In our actively managed strategy we exclude companies which are active in so called controversial activities (such as weapon industry, tobacco). We also exclude companies which have a MSCI ESG rating of BBB and lower. With an actively managed strategy we target a more stable and sustainable society with investments in social responsible companies which also provides us with a good financial return from our investments. In terms of our actively managed listed real estate mandates, the benchmark is exclusion based, but for selection, we use our own selection model, of which GRESB scores are taken into account. As part of our strategy we exclude companies which are active in so called controversial activities (such as weapon industry, tobacco), since their activities would harm society on a medium to long term basis. We believe only a truly (esg) integrated investment process in combination with a long term investment horizon will make it possible to synthesize these objectives (financial and social return). Our passive listed equities benchmark is adjusted for the outcomes of our exclusion policy.