ESG considerations are integrated throughout our investment selection process as part of the fundamental analysis we conduct on all potential investments. Many factors enter into our decision to invest in a company, including the firm's ESG credentials. We believe that companies with sound business practices, including strong corporate governance and responsible management of material environmental and social issues, will have better success and deliver stronger financial performance over time. Conversely, companies that have poor environmental, social or corporate governance practices present risks and controversies that may hinder their financial performance. When considering a company for potential inclusion in our portfolios, our research considers many factors, including the firm's financial position, the competitive environment in which it operates, how it differentiates itself from its competitors and how it may be positioned to satisfy evolving ESG trends.Through our in-house research process, our industry experts evaluate the company's material ESG risks and opportunities, complemented by independent third-party research. Our conclusions, including in the areas of ESG, are integrated into the investment decision-making process.