023-06-28
BAYERISCHE MOTOREN WERKE AKT0.005%
on our exclusion bar (conduct)
DGCOMP determination, 2025-04-01
BNP PARIBAS0.005%
on our exclusion bar (conduct)
SEC determination, 2023-08-08
US BANCORP0.004%
on our exclusion bar (conduct)
SEC determination, 2024-02-09
ILLINOIS TOOL WORKS0.004%
on our exclusion bar (conduct)
EPA litigated determination, 2022-09-29
35 more not shown; the scheme’s holdings page lists every one.
RECONCILIATION
The blocks against the register, computed on every build and refused if they disagree — a gap would mean a holding dropped or counted twice.
FigureRegister Sum of blocksDifference
seen85.55%85.55%-0.0003
adverse35.79%35.79%-0.0018
excluded12.52%12.52%+0.0035
in_file100.00%100.00%-0.0000
Evidence snapshot C:\ESGTools\scoring-v2\snapshots\2026-10-12T1501-nightly · identity resolution 2026-09-30-sl-adopt · built by fund_view/block_view.py from files already on disk; nothing is re-extracted or re-resolved.