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What companies do you exclude from portfolios?

Overview of product-based and conduct-based exclusion criteria.

By Sloane Ortel

Ethical Capital excludes companies associated with preventable harm. Our framework divides these into two categories:

Product-Based Exclusions

We reject entire business lines that are inherently harmful.

  • Fossil Fuels: Extraction, refining, and infrastructure for oil, gas, and coal.
  • Weapons: Manufacturers of military materiel and civilian firearms.
  • Animal Harm: Factory farming, industrial dairy, and the use of animals for testing or apparel.
  • Addictive Products: Tobacco, alcohol, and gambling.

Conduct-Based Exclusions

We reject companies based on patterns of harmful corporate behavior.

  • Rights Violations: Human rights abuses, child labor, and indigenous rights failures.
  • Environmental Damage: Systematic water abuse, greenhouse gas emissions, and climate policy failure.
  • Governance & Financial Harm: Corruption, predatory lending, and anti-union behavior.

Material Impact

This substantially narrows our investable universe to companies that meet our fundamental ethical standards.

View Complete Screening Policy →

Exclusion from our investable universe does not constitute a recommendation against investing. Investment strategies involve risk of loss. Ethical Capital LLC (CRD #316032), a state-registered investment adviser in Utah. Registration does not imply a certain level of skill or training.

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