Palestine & Occupied Territories
We exclude companies that profit from Israel's occupation of Palestinian territories — settlement construction, military technology, surveillance infrastructure, discriminatory resource arrangements. The ICJ ruled this occupation unlawful in 2024. We don't wait for political resolution to stop funding what international law has condemned.
Rawls called this the veil of ignorance: design the rules of a society without knowing where in it you'll land. A system that confiscates land by ethnic group, allocates water by ethnicity, and locks those arrangements in place with military force fails that test immediately.
Israel has one of the world's most productive startup ecosystems. The TASE closed 2024 at $344–385 billion market cap. The Palestine Exchange: a fraction of that. The asymmetry is not, in itself, a moral argument — but it determines how we assign accountability. Decisions made from that kind of economic strength are decisions made from strength. Accountability scales with capacity.
For any multinational in this screen: why is this company here? Not weapons manufacturers — excluded regardless. Consider companies listing settlement properties or supplying demolition equipment. In nearly every case, the revenue is marginal. If the revenue is marginal, staying is strategic, not financial. Management has decided the conflict theater is a growth vector. We dislike that bet and its premise.
The international legal record supports our position. On July 19, 2024, the International Court of Justice declared Israel's 57-year occupation unlawful. Amnesty International, Human Rights Watch, and B'Tselem have each independently concluded these practices constitute apartheid. The ICC has issued arrest warrants.
We are signatories to the Apartheid-Free Pledge. We excluded these companies before the ICJ ruled. The court caught up. This is not a statement about the existence of any state. It is a refusal to fund what the legal record, the humanitarian record, and our own analysis condemn.
— Sloane Ortel, Founder & CIO
See § 3.3 of our screening policy for the full criteria.
What we exclude
- Companies operating in occupied territories that entrench or profit from the occupation
- Defense contractors providing weapons, surveillance equipment, or security services to occupying forces
- Firms providing financial, legal, or infrastructure support that entrenches the occupation
- Companies benefiting from systematic discrimination
- Business operations in or support of active conflict zones
- Violations of indigenous community rights and sovereignty
This is also a financial position
Companies embedded in prolonged armed conflict carry material risk: sanctions, divestment campaigns, contract cancellations as governments shift policy, reputational damage that takes years to price in. We treat preventable harm as a leading indicator of financial risk — not a separate consideration.
Defense contractors with concentrated government client bases in politically contested theaters face the same stranded-asset dynamic we've seen in fossil fuels: the thesis holds until policy shifts, and by then the capital is deployed.
Excluded Companies (221 total)
Showing 100 of 221 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| 00 2415 | Hangzhou Hikvision Digital Technology Co., Ltd., | Israel/Palestine Exclusions |
| 00 9540 | HD Korea Shipbuilding & Offshr Eng C Ltd | Israel/Palestine Exclusions |
| 000 150 | 000 150 | Israel/Palestine Exclusions |
| 000 553 | ADAMA Ord Shs A | Israel/Palestine Exclusions |
| 002 459 | 002 459 | Israel/Palestine Exclusions |
| 036460.KS | Korea Gas Corporation | NBIM: Serious violations of individuals' rights in situations of war or conflict |
| 105630 | Hansae Co Ltd | Conflict & War Zones; Human Rights Violations |
| 1326 | Formosa Chemicals & Fibre Corp | Israel/Palestine Exclusions |
| 1434 | Formosa Taffeta Co Ltd | NBIM's council on ethics notes "Investigations into working conditions at Formosa Taffeta’s factory in Vietnam identified numerous labour rights violations such as the illegal and involuntary use of overtime, underpayment of employees, discrimination, and violations of occupational health and safety requirements." |
| 241560 | Unknown | AFSC Investigate: Settlement Industry; construction equipment used in settlement building and demolitions |
| 2603 | Evergreen Marine Corp Taiwan Ltd | NBIM: Violation of human rights |
| 2792 | Honeys Holdings Co Ltd | Conflict & War Zones; Human Rights Violations |
