These are individual or institutional investors who have bought into a pooled investment fund managed by professional financial managers. Such investments include unit trusts and some pension schemes. Shareholders’ rights attached to these investments belong to the management company rather than to its customers. Investment companies vary enormously in their approach to exercising shareholder rights as well as in their attitude to transparency and engagement. Some funds provide periodic listings of the companies they hold investments in, while others may only list the top ten or even list none at all and need to be asked.