SRH Total Return Fund
STEW
53.7%
Excluded by weight
16
Excluded companies
25
Total holdings
91.8%
Active share vs S&P 500
Highly active
Why active share matters
Active share measures what fraction of this fund's portfolio is genuinely different from the S&P 500. A fund with 0% active share is identical to the index. 100% means no overlap.
Index funds and near-index funds should have very low active share — that's the point. A plain S&P 500 index fund will show ~0%. A fund that tracks the index but removes a handful of companies might show 3–8%. Low active share is expected for index strategies; what matters is whether a fund claiming to be actively managed is actually doing anything different.
The number that matters isn't excluded % alone — it's excluded % paired with active share. A fund can exclude hundreds of companies and still be 97% the same as the S&P 500, because the excluded companies represented a tiny share of the index by market weight.
A fund with high exclusions but low active share is excluding companies that barely affect its returns. It's still tracking the index. The ethical stance is real; the portfolio impact is not. A fund with high exclusions and high active share is genuinely different — the exclusions actually move the portfolio.
Holdings as of end-of-period filing dated December 30, 2025. Source: SEC N-PORT filing / fund provider disclosure.
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Screened out
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About this screening
SRH Total Return Fund applies its own values-based screening methodology. We analyze it because that shared practice — using an ethical framework to exclude companies for non-financial reasons — makes the comparison meaningful. This fund's methodology differs from ours. The purpose of this page is to make those differences tangible and help investors know what they own.