Cape Ann considers responsible investment and environmental, social and governance (“ESG”) related issues to be an integral part of its broader qualitative research process and its investment team has developed an ESG Policy to outline its approach which is available on the firm's website. Cape Ann’s investment process consists of a four stage iterative approach. The first two stages comprise the research process including idea generation through value screens and fundamental analysis. The last two stages encompass portfolio implementation and monitoring. The incorporation of ESG issues into the wider investment process typically takes place at the Quality Assessment stage and then subsequent engagement with portfolio companies, including proxy voting, forms part of Monitoring.