This report is one of the best that we found on the subject of responsible investment, combining academic and broker findings. It highlights a number of different approaches that have emerged among the brokerage firms in taking wider factors into account, including top-down thematic strategies, sector ‘best-in-class’ analysis and bottom-up management of risk/return. It also reviews the academic research which is expanding in terms of the breadth and depth of approaches used to measure the portfolio effect of ESG factors, with the majority of studies finding a positive to neutral association.