Environmental, social and governance (ESG) considerations tend to be factored into the investment process at the security-level, after a strategic asset allocation (SAA) process has already set the shape of the overall portfolio. By adjusting security-level estimated returns with ESG considerations before they are plugged into an SAA process, we believe investors not only gain the full benefit of ESG analysis, but can also better achieve their ESG goals without compromising their risk and return objectives.