Justina: Understanding net impact is imperfect and challenging. Impact investing requires an understanding of which ESG/impact considerations are the most material for a particular company operating in a specific industry. Tech companies, for example, spend a lot of time talking about their strong environmental performance and net-zero initiatives. While important, it is poor performance on social factors, such as job quality standards or user privacy concerns, that can make tech companies less competitive in the long run because they may not be able to hire the best and brightest or users might defect. In our due diligence, we delve into what our managers prioritize in their decision-making including to what extent, and how consistently, they incorporate financially material ESG/impact considerations into their analyses and how they vote their proxies and engage with the companies they invest in to improve ESG/impact performance.