ESG and A&D 2026 Survey Results: Defence Policy Changes Have Peaked

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ESG and A&D 2026 Survey Results: Defence Policy Changes Have Peaked

EUROPE | Sustainability & Transition

Strategy May 22, 2026

Exhibit 1 - 23% of responding asset managersESG and A&D 2026 Survey Results: Defence

report becoming more favourable to investing

in DefencePolicy Changes Have Peaked

Q: Has your firm changed its policy on investments

The results of our 4th annual ESG & Defence survey are in. KTs: 1) The in defence within the last 2 years?

share of firms looking to amend policies further has declined to 28% of

respondents (-10pp YoY) - policy changes have peaked; 2) 68% of firms

expect to increase A&D exposure in the future, as the avg. Article 8 fund

remains underweight the sector; 3) Exclusions for 'prohibited weapons' is

the dominant exclusions policy (41%), while 61% of asset managers now

permit nuclear weaponry exposure.

.

Source: Jefferies

A growing share of firms are adopting more favourable investment/exclusions policies

towards Defence, though the majority remain unchanged, based on our findings. 23% of Exhibit 2 - The share of asset managers

looking to review their defence investmen/

respondents indicated making changes to their defence policies to make it more favourable exclusions policies declined 9.7pp YoY to 28%

to investing in defence (compared to 4% in our 2024 survey, and 14% in 2025 survey) (Ex. Q: Is your firm currently looking to review, and

1). Although policy changes do remain a minority, the progression is increasingly consistent - potentially amend, its approach to investing in

defence?

incremental shifts in investor behaviour point to an easing of constraints on defence exposure

over time.

The share of asset managers looking to review their policy on Defence investments further

appears to have peaked.