| 28670 | Pan Ocean Co Ltd | NBIM: Violation of human rights |
| 329180 | HD Hyundai Heavy Industries | AFSC Investigate: Gaza Genocide, Weapons; shipbuilding for military vessels |
| 34020 | Unknown | AFSC Investigate: Settlement Industry; energy infrastructure in occupied territories |
| 4005 | Sumitomo | NBIM: Serious violations of individuals' rights in situations of war or conflict |
| 5380 | Hyundai | Human Rights Violations |
| 5880 | Korea Line Corp | NBIM: Violation of human rights |
| 600597 | Bright Dairy & Food Co Ltd | AFSC notes that their Tnuva Dairy subsidiary "uses and markets milk produced by Beit Yatir and Carmel, two illegal Israeli settlements in the occupied West Bank, near Hebron, and by Golan Heights Dairies, which is based in Katzrin, an illegal settlement in the occupied Golan Heights." |
| 720 | Hyundai Engineering & Construction Co Ltd | Corporate Governance |
| 726 | Luthai Textile Co Ltd | Conflict & War Zones; Human Rights Violations |
| 79550 | LIG Nex1 Co | AFSC Investigate: Gaza Genocide, Weapons and Military Equipment; LIG Nex1 weapons systems used in Gaza operations |
| 883 | CNOOC | Added to US Commerce Department Entity List (January 2021) for assisting militarization of the South China Sea |
| 8TRA | Traton SE | Israel/Palestine Conflict Complicity; Occupations |
| ABNB | AIRBNB INC CLASS A | Israel/Palestine Exclusions |
| ACN | ACCENTURE PLC | Israel/Palestine Conflict Complicity; Borders |
| ACP | Asseco Poland SA | Israel/Palestine Exclusions |
| ACP-PA | ACP-PA | AFSC notes that their subsidiary Formula Systems "provides illegal Israeli settlement councils, the Israeli military, and the Israeli Ministry of Defense with cybersecurity and IT analyst services" |
| ACSAY | ACS Actividades De Construccion Y Servicios ADR | Israel/Palestine Exclusions |
| ADANIPORTS | Adani Ports and Special Economic Zone Limited | NBIM exclusion: Serious violations of individuals' rights in situations of war or conflict |
| AFHL | Afcon Holdings Ltd | Israel/Palestine Conflict Complicity; Conflict & War Zones |
| AIR | AAR | Israel/Palestine Conflict Complicity; Borders; Divestment Shortlist |
| ALHE | Alony-Hetz Properties & Investments Ltd | Israel/Palestine Conflict Complicity; Conflict & War Zones |
| ALSMY | Alstom SA | Conflict & War Zones; Palestinian Territories |
| ALSN | Allison Transmission Holdings Inc | Israel/Palestine Conflict Complicity; Occupations; Divestment Shortlist |
| AMAN | Amanet Management & Systems Ltd. | AFSC Investigate: Settlement Industry; operations in occupied territories |
| AMRK | A-Mark Precious Metals, Inc. | Israel/Palestine Exclusions |
| AMZN | Amazon.com, Inc. | Israel/Palestine Conflict Complicity; Occupations; Borders; Prisons |
| APO | APOLLO GLOBAL MANAGEMENT INC CLASS | Israel/Palestine Conflict Complicity; Occupations |
| ARMK | Aramark | Human Rights Violations |
| ASHG | Ashtrom Group LTD | Israel/Palestine Conflict Complicity; Conflict & War Zones; Palestinian Territories |
| ASHO | Ashot-Ashkelon Industries Ltd | Israel/Palestine Conflict Complicity; Occupations; Divestment Shortlist |
| ATLKY | Atlas Copco ADR Representing Ord Shs Class A | Israel/Palestine Exclusions |
| AVAV | AeroVironment Inc | Israel/Palestine Conflict Complicity; Borders |
| AWRE | AWARE INC | Israel/Palestine Conflict Complicity; Borders |
| BA | The Boeing Company | Israel/Palestine Conflict Complicity; Occupations; Divestment Shortlist |
| BAESF | BAE Systems | Human Rights Violations |
| BAH | Booz Allen Hamilton Holding Corporation | Israel/Palestine Conflict Complicity; Borders; Divestment Shortlist |
| BDRBF | Bombardier, Inc. Class B | Israel/Palestine Exclusions |
| BEZQ | Bezeq the Israeli Telecom Corp | NBIM exclusion: Serious violations of individuals' rights in situations of war or conflict |
| BKHYY | Bank Hapoalim | Conflict & War Zones; Palestinian Territories |
| BKNG | Booking Holdings Inc. | Israel/Palestine Conflict Complicity; Conflict & War Zones; Palestinian Territories |
| BRAN | Baran Group Ltd | Israel/Palestine Conflict Complicity; Conflict & War Zones |
| CACI | CACI International | Human Rights Violations |
| CAF | Construcciones y Auxiliar de Ferrocarriles (CAF) | Israel/Palestine Exclusions |
