Commitment · Scottish Widows Growth Fund
Tobacco
5–19%
“in our mandated funds, our standard is not to invest in companies with more than 10% of value chain revenues from tobacco products – this includes tobacco manufacturers, distributors, and others who rely heavily on revenues generated by tobacco*.”
All Scottish Widows mandated funds, including the Growth Fund's index sleeves. The 2025 version of the Exclusions Standard could not be retrieved; tested against the current Standard (60307 07/26), which post-dates the May/June 2025 holdings.
· read into scottish_widows_commitments.xlsx, sheet
Commitments
What this level catches. written on the whole VALUE CHAIN (manufacture, distribution, retail); a production-only share can prove a breach but under-states the value-chain share, so a production share under 10% does not clear a distributor
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
10of
31 commitment tests on this fund could not be
answered
Where >10% sits
Every extracted
tobacco figure in the register
Altria100%Philip Morris99%Japan Tobacco92%British Amer79%Imperial26%>10% 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 10% 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 10% 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 10% 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 10% threshold Combustibles product category only, over group revenue 25,610 GBPm |
| IMPERIAL BRANDS PLC | 25.85% | production | ABOVE THE THRESHOLD | 25.85% against a 10% 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
10 of
31 commitment tests
10 — 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.
A level is only as strict as the disclosure it can be
run against. The remaining 10 are unmeasured rather than clean,
and the report says so wherever this figure appears.