The BHMS investment process focuses on the bottom-up process of stock selection using first hand, fundamental securities analysis. Our investment process can therefore fully consider, research and effectively integrate all relevant ESG factors in every investment decision. Our investment horizon is long term, 3 to 5 years on average. A patient, long term approach is often required to allow the benefits of ESG investing to impact the performance of a holding. The BHMS investment team is unusually stable, leading to uniformity and consistency in our investment process and analysis of ESG factors. BHMS is one of the largest managers of active equities for institutional investors in the US, and as such we are a major shareholder of many companies in which we invest. Our visibility as a large, long term investor gives BHMS direct and effective access to the management and boards of companies in which we invest and we use this leverage to engage company management on ESG factors that need to be addressed. In many instances, we believe positive change in a company can be affected by our ownership of a stock more so than by avoiding the holding all together.