For every issuer held in the portfolio we produce a key performance indicator (KPI) which seeks to quantify the level of impact that the issuer is having on society or on the environment. For example, for a green bond focused on renewable energy generation we measure its impact based on metric tons of CO2 emissions avoided. For a housing bond, we measure the percentage of the cost burdened population in a given area that was provided with affordable housing. For a bond issued by a recycling company, we measure the amount of CO2 and methane emissions avoided by waste not being sent to landfills. We have a dedicated research associate on the team who is focused exclusively on researching and measuring KPIs. In this process, the research associate references industry filings, green bond reports, sustainability reports, academic research, and also engages directly with issuers held in our portfolio. If we were to find that an issuer no longer meets our impact criteria and is not generating a measurable impact, then we would sell the position from the portfolio.