Pictet Timber

Ethical screens and 'informal screens'

To find out more about ethical screens, click here.

Although the fund does not have an ethical screen, it would not invest in or be associated with companies that are involved in major controversies, illegal or unsustainable forestry practices.

They also exclude companies on the Government Pension Fund of Norway's blacklist. Given the thematic nature of the fund it is unlikely that these screens impact on stock selection. The Norwegian pension fund exclusions include Tobacco, munitions companies, companies involved in environmental damage and those which contravene human rights. The fund do not have specific stock checking in relation to activities and thus there can be limited guarantees that all activities avoid these issues.

Top Ten holdings

• Rayonier inc
  6.63%
• Weyerhaeuser co
  6.62%
• Plum creek timber co inc
  6.40%
• Svenska cellulosa ab-sca
  4.59%
• Potlatch corp
  4.40%
• Mondi plc
  4.21%
• Klabin sa
  4.06%
• Fibria celulose sa
  3.78%
• Deltic timber corp
  3.50%
• Duratex sa (new),
  3.10%