Mutual Funds And Russia: Investment Percentages Revealed

While it is difficult to pinpoint an exact percentage of mutual funds invested in Russia, it is evident that there is significant exposure to the country within the mutual fund market. This is particularly true for certain funds, with some nearing 17% of assets invested in Russia. The GQG Partners Emerging Markets Equity Fund, for instance, had about 16.6% of its assets exposed to Russian securities. Other notable funds with large exposures include the iShares MSCI Russia ETF and the VanEck Russia ETF, both holding over 90% of their assets in Russian companies. Overall, overseas investors in Russia have tens of billions invested in the country's stocks and bonds, with top asset managers like Capital Group, Vanguard, PIMCO, BlackRock, and Fidelity all having substantial exposures.

Mutual funds with the most exposure to Russia

While mutual funds and exchange-traded funds that invest in Russia do exist, Americans who invest in such funds have largely been insulated from financial exposure to the country amid its conflict with Ukraine. This is because fund managers who buy Russian debt or Russian company stocks generally do so in small quantities, and funds that buy these securities are often a fringe part of investors' overall portfolios. Karin Anderson, director of North American fixed-income strategies at Morningstar, estimates that most people in a 401(k) have less than 1% exposure to Russian stocks and/or bonds.

However, some stock and bond funds have much bigger stakes in Russia. According to Morningstar data, the 10 stock funds with the biggest exposure allocate at least 9% of their assets to Russia. The two largest of these are the iShares MSCI Russia ETF and the VanEck Russia ETF, which hold 95% and 94% of their assets in Russian companies, respectively.

The most exposed bond funds allocate to Russia in much smaller shares than stock funds. The top 10 hold roughly 4.5% to 8% of their total assets in Russian debt, according to Morningstar. The Western Asset Macro Opportunities mutual fund has the largest allocation, at about 8.4%.

The U.S.-based equity mutual fund with the highest exposure to Russia in percentage terms is the $8.8 billion GQG Partners Emerging Markets Equity Fund, which had 16.6% of assets, or about $1.5 billion in U.S. dollar terms, exposed to Russian securities at the end of September 2021, according to data provided by Morningstar Direct. However, the firm recently stated that it only had about 3.7% of assets exposed to Russian stock.

US-based equity mutual funds with the highest exposure to Russia

As of February 28, 2022, the US-based equity mutual fund with the highest exposure to Russia in percentage terms was the $8.8 billion GQG Partners Emerging Markets Equity Fund. According to data provided by Morningstar Direct, the fund had 16.6% of its assets exposed to Russian securities at the end of September, amounting to about $1.5 billion in US dollar terms. Sberbank of Russia PJSC was among the fund's top 10 holdings.

The GMO Resources II fund, which is heavy in the oil and gas and mining sectors, is another US-based equity mutual fund with significant exposure to Russia. As of November 30, 2021, Gazprom PJSC was the fund's eighth-largest holding at 2.4%.

The Invesco Developing Markets fund, one of the top 100 largest funds in 401(k)s according to data firm BrightScope Inc., had 7.9% of its assets exposed to Russia as of December 31, 2021, or approximately $3.4 billion in US dollar terms.

While these US-based equity mutual funds have notable exposure to Russia, it is important to note that the impact of Russia-related risks on investors' overall portfolios may be mitigated by the relatively small quantities of Russian debt or stock purchased by fund managers and the fringe role of such securities in overall investment strategies.

Stock and bond funds with the biggest Russia exposure

While everyday investors in mutual funds and exchange-traded funds likely have limited exposure to Russian debt and stock, some stock funds allocate at least 10% of their assets to Russia, according to Morningstar. The two largest stock funds with exposure to Russia are the iShares MSCI Russia ETF and the VanEck Russia ETF, which hold 95% and 94% of their assets in Russian companies, respectively.

