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Our Largest Holdings

Our rigorous approach to calculating Humankind Value, a proprietary metric that provides an estimate of the overall dollar amount a company creates for investors, consumers, employees, and society at large, can lead to surprising results. Thankfully, this approach also allows for remarkable transparency. Take a closer look at the companies representing our largest investments, and click on the plots to learn more about how various impacts contribute positively (green) or negatively (grey) to a company’s Humankind Value. The Humankind Value for each of the largest holdings is calculated based solely on the equity component of the company’s capital structure.

Alphabet Inc.

Ticker: GOOGL

Humankind Value: $3.0 T

Revenue: $222.4 B

Market Capitalization: $1.4 T


Alphabet Inc. is best known for being the parent company of Google, a giant in internet services and technology. Google’s products outside of internet search include Android devices and operating systems, the web browser Chrome, and the navigation service Google Maps. Other subsidiaries include the video-sharing platform YouTube, the ad-management company DoubleClick, the navigation provider Waze, and the fitness device producer Fitbit, among others.

The equity component of Alphabet Inc.’s capital structure has a net-positive Humankind Value. Notable sources of positive value include Internet Search ($2.1 T), Email ($681.1 B), and Maps ($165.7 B). This firm can increase its Humankind Value by addressing Data Harvesting (-$79.1 B) and Internet Addiction (-$12.3 B). Internet Search, Email, Maps, Data Harvesting, and Internet Addiction are attached to this company as a result of its direct business activities.

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Microsoft Corporation

Ticker: MSFT

Humankind Value: $380.1 B

Revenue: $162.8 B

Market Capitalization: $2.1 T


Microsoft Corporation is a technology company long known for its Windows computers, Xbox consoles, and software that includes Windows operating systems, Microsoft Office, and the web browser Edge. Microsoft provides digital tools and a medium for businesses, educational institutions, and other organizations around the world to connect.

The equity component within Microsoft Corporation’s capital structure generates positive Humankind Value on balance. The greatest contributors to this positive outcome are Email ($176.5 B), Internet Search ($146.1 B), and Economic Value ($51.2 B). However, there is room for improvement with respect to Authoritarianism (-$4.7 B) and Greenhouse Gases (-$4.5 B). Email, Internet Search, and Economic Value are attached to this company as a result of its direct business activities, while Authoritarianism and Greenhouse Gases are mostly or entirely a result of supply-chain relationships.

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The Procter & Gamble Company

Ticker: PG

Humankind Value: $277.9 B

Revenue: $79.6 B

Market Capitalization: $355.9 B


The Procter & Gamble Company is a consumer goods company known for cleaning and personal care products. Its brands include household names such as Tide, Gain, Ariel, Pampers, Charmin, Bounty, Tampax, Gillette, Head & Shoulders, Febreze, Crest, Oral-B, Vicks, Pepto-Bismol, ZzzQuil, Olay, and Old Spice. Procter & Gamble also conducts research and development in its business areas.

The equity component of The Procter & Gamble Company creates positive Humankind Value on the whole. The greatest contributors to this positive outcome are Hygienic Products ($282.0 B), Economic Value ($19.7 B), and Medical Services ($4.7 B). The value associated with Medical Services includes the impact of an estimated 90,000 additional years lived by people worldwide. The Humankind Value of this company can improve with reductions in Biofuel Production (-$19.9 B) and Greenhouse Gases (-$8.0 B). Hygienic Products, Economic Value, and Greenhouse Gases are attached to this company as a result of its direct business activities, and Medical Services and Biofuel Production are largely consequences of the actions of supply chain partners.

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Apple Inc.

Ticker: AAPL

Humankind Value: $208.6 B

Revenue: $341.4 B

Market Capitalization: $2.6 T


Apple Inc. is a technology company known for its software, computers, and smartphones. It is among the leaders in the technology space thanks to the innovations reflected in its products. Connecting people with modern digital tools, Apple is important to the way many people work and find entertainment.

The equity component within Apple Inc.’s capital structure generates positive Humankind Value, primarily due to Internet Search ($186.5 B), Economic Value ($108.8 B), and Medical Services ($36.5 B). The value associated with Medical Services includes the impact of an estimated 700,000 additional years lived by people worldwide. This firm can increase its Humankind Value by addressing Biofuel Production (-$146.3 B) and Greenhouse Gases (-$40.5 B). Internet Search and Economic Value are attached to this company as a result of its direct business activities. Medical Services, Biofuel Production, and Greenhouse Gases are mostly or entirely a result of supply-chain relationships.

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Eli Lilly and Company

Ticker: LLY

Humankind Value: $345.1 B

Revenue: $27.5 B

Market Capitalization: $356.9 B


Eli Lilly and Company is a pharmaceutical company that researches and manufactures treatments for diabetes, cancer, depression, heart disease, and other illnesses. It is known for being the first company to commercialize insulin, which treats diabetes, and for Prozac, which treats depression. Other breakthrough medicines include Trulicity, which treats diabetes, and Verzenio, which treats cancer.

