Restricted investment areas

The Oxford Endowment Fund has the following restrictions:

– Direct investment in companies which manufacture arms that are illegal under the Cluster Munitions (Prohibitions) Act 2010 or the Landmines Act 1998

– Direct investment in tobacco companies (as defined by UK Cancer Research)

– Direct investment in any fossil fuel exploration and extraction companies, including: coal, oil and gas exploration and extraction; in addition to a ban on thermal coal and oil sands

– Investment funds which invest primarily in the above listed categories of companies

OUem confirms compliance with these restrictions and there are no direct investments in these areas.

These restrictions only apply to directly held investments or funds outlined above. To enforce the restrictions on the third-party funds into which the OEF can invest would limit the investment universe and impact our ability to achieve our investment objective. Our approach is to select managers and strategies where they are unlikely to invest in any significant way in the restricted sectors and if they do, to engage to reduce that exposure, or to sell the fund, if the exposure becomes material. The Oxford Endowment Fund’s estimated indirect exposure at 31 December 2024 was: Fossil fuel exploration and extraction – 0.2%; Tobacco – 0.1%; Weapons illegal under UK law – 0.0%. This is reported annually, based on the position at 31 December, the OEF’s financial year end.