The U.S.-based equity mutual fund with the highest exposure to Russia in percentage terms is the $8.8 billion GQG Partners Emerging Markets Equity Fund, which had 16.6% of assets, or about $1.5 billion in U.S. dollar terms, exposed to Russian securities at the end of September 2021. However, the firm recently disclosed that it only had about 3.7% of its assets exposed to Russian stock.

Other stock funds with large Russia exposure include the Invesco Developing Markets Fund ($3.6 billion in equity), Vanguard Total International Stock Index Fund Investor Shares ($3.56 billion in equity), and Vanguard Emerging Markets Stock Index Fund Investor Shares ($3.13 billion in equity).

Bond funds have relatively less exposure to Russia compared to stock funds, with the top 10 funds allocating 4.5% to 8% of their total assets to Russian debt. The Western Asset Macro Opportunities mutual fund has the largest allocation to Russia among bond funds, at about 8.4%.

Some of the bond funds with large Russia exposure include the PIMCO Income Fund ($3.57 billion in fixed income), PIMCO GIS Income Fund Institutional USD Accumulation ($1.82 billion in fixed income), and iShares JP Morgan USD Emerging Markets Bond ETF.

Mutual funds with Russian Federation exposure

While everyday investors may not be able to directly invest in the Russian stock market, they may have some exposure to the country through mutual funds. Here is a list of mutual funds with exposure to the Russian Federation:

