top of page


Salt has appointed Morgan Stanley Investment Management to manage the investment portfolio.


The Fund’s investment objective is to outperform (after fees and expenses but before tax) the MSCI World (Net) Index in New Zealand dollars on a rolling three-year basis.

The Fund is a concentrated global equity strategy that typically invests in 25-50 high-quality companies trading at reasonable valuations, that can sustain their high returns on operating capital over the long term. The Fund’s intention is to have a lower carbon impact and perform better on ESG factors, relative to broad equity indices such as the MSCI All Country World Index.

The Fund’s strategy is based on the belief that owning high-quality companies can achieve sustainable high returns over the long term. When selecting companies to invest in, material social and environmental risks to the sustainability of these high returns need to be anticipated, acknowledged and assessed. The Fund will not knowingly invest in any company whose core business activity (more than 10% of a company’s revenues) involves tobacco, alcohol, adult entertainment, gambling, civilian firearms and weapons. 

Benchmark MSCI World (Net) Index
Recommended investment time frame - 5 years
Inception date - 12 July 2021
Fund Size - $66 million


Strong on Engagement (2)

We engage directly-and-often with the management of companies we own. This gives us significant influence in key issues, including ESG-orientated ones.

Strong on engagement.jpg


Light on Carbon (3 & 4)

The Sustainable Global Shares Fund is a reduced carbon intensity portfolio, with less than 10% of the carbon footprint of an average company in the MSCI World Index.

Light on Carbon.jpg


Built on Quality (3 & 5)

The team seeks sustainably high return business that can compound over long periods. This has historically resulted in a portfolio with higher returns on operating capital and greater margin stability than its  ESG peers.

Built on Quality.jpg

Source: FactSet, MSCI ESG, Trucost data, Morgan Stanley Investment Management. As of September 30, 2023. The typical range is 25-50 stocks. Updated quarterly unless noted. Reflects data at the time of publication. (41 stocks as of December 31, 2023).

  1. All interactions between International Equity team portfolio managers and company management or non-executive board members from January 1, 2022, to December 31, 2022 where material E, S, or G factors discussed. Updated annually.

  2. Trucost data as for the Global Sustain account. Trucost defines a portfolio’s carbon intensity as the carbon emissions (Scope 1 and 2) of a portfolio per $1 million invested or per $1 million of portfolio companies’ sales. The portfolio-level statistics show the weighted average carbon intensity (WACI). The Portfolio is not subject to carbon reduction or carbon footprint targets, nor does it form part of the Portfolio’s investment objective. This slide provides factual information on certain matters that do not form part of binding characteristics for the Portfolio. The information shown on the carbon and holdings of the Portfolio does not constitute a commitment regarding the future carbon profile or the future holdings of the

Portfolio. Please refer to the offering documents of the Portfolio, for details on how, and the extent to which, the strategy takes sustainability considerations into account on a binding or non- binding basis.

  1. ROOCE (Return on Operating Capital Employed) = Ebita (Earnings Before Interest, Taxes and Amortization) / PPE (Property, Plant, Equipment) + Trade working capital (excludes goodwill) last twelve months (LTM), Ex-Financials. EBIT Margin Stability is (1-(std deviation)/mean))10 year average.

  2. Utilities (excluding renewable electricity and water utilities), including any company whose core business activity involves nuclear power generation and /or nuclear power trading. For further information on restrictions please see the restriction screening policy document.

  3. 30 largest global equity investment funds from FactSet and Morningstar databases with ESG, Environmental or Ethical focus, as defined by Morningstar, and where ESG considerations are

               reflected in the name of the fund. List updated annually.


Fully integrated
ESG process



Free of Tobacco, Alcohol, Gambling, Adult Entertainment and Controversial Weapons or Firearms.



Free of Fossil Fuels, Bulk Commodities and Gas or Electrical Utilities


ENGAGE winter23.png

ENGAGE Winter 23

In this edition, we look as Water user engagements, promoting gender diversity in leadership of a Software industry investment,

Insurance and Climate change; Carbon targets: carbon neutral versus net zero, and promoting best-practice executive pay.

Engage Spring 21 Cover.jpg

ENGAGE Spring 21

Ambitious targets for decarbonisation abound, with many companies embracing aspirations to reach 100% renewable energy use, net zero carbon emissions, or even be climate positive (removing more greenhouse gases than you emit). 

Global Sustain Magazine_Latest-1.png


There is no doubt – ESG matters. Whether you are a company or a consumer, an asset owner or an asset manager, ESG is not a subject that you can afford to ignore. 

Equity Observer.png


The International Equity Team’s three global strategies, on average, have earnings that are flat year to date, versus a 15% fall for the MSCI World Index as a whole. Bruno Paulson muses why high-quality compounders don’t command a larger premium. 

Engage Spring 22 Cover.jpg

ENGAGE Spring 22

We have engaged directly with companies on issues material to

the sustainability of returns for over 20 years. As active managers

running concentrated portfolios and with a long-term investment

horizon, we believe we are well positioned to engage with

management on material ESG topics and influence companies

towards better practices.

Engage Report_Latest-1.png


Engagement is a marathon, not a sprint.

All engagements are carried out by our portfolio managers and our Head of ESG Research. We don’t outsource engagement – we do it ourselves.

2021 Market Outlook - The Year Ahead_ Th


We’re at the dawn of a new decade. Will it be a repeat of the Roaring 20s or something more subdued? Hear more from our International Equity Team’s Bruno Paulson.

Global Equity Observer - In praise of re


In the short run, returns are driven by multiples, as has been seen by this year’s market round trip, but in the longer run, earnings dominate. 

bottom of page