ESG factors are incorporated into all our investment decisions for fixed income. Our SSA holdings tend to be UK and US short-dated debt, and supra-national bodies, such as the European Investment Bank, with investment-grade credit ratings.
Given the relatively small size of our SSA fixed income holdings, in terms of our total AUM, we have not yet had the opportunity to fully develop our responsible investment processes for this asset class but we are actively looking to do so in the next year.