Our sustainability concept is an extension of our classic value-driven top-down investment strategy. More specifically, it comprises an additional criterion, which sorts out companies that perform comparatively badly with regards to environmental, social and governance (ESG) standards. Accordingly, the emphasis of the approach is not just on generating returns but also on how the returns are generated. This additional screening produces our sustainable investment universe, which is the basis for our equity and bond investments. Analogously, only funds and ETFs, which are using sustainability criteria in line with ours or that are engaging in impact investments, are considered. In sum, this approach gives investors the opportunity to directly reward companies that actively engage with ESG topics.