Our quantitative models are largely based upon historic financial and ESG data. Our fundamental analysis confirms or refutes a company’s ability to maintain or increase future earnings and cash flow growth. Companies that are proactive in deploying strategies to address resource scarcity via supply chain management, for example, or developing innovative, sustainable products to meet changing consumer demands are factors that influence both costs and revenues. An evaluation of future risks also impacts our analysis. The most material impacts thus far have been in situations where there are systemic risks, often for an industry or sector, as with the energy sector or with "big" banks. Climate-related incidents (drought, fire, hurricanes) also had bottm line impacts. We are seeing more quantifiable ESG factor analysis that shows a variety of ESG material impacts and expect this will grow over the next five years.