This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
ATI (Allegheny Technologies Incorporated) operates a High Performance Materials & Components segment that manufactures specialty materials and components for aerospace and defense applications. According to its public reporting, ATI supplies advanced alloys and titanium products used in military aircraft, jet engines, and armor systems. The company’s defense revenue as a percentage of total sales could not be verified from available sources. A targeted review of SIPRI data and company filings is required to confirm whether defense revenue meets or exceeds the 15% materiality threshold for exclusion under this policy.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.