In the past, we have compared our ESG Strategies on risk and return, while isolating other variables (i.e. size factor, etc). ESG outperformed with lower risk over long term. The difference, once accounting for other factors, was significant and "unexplained". We have since incorporated our ESG analysis and metrics into our research process across other strategies and believe the "unexplained" difference will diminish over time and other factors such as growth vs. value, size or the exclusions embedded in some strategies will explain a greater proportion of the differences. In other words, we expect material ESG metrics to be mainstreamed.