• KGIIX - Advisors' Inner Circle Fund II - KOPERNIK INTERNATIONAL FUND CLASS I SHARES
• KGGAX - Advisors' Inner Circle Fund II - KOPERNIK GLOBAL ALL-CAP FUND CLASS A SHARES
• OFIGX - OBERWEIS FUNDS - Oberweis Focused International Growth Fund
• VISTX - VANGUARD MALVERN FUNDS - Vanguard Institutional Short-Term Bond Fund Institutional Plus Shares
• ACISX - Ab Corporate Shares - Ab Corporate Income Shares
• PFORX - PIMCO FUNDS - PIMCO International Bond Fund (U.S. Dollar-Hedged) Institutional
• ALDAX - Columbia Funds Series Trust II - Columbia Limited Duration Credit Fund Class A
• PLEBX - Aristotle Funds Series Trust - Aristotle ESG Core Bond Fund Class I
• JVCNX - JOHN HANCOCK VARIABLE INSURANCE TRUST - Core Bond Trust NAV
• GTNDX - AIM GROWTH SERIES (INVESCO GROWTH SERIES) - Invesco Global Low Volatility Equity Yield Fund Class A
• PONAX - PIMCO FUNDS - PIMCO Income Fund Class A
• GMCDX - GMO TRUST - GMO Emerging Country Debt Fund Class III
• CBRAX - JPMorgan Trust I - JPMorgan Corporate Bond Fund Class A
• GMEMX - GMO TRUST - GMO Emerging Markets Fund Class II
• NSTRX - COLUMBIA FUNDS SERIES TRUST - Columbia Short Term Bond Fund Class A
• SIGAX - LEGG MASON PARTNERS INCOME TRUST - Western Asset Corporate Bond Fund Class A
• SBSTX - LEGG MASON PARTNERS INCOME TRUST - Western Asset Short-Term Bond Fund Class A
• PFUIX - PIMCO FUNDS - PIMCO International Bond Fund (Unhedged) Institutional
• SCAUX - AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST) - Invesco Low Volatility Equity Yield Fund Class A
• MZCIX - PROFESSIONALLY MANAGED PORTFOLIOS - Muzinich Credit Opportunities Fund Institutional Shares
• STHYX - AB BOND FUND, INC. - AB Sustainable Thematic Credit Portfolio Advisor Class
• ALHYX - AB BOND FUND, INC. - AB Limited Duration High Income Portfolio Advisor Class
• PLCNX - Aristotle Funds Series Trust - Aristotle Strategic Income Fund Class C
• PLADX - Aristotle Funds Series Trust - Aristotle Short Duration Income Fund Class A
• SZIAX - DEUTSCHE DWS PORTFOLIO TRUST - DWS Total Return Bond Fund Class A
• GMAQX - GMO TRUST - GMO Emerging Markets ex-China Fund Class VI
• HBLAX - HARTFORD MUTUAL FUNDS INC/CT - THE HARTFORD BALANCED INCOME FUND Class A
• VFICX - VANGUARD FIXED INCOME SECURITIES FUNDS - Vanguard Intermediate-Term Investment-Grade Fund Investor Shares
• BRACX - Blackrock Allocation Target Shares - Bats Series C
• TSDLX - T. Rowe Price Short-Term Bond Fund, Inc. - T. Rowe Price Short Duration Income Fund
• PSAIX - PIMCO FUNDS - PIMCO Global Advantage Strategy Bond Fund Institutional
• LPCIX - Advisors' Inner Circle Fund III - MetLife Core Plus Fund I Class Shares
• JHCDX - John Hancock Funds II - Core Bond Fund Class NAV
• BSBAX - Northern Funds - Northern Short Bond Fund
• FDIAX - FIDELITY ADVISOR SERIES II - Fidelity Advisor Limited Term Bond Fund Class A
• VIGTX - Voya Separate Portfolios Trust - Voya Investment Grade Credit Fund Class R6
• FYBTX - FIDELITY SALEM STREET TRUST - Fidelity Series Short-Term Credit Fund
• FSHBX - FIDELITY SALEM STREET TRUST - Fidelity Short-Term Bond Fund
• PBOMX - PRINCIPAL FUNDS INC - Core Plus Bond Fund fka Bond & Mortgage Securities Fund R-1
• FZOMX - FIDELITY SALEM STREET TRUST - Fidelity SAI Short-Term Bond Fund
• PTTRX - PIMCO FUNDS - PIMCO Total Return Fund Institutional
• AKGAX - AB BOND FUND, INC. - AB Income Fund Class A
• PYACX - PAYDEN & RYGEL INVESTMENT GROUP - Payden Corporate Bond Fund (Investor Class)
• VWINX - VANGUARD WELLESLEY INCOME FUND - VANGUARD WELLESLEY INCOME FUND Investor Shares
• SCXIX - Sei Institutional Managed Trust - Simt Core Fixed Income Fund Class I
• ACCEX - Aim Investment Securities Funds (invesco Investment Securities Funds) - Invesco Corporate Bond Fund Class C
