Issues in portfolio assessment. We've seen how the portfolio ESG metrics can be used to obtain a better understanding of a portfolio's characteristics. Those metrics, such as ESG scores or carbon intensity, however, are static in their nature and do not reveal the rate of change in the metrics over time. Secondly, they do not give justice to the fund manager's effort to position the funding companies that he or she believes are set to deliver an improvement in ESG performance. To overcome those issues, those assessing the portfolios may want to look at a more dynamic reading, and track the changes in the portfolio metrics over time. Positioning the portfolio to take advantage of an anticipated improvement in company's ESG metrics may be an intentional strategy, possibly at the very heart of the fund manager's investment process. It may therefore be worthwhile devoting effort to understanding why the manager is invested in companies that initially appear to be poor performance on ESG scores. Interplay between quantitative portfolio measures and qualitative softer forms of ESG, such as stewardship activities, also matter for assessment of fund managers. Asset owners usually want to know how the manager is approaching stewardship, how responsibilities for stewardship are allocated, how actively the fund managers take part in proxy voting activities, and what issues the fund manager has engaged with the investee company on. The other form of ongoing assessment of ESG delivery that clients are likely to perform is some portfolio-wide assessment. Inevitably, as this covers portfolios as a whole, this is on a more numerical basis, rather than the more anecdotal basis of the questions in a case study-type assessment.