Phasing out exposure to Russian equities

Since the start of the invasion of Ukraine by Russia on 24 February, ING CDC Pensioenfonds has been monitoring developments closely. Below, we set out how we are phasing out our exposure to Russian equities.

In early February, the pension fund indirectly held interests in Russian equities, totalling around € 6 million, via two investment funds for equities in emerging markets. Both fund managers had sold a large portion of these Russian assets in February, before and shortly after the invasion of Ukraine. The value of remaining Russian equities is € 1 million.

Divestment of the remainder
The sale of the remaining equities has become difficult since the Russian stock market was closed on Friday 25 February. The equities will be removed from the MSCI Emerging Markets equity index with effect from 9 March. Fund managers use this index as a benchmark for their investment portfolio. It is not clear at this point what the fund manager will be able to do with the remaining Russian assets when trading is resumed.

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