In another case, a pension fund needed assistance improving the risk-adjusted return of its passive investments relative to an index while reducing its carbon emissions. BlackRock suggested a risk-based low carbon optimised solution with similar traditional risk factor exposures as the policy benchmark and significantly lower carbon emissions. BlackRock also helped a university foundation move its entire passive global equity exposure to a new index that could fulfil a commitment to fossil fuel divestment as well as ESG integration. BlackRock suggested a set of hypothetical portfolios that could exclude fossil fuel reserves while increasing overall ESG scores, and minimising tracking error relative to the MSCI ACWI Index.