DECRYPTION – The situation is trickier for smaller managers.
Three weeks after the invasion of Ukraine, the situation seems under control among asset managers. Global funds have little exposure to the Russian market. “Traditional global emerging market equity managers tend to have limited exposure to Russian equities,” are thus Morningstar analysts.
Moreover, many managers had drastically reduced their positions even before the invasion of Ukraine, alerted by troop movements. In total, some $60 billion worth of Russian stocks were housed in funds around the world as of Feb. 25, according to Morningstar.
A puzzle
European management companies seem less exposed to the Moscow Stock Exchange than their American competitors. According to Morningstar, Russian securities represented at the end of January, 0.30% of the assets of equity funds from the Old Continent. Carmignac is one of the companies that have invested in Moscow: the first independent French management company…
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