Torquing Points: With a significant and growing proportion of the UK population now in either tier two or tier three lockdown for COVID-19, and as we head into the winter months, it appears the current restrictions will have relatively less impact on Industrials compared to those of the spring lockdown. The Industrials have generally seen a progressive, month-by-month improvement in trading, and macro data confirms a recovery trend with the industrial PMI around 53 to 54 indicating positive momentum. It is difficult to know at this point whether this is pent up demand or a sustainable trend, or whether momentum will drift off. Export-orientated industrials will have benefitted from other countries being relatively stronger than the UK domestic market (the UK is the second weakest economy in the G7) albeit with the uncertain potential of a hard Brexit New Year. Construction and RM&I orientated companies have seen a strong summer, while those with oil & gas, or aerospace exposure have fared less well. ESG: We recently published an important report on Environmental, Social and Governance (ESG) investing and the small and mid-cap sector. This should be of interest to companies and investors alike. The Industrial Technology sector scored well in our report, gaining a #1 rating, despite the inherent disadvantage that manufacturing often results in an intensive environmental footprint. We look closer at how the Industrial respondents fared in each category and where progress can be made.