At 27four we believe that in the long term, high standards of corporate responsibility generally makes good business sense. Whilst we are focused on maximising risk adjusted returns across our investment offering we understand that ESG issues have the potential to influence these returns meaningfully over the short, medium and long term and as such recognise that a formalised approach towards evaluating them and integrating them into the portfolios we manage is important. ESG risks are highly diverse and often difficult to identify and quantify. As such, we are aware that strategies to actively mitigate risk are not always possible in the context of appropriate portfolio diversification. Nonetheless, by formalising the assessment of these issues, we build into portfolios an element of insulation from ESG risk. Further, we believe that given our positioning within the industry, we can play an important role in influencing our asset managers to manage ESG risk exposures through encouraging them to pursue engagement and active stewardship.