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Factbox-Exposure of international funds to Russian bonds -Breaking


© Reuters. FILE PHOTO – The Goldman Sachs logo can be seen in New York City on the New York Stock Exchange’s trading floor. This is New York City (NYSX) November 17, 2021. REUTERS/Andrew Kelly

NEW YORK/LONDON – Russia’s access the global capital market was likely to be curtailed by new international sanctions. The country invaded Ukraine on Wednesday, putting Russian bond funds under investor scrutiny.

In an attempt to sanction Moscow for intensifying its conflict with Ukraine and signalling the possibility of further sanctions, U.S. President Joe Biden increased restrictions on Russian debt trading before the attack.

Morningstar Direct data shows that large money managers like BlackRock (NYSE:), PIMCO, and Invesco were all exposed to Russian bonds at the close of last year. However, other positions were growing even as war rumbled.

Reuters reached out to most U.S. fund representatives and they declined to respond or didn’t immediately reply to queries about current Russian exposures, or their plans to acquire Russian assets.


* Carmignac Portfolio EM Debt fund had the world’s longest Russia debt position in January at over 43%, Morningstar data shows, an increase from 10% in August.

* Vontobel’s Eastern European Bond AM was 40% long.

* The Carmignac Portfolio Emerging Patrimoine was 21% long.

* Austrian Kepler Osteuropa Plus Rentenfonds was 19.4% long.

* Gunds run by 1167 Capital were 18.5% and 16.7% long.

GRAPHIC: Funds with largest long Russia sovereign debt positions at end of Jan –


Morningstar data shows that these are the U.S-domiciled open-end funds or ETFs which have the highest exposure to Russian bonds in terms of percentage of their portfolio.

* The Gavekal Asia Pacific Government Bond ETF, a U.S. incorporated exchange-traded fund, had an 11.45% exposure.

* Payden Emerging Markets Local Bond fund had a 9.33% exposure to Russian bonds.

* Western Asset Macro Opportunities Fund had an 8.37% exposure to Russian bonds.

* Goldman Sachs (NYSE:) Local Emerging Markets Debt Fund Institutional Class had 7.8% exposed to Russian bonds.

* PIMCO’s Emerging Markets Local Currency and Bond Fund had a 7.79% exposure to Russian bonds.

* TCW Emerging Markets Local Currency Fund had a 6.52% exposure.

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