We construct our portfolios from the bottom-up, based on detailed stock-level analysis. As such, we do not generally consider the portfolio in terms of exposure to thematics or trends. That said, we are conscious of aggregate exposures and biases in our portfolio and monitor these closely to ensure they remain acceptable and consistent with our bottom-up views. In regard to ESG trends, we are particularly focused on governance issues at the current point, including capital allocation policies and executive remuneration structures. Capital allocation decisions can, in our view, have a very material impact on the future performance of a stock, and we are heavily focused on assessing company management's track record of allocation decisions, and strategy for the business going forward. Executive remuneration arrangements are also of importance, as they influence behaviour and culture. In general, we advocate for structures that promote a focus on long-term shareholder value creation and have appropriate and quantifiable metrics in place to assess performance.
Our investment process incorporates a strong risk management element and we constantly monitor our total portfolio exposures and the biases currently in place