Packer & Co has reduced its holdings in Russian equities by 60 per cent as the funds management industry faces pressure to divest over the invasion of Ukraine.
Co has since slashed its exposure, with the fund now retaining just an 8 per cent allocation to Russian oil, gas and gold stocks.
“The escalation of Russian hostilities against Ukraine in recent days and weeks has caused investors to rethink their exposure to Russian assets,” said Morningstar associate director of manager research Michael Malseed.Co, the GQG Partners Emerging Markets fund and the MFS Emerging Markets equity trust as having the second and third highest allocations to Russia, with 14.35 per cent and 7.95 per cent invested in Russia respectively, as at December 31.
A Vanguard spokeswoman said: “We are currently reviewing the various global sanctions and determining the potential impacts to our funds ... Both Vanguard index funds and active funds will make adjustments accordingly, including divestment where appropriate.”A spokeswoman for BlackRock, which owns iShares, said: “BlackRock is monitoring the guidelines issued by regulators.
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