The equity component within Eli Lilly and Company’s capital structure creates positive Humankind Value on the whole. The greatest contributors to this positive outcome are Healthcare R&D ($321.3 B), Pharmaceuticals ($18.3 B), and Economic Value ($7.9 B). The value associated with Healthcare R&D and Pharmaceuticals includes the impact of an estimated 6,500,000 additional years lived by people worldwide. However, there is room for improvement with respect to Biofuel Production (-$3.7 B) and Greenhouse Gases (-$1.1 B). Healthcare R&D, Pharmaceuticals, Economic Value, and Greenhouse Gases are attached to this company as a result of its direct business activities, while Biofuel Production is mostly or entirely a result of supply-chain relationships.

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Archer-Daniels-Midland Company

Ticker: ADM

Humankind Value: $146.8 B

Revenue: $83.1 B

Market Capitalization: $44.7 B


Archer-Daniels-Midland Company, known as ADM, is a food processing and commodities trading company. Its ingredients are used in food, drinks, and animal feed worldwide. It processes raw ingredients like cereal grains and oil seeds to make them ready to add to food products.

The equity component within Archer-Daniels-Midland Company’s capital structure is a net positive for humanity. This outcome is largely driven by Crop Production ($192.5 B), Economic Value ($22.6 B), and Medical Services ($10.1 B). The value associated with Medical Services includes the impact of an estimated 190,000 additional years lived by people worldwide. The value associated with Crop Production contains our estimation of 3,700,000 equivalent years of life not lost to death or reduction in quality of life. This firm can increase its Humankind Value by addressing Food Loss (-$32.7 B) and Air Pollution (-$12.7 B). Food Loss is attached to this company as a result of its direct business activities, while Crop Production, Economic Value, Medical Services, and Air Pollution are mostly or entirely a result of supply-chain relationships. For this company, analysis without consideration of supply chain partners would yield a negative Humankind Value. In full context, the negative impacts enable greater positive impacts.

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Johnson & Johnson

Ticker: JNJ

Humankind Value: $315.4 B

Revenue: $93.0 B

Market Capitalization: $430.9 B


Johnson & Johnson develops medical devices and researches and produces pharmaceuticals. Its business segments include MedTech, which specializes in surgery, orthopedics, vision, and interventional solutions, and a pharmaceutical arm, Janssen Pharmaceuticals, which works to treat diseases. In 2023 it spun off consumer health products under the name Kenvue.

The equity component within Johnson & Johnson’s capital structure generates positive Humankind Value on balance, in large part due to Healthcare R&D ($191.8 B), Medical Devices ($84.1 B), and Pharmaceuticals ($32.6 B). The value associated with Healthcare R&D, Medical Devices, and Pharmaceuticals contains our estimation of 5,900,000 additional years lived by people worldwide. The Humankind Value of this company can improve with reductions in Biofuel Production (-$24.8 B) and Greenhouse Gases (-$5.8 B). Healthcare R&D, Medical Devices, Pharmaceuticals, and Greenhouse Gases are attached to this company as a result of its direct business activities, and Biofuel Production is mostly or entirely a result of supply-chain relationships.

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Merck & Co., Inc.

Ticker: MRK

Humankind Value: $265.4 B

Revenue: $53.8 B

Market Capitalization: $292.6 B


Merck & Co., Inc. is a pharmaceutical company that develops medicines and vaccines as well as biologic therapies and animal health products. Merck contributes to treating cancer and diabetes and to vaccinating against HPV and chickenpox.

The equity component within Merck & Co., Inc.’s capital structure generates positive Humankind Value on balance. Considerable positive value is associated with Healthcare R&D ($221.9 B), Pharmaceuticals ($34.0 B), and Economic Value ($14.0 B). The value associated with Healthcare R&D and Pharmaceuticals includes the impact of an estimated 4,900,000 additional years lived by people worldwide. This firm can increase its Humankind Value by addressing Biofuel Production (-$6.8 B) and Greenhouse Gases (-$2.0 B). Healthcare R&D, Pharmaceuticals, Economic Value, and Greenhouse Gases are attached to this company as a result of its direct business activities. Biofuel Production is largely a consequence of the actions of supply chain partners.

Positive and negative impacts of companies graphic.

Corteva, Inc.

Ticker: CTVA

Humankind Value: $111.6 B

Revenue: $16.6 B

Market Capitalization: $44.3 B


Corteva, Inc. is an agriscience company that is completely dedicated to agriculture. It works to deliver seed, chemical, crop protection, and digital service solutions. Together, these services support agricultural businesses by giving them tools to protect their crops and to run their businesses effectively.

The equity component within Corteva, Inc.’s capital structure has a net-positive Humankind Value. Considerable positive value is associated with Crop Production ($133.0 B), Economic Value ($5.9 B), and Medical Services ($2.7 B). Positive value from Crop Production includes the impact of an estimated 2,600,000 equivalent years of life not lost to death or reduction in quality of life. The value associated with Medical Services is linked to an estimate of 52,000 additional years lived by people worldwide. This firm can increase its Humankind Value by addressing Calorie Conversion (-$8.8 B) and Air Pollution (-$8.4 B). Crop Production, Economic Value, Medical Services, Calorie Conversion, and Air Pollution are largely consequences of the actions of supply chain partners. For this company, analysis without consideration of supply chain partners would yield a negative Humankind Value. In full context, the negative impacts enable greater positive impacts.

