It is our belief that strong ESG practices are inextricably linked to good business. The same strong corporate cultures of innovation and growth that we look for are also mindful of their company’s impact beyond narrow shareholder return considerations. Through our fundamental research process, we strive to understand and identify company-specific opportunities and risks on a bottom-up basis. ESG is an important consideration and increasingly addressed by company management. As part of our fundamental investment process, we incorporate a third-party research provider as an assurance that we are aware of ESG-related concerns. These issues influence our conversations with management and may impact our discounted cash flow analysis.