ABCDEFGHIJKLMNOPQRSTUVWXYZ
1
Methodology
2
3
Our research is based on market data obtained via Refinitiv/LSEG through our partner Responsible Alpha. We requested data on the complete derived holdings list of a random selection of 16 pension funds from each Aviva, Royal London, and Aegon that had total assets above £5 million, were domiciled in the UK, and were actively managed. Data was obtained as is accurate from the market as of 26th February 2026. From this request we obtained 16 funds from Aviva, 16 from Royal London, and 8 for Aegon. It was deemed impossible to retrieve data for the randomly selected Aegon funds due to the length of time needed to follow investments through sub funds and sub funds within those. We matched the companies that were listed in the derived holdings list against the Global Coal Exit (GCEL) list. This includes companies that: are developing new coal mines, new coal-fired power plants or new coal-related infrastructure, such as coal-to-gas facilities; have a coal share of revenue or the coal share of any power production is ≥10%; or the company’s annual thermal coal production is ≥10Mt or their coal fired generation capacity is ≥ 5GW. For ease of matching against GCEL, only equities were considered in this initial phase. We chose this list from which to determine which companies are involved in thermal coal as it is the most comprehensive database available. Please see https://www.coalexit.org/data for information on the GCEL methodology or to access the database in full. The % weight of companies that were determined to have matches within the GCEL database were taken and multiplied the total fund size/total assets of the fund derived from data from trust.net accurate as of 26th February 2026. Funds within funds were calculated as a percentage of overall fund and factored in. Some funds did not have a full/complete holdings list available due to some firms not offering comprehensive fund data due to various data privacy reasons. These funds are labeled as TOP 10 HOLDINGS ONLY and these were not counted towards the final total £ or total % average as they were deemed not to be accurately representative of their respective funds due to their incomplete holdings list.
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100