They say that "Responsibility, sustainability, and respect for human rights are integrated into our business and due-diligence models and in the way we serve our clients and manage our investments (...) We believe that the PRI principles are broadly aligned with our long-term classic value investment approach (...). Market interests in ESG and sustainable investing has evolved in part in reaction to perceived excessive short-term pressures, a concern which we share and to which we believe our deep analysis, strict valuation discipline, and significant patience offer an alternative. We have always believed that ESG factors, where material to a company’s operations from a risk or an oppportunity perspective, have the potential to impact future profitability and shareholder returns. Consistent with this belief, since we began managing assets in 1996 our research process has taken relevant ESG factors into consideration, throughout our research review process as well as in engagement with company management. Our approach to ESG analysis is best described as integration, where in material ESG risks and opportunities are a primary and transparent component of our fundamental investment analysis. We do not conduct explicit ESG screening – either positive or negative – as a primary ESG strategy, and instead we view integration as a more active approach to understanding ESG issues as potential drivers of long-term performance and profitability. We also view active ownership, as opposed to exclusion, as a valuable opportunity to leverage our role as long-term shareholders to encourage positive change. In line with these beliefs, while we have access to a variety of third-party ESG performance ratings, we view these as a supplemental resource to our own independent evaluation and resulting investment conviction, founded in a deep understanding of the companies and industries in which we invest."