Social media platforms
"Social media can connect people, but its advertising model turns attention & personal data into revenue. We avoid businesses whose success depends on maximising engagement, where that incentive can conflict with privacy, user wellbeing, and promoting verifiable information"
Read more10/09/2026Max Leslie
North America
"Our lower allocation follows from holding less in mega-cap technology & financial services, while excluding several industries heavily represented in North America. It is the outcome of company selection rather than a rejection of the region"
Read more10/09/2026Max LeslieGovernment bonds
"Sovereign debt can improve stability & diversification, so we do not exclude them. We hold less than a typical portfolio, because this borrowing can finance an entire state budget, making its ultimate impact difficult to trace & influence, as well as risk of potential complicity in political conflict"
Read more10/09/2026Max LeslieBig Tech & A.I.
"Information technology can deliver genuine benefits, but innovation is not a free pass. We limit exposure where concentration, valuation, energy demand, data use, privacy or weak governance create risks that are not adequately recognised by the wider market"
Read more10/09/2026Max LeslieFinancial services
"Banks, insurers, and asset managers determine which activities receive capital, but their underlying financing can be difficult to see. We invest selectively, where responsible financing, sound governance, and fair treatment of customers can be evidenced. We determine many of the larger financial services firms as unsuitable for our portfolios"
Read more10/09/2026Max LeslieValue-style companies
"Value-style companies are often established businesses whose shares appear inexpensive relative to their profits, assets or dividends KTTF’s underweight is not a rejection of value investing. It arises because sectors commonly associated with value (such as fossil fuels, tobacco, and financial services) are excluded or limited in our investment approach,…"
Read more10/09/2026Max Leslie
