HNTS Methodology
The Hexis Nicotine Transition Score.
A proprietary, AI-augmented framework — 27 indicators across three lenses — that drives security selection, position sizing and engagement priorities.
27
Indicators
13
Sub-indicators
100%
Reviewed by ACA Ethos
Three lenses
What HNTS measures.
45% weight
Transition Progress
- Reduced-risk revenue share
- RRP investment intensity
- Product pipeline strength
- Geographic transition pace
30% weight
Governance & Conduct
- Disclosure quality
- Capital allocation discipline
- Stewardship readiness
- Board independence
25% weight
Growth Potential
- Hiring trends (AI-derived)
- Sentiment & news flow (NLP)
- EM exposure
- Patent activity
Illustrative scorecard
HNTS in practice.
Sample composite scores across major issuers. Final live data is published on the holdings page.
| Company | Transition | Governance | Growth | Composite | Band |
|---|---|---|---|---|---|
| Philip Morris International | 92 | 81 | 78 | 85 | Leader |
| British American Tobacco | 74 | 70 | 65 | 71 | Transitioning |
| Imperial Brands | 58 | 62 | 55 | 58 | Engaging |
| Altria Group | 44 | 60 | 48 | 50 | Monitoring |
Illustrative only. Not a recommendation to buy or sell any security.
Embedded throughout
From signal to position to engagement.
01 · Portfolio
Valuation & construction
HNTS scores feed directly into security selection and position sizing — translating qualitative transition signals into a systematic, repeatable process.
02 · Engagement
Stewardship agenda
The same framework drives our engagement priorities — overseen by the Harm Reduction Stewardship Council, chaired by Derek Yach (former WHO Tobacco Free Initiative).
Independent Review
"The HNTS framework provides a reasonable basis for assessing companies' progress in transitioning toward reduced-risk nicotine products."
— ACA Ethos, independent review