Cardano mainly manages matching portfolios for our pension fund clients. The main objective is to do this as safely as possible with high-quality fixed income. In addition, this is done in house on a "passive unless" basis i.e. bonds are selected that most closely reflect the liability benchmark unless there is a reason to deviate for example for liquidity or pricing purposes. A large part of the investments is via Euro, UK and US government bonds. We acknowledges the impact that ESG factors have on investment outcomes in LDI. The above implies that an ESG approach based on selection is most suitable for the available investment universe. Responsible Investing impact is expected to be relatively light compared to other balance sheet items.