Commitment · Standard Life (PUTM ACS)
Tobacco
under 5%
“Tobacco production – Companies deriving more than 1% of revenue from this activity”
PUTM ACS Sustainable Index North American Equity Fund - REPORTED_HOLDINGS: PUTM ACS portfolio statement 31 Jan 2026; parent weight LPNL factsheet 30 Jun 2026
· read into standard_life_commitments.xlsx, sheet
Sleeve Commitments
What this level catches. written on PRODUCTION
5of 5 companies with a
figure sit above this level
5of those
are inside this commitment’s
wording — the rest carry a figure that answers a different
question
0of those
are held by this fund
17of
57 commitment tests on this fund could not be
answered
Where >1% sits
Every extracted
tobacco figure in the register
Altria100%Philip Morris99%Japan Tobacco92%British Amer79%Imperial26%>1% threshold
Bars in red are caught by this commitment. Bars in grey are
outside its wording — the figure is real, but it does not answer the
question the wording asks. The level and the wording are two separate
filters and a company has to fail both to be excluded.
The test, company by company
Applied to every company with an
extracted figure
| Company |
Revenue share |
What the figure covers |
Against this commitment | Why |
|---|
| ALTRIA GROUP INC | 100.00% | production | ABOVE THE THRESHOLD | 100.00% against a 1% threshold smokeable products + oral tobacco products segments (20,485 + 2,802 = 23,287 $m) over group net revenues 23,279 $m |
| PHILIP MORRIS INTERNATIONAL | 99.41% | production | ABOVE THE THRESHOLD | 99.41% against a 1% threshold All tobacco and nicotine product revenue (combustible tobacco products + smoke-free products excluding Wellness) over total net revenues 40,648 $m |
| JAPAN TOBACCO INC | 91.83% | production | ABOVE THE THRESHOLD | 91.83% against a 1% threshold tobacco business CORE revenue 3,184.4 JPYbn over consolidated REVENUE 3,467.7 JPYbn - numerator and denominator are on different bases and the note explains why |
| BRITISH AMER TOBACCO PLC | 78.88% | production | ABOVE THE THRESHOLD | 78.88% against a 1% threshold Combustibles product category only, over group revenue 25,610 GBPm |
| IMPERIAL BRANDS PLC | 25.85% | production | ABOVE THE THRESHOLD | 25.85% against a 1% threshold Tobacco & NGP net revenue 8,316 GBPm over reported revenue 32,171 GBPm; the numerator is reported revenue less duty and similar items, sale of peripheral products and Distribution (Logista) revenue |
What could not be tested
17 of
57 commitment tests
12 — the company does not publish the split. A figure does not exist in its own reporting, so this commitment cannot be run against it. Not a pass.
3 — pending. The filing was not retrievable; the extraction is outstanding.
2 — boundary mismatch. A figure exists but answers a different question from the one the wording asks.
A level is only as strict as the disclosure it can be
run against. The remaining 17 are unmeasured rather than clean,
and the report says so wherever this figure appears.
Evidence snapshot C:\ESGTools\scoring-v2\snapshots\2026-10-12T1501-nightly · identity resolution 2026-09-30-sl-adopt · activity revenue read from activity_revenue.csv · commitments read from each scheme’s own published documents into fund_view/commitments/ · built by fund_view/register_report.py. Every figure on this page is read from one of those; none is typed in.