Japan. World’s Top Pension Fund Writes Off Russia Stocks, Sells Bonds and Closes Year With Gains
Japan’s Government Pension Investment Fund said Friday that it’s been selling Russian assets since March following the invasion of Ukraine, marking down some values to almost zero in the process.
The world’s biggest pension fund has substantially reduced holdings of Russian bonds, which can still be traded over-the-counter. The fund has been largely stuck with the country’s stocks, as foreign investors face trading restrictions, Chief Investment Officer Eiji Ueda said in the GPIF annual report.
The Government Pension Investment Fund lost 1.1% during the quarter, reducing its total assets to 196.6 trillion yen ($1.46 trillion), the fund said in Tokyo Friday. Its Japanese stocks fell 1.2% during the period, while foreign equities fell 0.6%. Domestic and foreign debt fell 1.5% and 1.2%, respectively. The dollar’s 5.8% gain against the yen helped cushion the blow, however.
Read more here and here (Bloomberg)
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