What's Actually Inside ESG Funds? (Independent Analysis)
We checked the top holdings of popular ESG funds against independent data. The labels don't always match the evidence.
Research archive
Investigations, comparisons and ownership guides, with links to the evidence.
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We checked the top holdings of popular ESG funds against independent data. The labels don't always match the evidence.
The FCA now requires sustainability claims to be fair, clear, and not misleading. Here's what that means for investment recommendations.
A practical consumer guide to checking ESG and sustainability claims against court records, regulators, company filings and other independent evidence.
ESG rating providers give the same company wildly different scores. We looked at what court filings and regulators say instead.
An ethical-sounding fund name is not an answer. To understand a portfolio, you need to inspect its actual holdings, decide which issues matter to you and read the evidence behind each company's record.
Is PepsiCo more ethical than Coca-Cola? Compare ten scored dimensions, worker treatment, health and brand portfolios, with links to the underlying evidence.
We scored thousands of public companies on data privacy using court filings, regulatory penalties, and investigative reports. These 10 scored lowest on our Safe & Smart Tech dimension.
There is no single label that can tell you whether a portfolio matches your values. Fund names and ESG ratings compress different questions into one score, while the underlying holdings can include companies with very different records on workers, climate, weapons, privacy and sourcing.
ESG ratings agencies rely on self-reported data, compress multidimensional conduct into a single grade, and get paid by the companies they evaluate. The result is a system that rewards disclosure over behaviour.
Ethical investing starts with a personal question: which kinds of company conduct do you want your money to support or avoid? It does not start with an ESG label. Different ratings measure different things, and a fund marketed as sustainable can still hold companies with serious records on workers, weapons, privacy or pollution.
We scored 11 tobacco, alcohol, and gambling companies against 8 mainstream blue chips across 11 ethical dimensions. The results challenge the conventional wisdom.
Your smartphone passed through dozens of countries before it reached your pocket. We scored the companies behind it on supply chain ethics using court filings, labour investigations, and regulatory data. Only one scored positive.
AWS, Azure, and Google Cloud dominate the digital economy. We scored Amazon, Microsoft, and Alphabet on environmental impact using court filings, regulatory data, and investigative reports -- not corporate sustainability PDFs.
Defence stocks are among the best performers of 2026. We scored 13 major defence companies across 11 ethical dimensions. Here is what the data shows.
Compare NVIDIA, Meta and Google on AI-related ethics, privacy, workers and climate. See dated company scores, primary evidence and product-level limits.
We scored 20 major food companies on animal welfare using supply chain audits, court filings, and investigative reports. Only one scored positive.
Compare environmental scores for mining and related companies. See the leaders, laggards, dated evidence and limits behind sustainable-mining claims.
We scored major pharmaceutical companies on patient access, drug pricing, and ethical conduct across 11 dimensions. Most scored negative. Here is the data.
We scored 10 publicly traded fashion companies on worker rights and ethical sourcing using court filings, labour investigations, and NGO reports. Most scored negative.
We scored 25+ major banks across 11 ethical dimensions using court filings, regulatory actions, and investigative reports. Here are the banks that scored highest on governance and financial inclusion.
Public court filings, regulatory penalties, and investigative reports tell a different story than corporate sustainability reports. Here is what we found when we looked.
We scored the 26 most common holdings in popular ESG ETFs across 11 independent dimensions. 17 of 26 have a negative average score.
Most passive investors hold defence stocks without knowing it. We analysed the major index fund holdings and scored 15 defence companies across 11 ethical dimensions.
Compare 10 companies using verified Mashinii score records, with missing dimensions shown separately and links to each company’s evidence.
The Evidence Brief