Positive and negative impacts of companies graphic.

Ecolab Inc.

Ticker: ECL

Humankind Value: $115.0 B

Revenue: $15.1 B

Market Capitalization: $46.8 B


Ecolab Inc. specializes in water treatment, hygiene, and infection prevention solutions. It also offers consulting for hospitality, manufacturing, laundry, and healthcare businesses, among others. It works to solve operational challenges in essentially any industry that uses water and sanitation and aims to reduce the environmental impact of doing so.

The equity component within Ecolab Inc.’s capital structure has a net-positive Humankind Value. Considerable positive value is associated with Sanitation ($163.6 B), Crop Production ($8.5 B), and Hygienic Products ($8.0 B). Positive value from Sanitation is linked to an estimate of 3,100,000 equivalent years of life not lost to death or reduction in quality of life. Positive value from Crop Production contains our estimation of 160,000 equivalent years of life not lost to death or reduction in quality of life. However, there is room for improvement with respect to Greenhouse Gases (-$66.3 B) and Biofuel Production (-$2.9 B). Sanitation, Hygienic Products, and Greenhouse Gases are attached to this company as a result of its direct business activities. Crop Production and Biofuel Production are largely consequences of the actions of supply chain partners.

Positive and negative impacts of companies graphic.

AbbVie Inc.

Ticker: ABBV

Humankind Value: $252.6 B

Revenue: $49.4 B

Market Capitalization: $285.1 B


AbbVie Inc. is a biopharmaceutical company that specializes in pharmaceutical research and drug manufacturing. Its focus areas include immunology, oncology, neuroscience, eye care, and aesthetics. It ventures into additional areas through research and development. Its work helps to drive innovation and transform the lives of patients with chronic diseases.

The equity component within AbbVie Inc.’s capital structure is responsible for positive Humankind Value. The greatest contributors to this positive outcome are Healthcare R&D ($219.6 B), Pharmaceuticals ($28.2 B), and Economic Value ($11.2 B). Positive value from Healthcare R&D and Pharmaceuticals contains our estimation of 4,800,000 additional years lived by people worldwide. The Humankind Value of this company can improve with reductions in Biofuel Production (-$5.6 B) and Opioid Abuse (-$2.7 B). Healthcare R&D, Pharmaceuticals, Economic Value, and Opioid Abuse are attached to this company as a result of its direct business activities, while Biofuel Production is largely a consequence of the actions of supply chain partners.

Positive and negative impacts of companies graphic.

Deere & Company

Ticker: DE

Humankind Value: $111.6 B

Revenue: $45.7 B

Market Capitalization: $114.9 B


Deere & Company manufactures equipment used in agriculture, forestry, construction, diesel vehicles, and lawn care. Its signature products are sold under the brand name John Deere. The company also has a family of brands related to machinery, robotics, and agriculture.

The equity component within Deere & Company’s capital structure has a net-positive Humankind Value. The greatest contributors to this positive outcome are Crop Production ($191.5 B), Economic Value ($15.0 B), and Medical Services ($5.2 B). Positive value from Crop Production includes the impact of an estimated 3,700,000 equivalent years of life not lost to death or reduction in quality of life. The value associated with Medical Services is linked to an estimate of 99,000 additional years lived by people worldwide. The Humankind Value of this company can improve with reductions in Calorie Conversion (-$50.8 B) and Air Pollution (-$18.8 B). Crop Production, Economic Value, Medical Services, Calorie Conversion, and Air Pollution are mostly or entirely a result of supply-chain relationships. For this firm, supply chain partners increase an already positive Humankind Value.

Positive and negative impacts of companies graphic.

Pfizer Inc.

Ticker: PFE

Humankind Value: $242.7 B

Revenue: $66.0 B

Market Capitalization: $232.5 B


Pfizer Inc. is a pharmaceutical and biotechnology company that produces medicines and vaccines. Its medications treat heart disease, cholesterol, depression and other mental health disorders, Leukemia, pain and inflammation, infections, and more. It developed the Pfizer-BioNTech vaccine, a widely distributed vaccine against COVID-19. Pfizer’s research pursues scientific breakthroughs, and its medicines aim to create a healthier world for everyone.

The equity component within Pfizer Inc.’s capital structure generates positive Humankind Value on balance. Considerable positive value is associated with Healthcare R&D ($189.6 B), Pharmaceuticals ($39.9 B), and Economic Value ($18.5 B). Positive value from Healthcare R&D and Pharmaceuticals is linked to an estimate of 4,400,000 additional years lived by people worldwide. The Humankind Value of this company can improve with reductions in Biofuel Production (-$8.0 B) and Greenhouse Gases (-$2.4 B). Healthcare R&D, Pharmaceuticals, Economic Value, and Greenhouse Gases are attached to this company as a result of its direct business activities. Biofuel Production is mostly or entirely a result of supply-chain relationships.

Positive and negative impacts of companies graphic.