The assessment of climate-related risks and opportunities and their impacts on companies are embedded into our research, investment, and risk management processes. Risks and opportunities are reviewed from both a cross-sectional viewpoint and an industry/company-specific viewpoint since materiality varies by factor. These risks and opportunities are assessed by our analysts from both top-down and bottom-up perspectives as part of their initial assessments of companies, as well as part of their ongoing review of companies that are in the portfolio. These assessments include analyzing both existing and potential transition and physical climate risks and how they impact a company’s business model, operations, and financials. To complete these assessments, we utilize our proprietary Environmental Productivity Rating and Enduring Business Model Score frameworks. Our investment team actively monitors the portfolio’s footprint and regularly reports on our holdings’ emissions, water, and waste intensity levels. We not only monitor trends in the data to help identify potential risks but also to assist in identifying potential opportunities for companies in the form of resource efficiencies, energy sources, etc. Our CIO and portfolio manager oversee that these risks and opportunities are assessed by the investment team.