For fixed income securities, we combine detailed analysis with rigorous pricing techniques, drawing from the knowledge and experience of our broader investment team during this process. Our aim is to ensure that the credit spread adequately compensates us for the underlying risk of the entity. We assess the impact of ESG risks on issuer cash flows and the ability to repay debt, and require additional yield to compensate for higher risk. The primary objective for all cash holdings is to provide capital preservation and a high degree of liquidity. Coronation maintains a very conservative approach to any credit risk. Credit selection is primarily focused on mitigating downside risk.