From the Desk of our PMs: Ukraine crisis and positioning in Russia
These Portfolio Comments are as at 1 March
With our focus on investing in companies with strong corporate governance, many Russian companies have not met our investment criteria for some time. We held a very conservative positioning in this region at the beginning of this crisis, and we will not hesitate to take it to zero. As at 25 February, 2.2% of the Fund was invested in Russia (vs the Index of 2.8%) and we have since decreased our exposure.
The Fund is a broad based, well diversified actively managed portfolio exposed to a range of different companies, sectors and countries spanning all regions.
The situation in Ukraine continues to evolve. The approach to sanctions on Russia is developing rapidly and is likely to become more restrictive in the future. Any investments or divestments of securities that involve Russia will be considered carefully and only made in compliance with sanctions requirements. As a matter of policy and in line with our clients’ and counterparties’ expectations, we will continue to implement the highest applicable level of sanctions for our clients, funds and investment vehicles.
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