Our job as managers is to determine if the conditions present are likely to continue in the future. An important part of that process is taking a close look at the management and culture of a company. While analyzing financial results can confirm outstanding performance, it is an entirely backward-looking exercise. We believe a company’s understanding of environmental principles demonstrates the qualities of innovation and leadership that create a distinct competitive advantage and build long-term value. When we search for global leaders, we combine traditional investment information with proprietary environmental analysis. We believe that this creates a complete picture of how each company behaves commercially and how it deals with existing and emerging environmental risks and opportunities. Having that complete picture allows us to create a diverse portfolio of companies that we believe are leaders in managing environmental risks and opportunities, have above-average growth potential and are reasonably valued.