| CAT | Caterpillar | Caterpillar D9 bulldozers have played a pivotal role in the 2023-2025 Gaza genocide. They were leading the troops in Israel's massive ground invasion of the Gaza Strip, accompanying combat troops and paving their way by clearing roads and demolishing buildings. As part of their role in the genocide, D9 bulldozers have been Israel's main tool for systematically destroying entire civilian neighborhoods and cities in Gaza to: create a half-a-mile-wide “buffer zone" along the Gaza border; pave the Netzarim and Morag "corridors," new roads that run across the Gaza Strip from east to west, designed to facilitate Israeli long-term "logistical and military control in the region"; and totally destroying the city of Rafah. |
| CDNS | CADENCE DESIGN SYSTEMS INC | Cadence Design Systems agreed to plead guilty and pay over $140 million for unlawfully exporting semiconductor design tools to a restricted PRC entity tied to military development. |
| CDRE | Cadre Holdings Inc | Israel/Palestine Exclusions |
| CEL | Cellcom Israel Ltd. | Israel/Palestine Conflict Complicity; Conflict & War Zones; Palestinian Territories |
| CEMEXCPO | Cemex, S.A.B. de C.V. | Israel/Palestine Conflict Complicity; Occupations; Divestment Shortlist |
| CG | CARLYLE GROUP INC | Israel/Palestine Conflict Complicity; Borders; Divestment Shortlist |
| CLBT | Cellebrite DI Ltd | Israel/Palestine Conflict Complicity; Occupations; Borders; Prisons; Divestment Shortlist |
| CLIS | Clal Insurance Enterprises Holdings Ltd | Israel/Palestine Conflict Complicity; Conflict & War Zones |
| CMER | C Mer Industries Ltd | Israel/Palestine Exclusions |
| CNH | CNH Industrial | Conflict & War Zones |
| CNHI | CNH Industrial N.V. | Israel/Palestine Exclusions |
| CRM | SALESFORCE INC | Israel/Palestine Conflict Complicity; Borders |
| CSCO | Cisco Systems, Inc. | Israel/Palestine Conflict Complicity; Conflict & War Zones |
| CVX | Chevron Corporation | Signed oil exploration deal off the Syrian coast; halted production in Israel's Leviathan gas field due to regional conflict. |
| CX | CEMEX, S.A.B. de C.V. | Israel/Palestine Exclusions |
| CZGZF | Colt CZ Group SE | Israel/Palestine Exclusions |
| DELG | Delta Galil Industries Ltd | Israel/Palestine Conflict Complicity; Conflict & War Zones |
| DELL | Dell Technologies Inc. | Israel/Palestine Conflict Complicity; Occupations |
| DLEKG | Delek Group Ltd. | NBIM: Other particularly serious violations of fundamental ethical norm |
| DLTI | Unknown | Israel/Palestine Conflict Complicity; Occupations; Divestment Shortlist |
| DRAL | Dor Alon Energy In Israel (1988) Ltd. | Israel/Palestine Exclusions |
| DRS | Leonardo DRS Inc. | Israel/Palestine Conflict Complicity; Occupations; Divestment Shortlist |
| DSCT | Israel Discount Bank Ltd. | Israel/Palestine Conflict Complicity; Conflict & War Zones; Palestinian Territories |
| DUKR | Unknown | Israel/Palestine Conflict Complicity; Occupations; Divestment Shortlist |
| EBR | Centrais Eletricas Brasileiras SA (Eletrobras) | NBIM exclusion: Violation of human rights |
| EC | Ecopetrol S.A. | NBIM: Violation of human rights |
| EDDRF | eDreams Odigeo SA | Israel/Palestine Exclusions |
| EFX | EQUIFAX INC | Human Rights Violations |
| ELTR | Electra Ltd | Israel/Palestine Conflict Complicity; Conflict & War Zones; Palestinian Territories |
| EMG | MAN GROUP LIMITED | Israel/Palestine Exclusions |
| ENLT | Enlight Renewable Energy Ltd | Israel/Palestine Conflict Complicity; Conflict & War Zones |
| EPAM | EPAM SYSTEMS INC | EPAM expressed concerns about its engineers in Ukraine being drafted into the military, forced to flee, or left unable to work in war zones following Russia's invasion in February 2022. |
| ERMAF | ERAMET S.A. | NBIM: Violation of human rights |
| ESLT | Elbit Systems Ltd | Israel/Palestine Conflict Complicity; Occupations; Borders; Divestment Shortlist |
| EXPE | EXPEDIA GROUP INC | Israel/Palestine Conflict Complicity; Conflict & War Zones; Palestinian Territories |
| EXPO | Export Investment Corp Ltd | Israel/Palestine Exclusions |
| F | Ford Motor Company | Israel/Palestine Conflict Complicity; Occupations; Borders; Prisons |
| FIBI | First International Bank of Israel Ltd | Israel/Palestine Conflict Complicity; Conflict & War Zones; Palestinian Territories |
| FIBIH | F I B I Holding Ltd | Israel/Palestine Conflict Complicity; Conflict & War Zones |
| FIBIH.TA | F.I.B.I. Holdings Ltd. | NBIM: Serious violations of individuals' rights in situations of war or conflict |
| FINMY | Leonardo | Human Rights Violations |
| FNCNF | Fincantieri | NBIM: Violation of human rights |
| FORTY | Formula Systems (1985) Ltd | Israel/Palestine Exclusions |
| FOX | Twenty-First Century Fox, Inc. | Israel/Palestine Conflict Complicity; Occupations |
| FSLR | First Solar Inc | Israel/Palestine Conflict Complicity; Conflict & War Zones |