In December 2013, we formed a Stranded Assets Working Group (SAWG) to assess the risks associated with potential fossil fuel asset stranding. The SAWG's assessment of the issues concluded that although the risks are real, complex and potentially material to long-term investment value, there are a number of related and sometimes competing forces, that will manifest themselves in different ways for individual companies - making blanket top-down approaches ill-equipped to predict or manage the extent and speed by which these factors may impact individual fossil fuel (or related) investments. In such situations, there are a number of ways for investors to manage the risks and opportunities this complex dynamic presents. For example, it's possible to identify and reassess the investment case for those companies that could be least resilient to changes in regulation or market demand. This includes companies that sit further up the cost curve and/or that lack flexibility to transition in a changing environment. To assist investment teams in our business, our SAWG developed a framework or toolkit for assessing company exposure to the issue. For more (VIEW LINK)