Hi Peter, great to continue this dialogue. A few thoughts from our side:

- More ESG data sets have become available over the year and existing ones revised, which makes it more challenging to evaluate ESG investing given the heterogeneity. As of today, there are 600 ESG frameworks.

- If we would have used the same data set as in our original analysis, then the long-short ESG portfolio would have outperformed YTD 2020, which is explained by the large overweight to technology stocks.

- Most research in finance points to almost zero free lunches being available to investors, except for diversification. Being skeptical of ESG representing a free lunch does not pose an issue when conducting analysis, as long as we're open to being wrong, which we are. Unless you're a robot, it's probably impossible to be unbiased anyways. No dilemma here from our perspective.

- It is worth mentioning that I was on various ESG panels throughout the last year and none of the ESG-focused asset managers or investors made the case for ESG generating outperformance. It either focused on using ESG as a risk management tool, which is also debatable, or fulfilling personal preferences. Naturally just anecdotal evidence, but worth sharing.

Best regards, Nicolas