If we back up for the purpose of UPP, we provide pensions. We are a fiduciary to our members, including probably Keith here. Our goal is to provide return on a risk-adjusted basis to meet our pension liabilities. It is with that lens that we view many factors, including environmental, social and governance. There is well-stated documentation and research out of Stern School of Business, Harvard and Oxford, that when you include material ESG elements—not immaterial but material ESG elements—they improve your risk-return outcomes. It's that lens we bring to the university pension plan's portfolio.
We believe that it makes us better investors and better risk managers, and it leads us to think forward, since we are, really, generational investors. We are investing for 80 years, from a time a member joins our plan to the time we make their last pension cheque.