The consideration of risks that ESG (‘Environmental, Social, and Governance’) issues represent in the investments we make with our clients’ money is an important and fully integrated element of our process. We assess an extensive amount of ESG data and information compiled from both external sources and from our own proprietary research and engagement to understand the impact of ESG risks equally alongside other more conventional credit and portfolio risks. Has the ESG risk has been accurately ‘priced in’? Is the risk deemed acceptable for the expected return? Just like we talk to issuers when there are financial risks, we also actively engage with them to understand how well any ESG risks that have been identified are managed, and whether those risks are declining or increasing. For further information, feel free to contact us, or read our ESG Policy.