Screening data coverage and as-of dates

A screen reads a verdict field for each holding, supplied by an approved data source. Holdings without a verdict are unscreened.

With coverage required, unscreened holdings block a clean reading (SCREEN_COVERAGE_INCOMPLETE). The rule can relax that requirement, but a clean result then covers only the screened holdings.

Any excluded holding is a breach, however small. A 1% position in an excluded company breaches as surely as a 30% one, and the weight is reported for materiality.

That differs from a concentration limit, where size is the test. Write exclusion clauses accordingly.

Record the source, the dataset and the as-of date with each screen. Vendors reclassify companies, and a screen run against last quarter's list may miss a new exclusion.

Vendor errors happen. A Spanish fund's 2026 breach log attributed part of a fossil-fuel excess to an ESG vendor's misclassification of a supermarket chain.

A prohibited list names the holdings itself, while a screen relies on a vendor's verdicts. Lists suit a few named exclusions or sanctioned countries; screens suit categories such as thermal coal.

Either way, the result should name the offending holdings, so the case starts with the right sale. A list is also easier to audit, because the rule itself fixes its contents.