Does Putin´s Invasion Of Ukraine Mark The Dawn Of A New Economic Order

Putin’s invasion of Ukraine is a decisive event with major implications, initially humanitarian and subsequently economic. It caught the vast majority of western observers off guard – including asset managers like us. Our bond funds held Russian debt in their portfolios at the time of the invasion, at a weighting that was reduced yet detrimental. Reduced, in light of the healthy fundamentals of Russian debt before the war broke out unexpectedly, and detrimental because of the sanctions that western countries have introduced against Russia. These holdings have already impacted the net asset values of some of our funds