Sustainability issues are factored into investment decisions in three different ways:

• Not at all … because some asset managers, of course, have made little progress in this respect
• Systematically … as asset managers apply sustainability factors to valuation or portfolio construction via rules-based processes that operate before, after or alongside fundamental investment decision-making
• Fundamentally … in which sustainability analysts work together with their 'mainstream' investment analyst colleagues to make holistic investment decisions that fully integrate sustainability and financial factors using fully integrated processes