Mr. Rabener,

Nearly a year has gone by since our last exchange.

ESG strategies have performed relatively well in 2020 (not that that has any particular significance in my view), such that, if you were to perform your analysis again including the updated information now available, you would probably find that ESG strategies are now slightly ahead.

This now leaves you with a difficult dilemma:

- If you continue to believe in your analytical approach, then your conclusion must change.

- If you continue to believe in your conclusion, then your analytical approach was flawed.

Of course, we could be back here next year and maybe ESG strategies are behind again. I suspect that you will carefully time the update of your analysis to secure a consistent conclusion over time.

And that has always been my point: your analysis presents conclusion-driven evidence, not evidence-driven conclusions.