Hi Peter, thanks for the additional feedback.

I've already highlighted the consensus from the latest JP Morgan quant conference, where other sophisticated investors also explain ESG returns with factors and derive similar conclusions.

Furthermore, the latest investor survey from Morgan Stanley show the following results when asked "What are the primary drivers for expanding the ESG/SRI efforts?":

- Investor demand / help asset raising: 46%
- Incremental alpha: 17%
- Risk mitigation: 0%
- Making an impact: 12%
- ESG is not focus at this time: 25%

It seems that ESG is more about marketing and sales rather than alpha generation or risk reduction according to these investors, which aligns with our perspective.

Best regards, Nicolas