Environmental, Social and Governance Philosophy Statement

We believe ESG investors are best served by an investment process that considers both top-down and bottom-up factors. Integrating ESG analysis at the country, sector and stock levels consistent with clients’ investment goals and ESG policies maximizes the likelihood of achieving desired performance and improving environmental and social conditions worldwide.

ESG Investing

Fisher Investments considers environmental, social and governance issues in the investment and portfolio construction process. Further, we regularly screen and tailor our investment approach for accounts depending on any particular social and environmental guideline mandated by the client.


Top Down Investment Process
Consider the following when viewing the above chart:
  • ESG issues are among many drivers considered by Capital Markets analysts and the Investment Policy Committee when developing country, sector and thematic preferences. Governmental influence on public companies, regulatory environments, and market reforms impacting private property, labor and human rights are among multiple ESG influencers considered for all of our clients when shaping an initial prospect list of portfolio positions.
  • FI’s Securities Analysts perform fundamental research on prospective investments to identify securities with strategic attributes most consistent with the firm’s top-down views and with competitive advantages relative to their defined peer group. The fundamental research process involves reviewing and evaluating a range of ESG factors with FI’s IPC prior to purchasing a security with the goals of identifying securities benefitting from ESG trends and avoiding those with underappreciated risks. These factors include, but are not limited to, shareholder concentration, corporate stewardship, environmental opportunities & liabilities, and human or labor rights controversies. In situations where security level issues violate a client mandated ESG policy or present an inordinate risk to a company’s operational or financial performance, or the firm believes they present undue headline risk to share price performance, FI would choose not to invest in that company.

FI’s Investment and Portfolio Construction Process

As part of the investment process, we evaluate the risk ESG issues may present to stock performance. ESG issues are examined on a case-by-case basis, and are willing to consider the potential impact of all types of ESG concerns. Further, our ongoing analysis of global political drivers can influence security selection tied to potential political or regulatory risks companies face surrounding ESG issues.

  • Our emphasis in understanding the dynamics of political, social and environmental outcomes provides insights on how ESG issues affect equities. We monitor key social policies driving wealth creation and economic growth, including infrastructure investment, tax policy, free trade, property rights and government reform, as well as social factors.
  • Political factors affecting these social policies are also integral to our top-down analysis (e.g., election cycles, legislative gridlock, etc.), and we maintain a keen awareness of regulatory risk.
  • Our analysts monitor advancing energy efficiency (especially within Industrials and Technology companies), nuclear power risks, resource extraction implications (e.g., labor strikes and resource nationalization) and litigation risk tied to environmental impact, among other factors.


Portfolio Construction Process
Factors to be considered when constructing an ESG portfolio.

UK Stewardship Code

How we discharge our responsibilities under the UK Stewardship Code of the Financial Planning Council.

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EU/EEA Equities Shareholder Engagement Policy

Our engagement policy in accordance with Shareholder Rights Directive II.

As of 12/31/2020 we had over $19 billion USD in our ESG/SRI asset under management.

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About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $159 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments International Group, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 75,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 12/31/20)