• JSDHX - JPMorgan Trust I - JPMorgan Short Duration Core Plus Fund Class A
• TRBUX - T. Rowe Price Short-Term Bond Fund, Inc. - T. Rowe Price Ultra Short-Term Bond Fund
• PCGLX - PACE SELECT ADVISORS TRUST - PACE Global Fixed Income Investments Class P
• PSLDX - PIMCO FUNDS - PIMCO StocksPLUS Long Duration Fund Institutional
• ACPSX - Aim Counselor Series Trust (invesco Counselor Series Trust) - Invesco Core Plus Bond Fund Class A
• MIMPX - MORGAN STANLEY VARIABLE INSURANCE FUND INC. - Global Strategist Portfolio Class I
• HLLVX - JPMORGAN TRUST II - JPMorgan Short Duration Bond Fund Class I
• VGYAX - VANGUARD WORLD FUND - Vanguard Global Wellesley Income Fund Admiral Shares
• ARMZX - LEGG MASON PARTNERS INCOME TRUST - Western Asset Adjustable Rate Income Fund Class A
• VEGBX - VANGUARD MALVERN FUNDS - Vanguard Emerging Markets Bond Fund Admiral Shares
• KTRAX - DEUTSCHE DWS MARKET TRUST - DWS Global Income Builder Fund Class A
• VFSTX - VANGUARD FIXED INCOME SECURITIES FUNDS - Vanguard Short-Term Investment-Grade Fund Investor Shares
• MMCBX - MASSMUTUAL PREMIER FUNDS - MassMutual Premier Core Bond Fund Class A
• NOBOX - Northern Funds - Northern Bond Index Fund
• PFIIX - PIMCO FUNDS - PIMCO Low Duration Income Fund Institutional
• RIFDX - RUSSELL INVESTMENT FUNDS - Strategic Bond Fund
• GMCOX - GPS Funds I - GuideMark(R) Core Fixed Income Fund Service Shares
• GAMDX - GOLDMAN SACHS TRUST - Goldman Sachs Local Emerging Markets Debt Fund Class A
• ITBAX - HARTFORD MUTUAL FUNDS INC/CT - THE HARTFORD TOTAL RETURN BOND FUND Class A
• RPLCX - T. Rowe Price Institutional Income Funds, Inc. - T. Rowe Price Institutional Long Duration Credit Fund
• MIGAX - MORGAN STANLEY INSTITUTIONAL FUND TRUST - Corporate Bond Portfolio Class A Shares
• SCOAX - Sei Institutional Investments Trust - Siit Core Fixed Income - Class A
• GMDYX - GuideStone Funds - MEDIUM-DURATION BOND FUND Institutional
• MBAAX - MORGAN STANLEY INSTITUTIONAL FUND TRUST - Global Strategist Portfolio Class A Shares
• SIFAX - SEI INSTITUTIONAL MANAGED TRUST - SIMT MULTI-ASSET INFLATION MANAGED FUND Class F
• TBIIX - TIAA-CREF FUNDS - TIAA-CREF Bond Index Fund Institutional Class
• MZLIX - PROFESSIONALLY MANAGED PORTFOLIOS - Muzinich Low Duration Fund Supra Institutional Shares
• PRWBX - T. Rowe Price Short-Term Bond Fund, Inc. - T. Rowe Price Short-Term Bond Fund, Inc.
• LIFAX - LORD ABBETT INVESTMENT TRUST - Lord Abbett Inflation Focused Fund Class A
• OAFIX - Optimum Fund Trust - Optimum Fixed Income Fund Class A
• LLDYX - LORD ABBETT INVESTMENT TRUST - Lord Abbett Short Duration Income Fund Class I
• LDCAX - LORD ABBETT INVESTMENT TRUST - Lord Abbett Short Duration Core Bond Fund Class A
• BRASX - Blackrock Allocation Target Shares - Bats Series S
• PTCIX - PIMCO FUNDS - PIMCO Long-Term Credit Bond Fund Institutional
• DHRAX - DIAMOND HILL FUNDS - Diamond Hill Core Bond Fund Class A
• AGDAX - AB HIGH INCOME FUND INC - AB HIGH INCOME FUND INC Class A
• VGWAX - VANGUARD WORLD FUND - Vanguard Global Wellington Fund Admiral Shares
• PNIIX - PRINCIPAL FUNDS INC - Bond Market Index Fund Institutional Class
• VICSX - VANGUARD SCOTTSDALE FUNDS - Vanguard Intermediate-Term Corporate Bond Index Fund Admiral Shares
• VSCSX - VANGUARD SCOTTSDALE FUNDS - Vanguard Short-Term Corporate Bond Index Fund Admiral Shares
• SWAGX - SCHWAB INVESTMENTS - Schwab U.S. Aggregate Bond Index Fund
• PBSMX - PRUDENTIAL SHORT-TERM CORPORATE BOND FUND, INC. - PGIM SHORT-TERM CORPORATE BOND FUND Class A
• BBTBX - Bridge Builder Trust - Bridge Builder Core Bond Fund
• IBRAX - Voya INVESTORS TRUST - VY(R) BlackRock Inflation Protected Bond Portfolio Class ADV
• CBHAX - Victory Portfolios II - Victory Market Neutral Income Fund Class A
• HIABX - Hartford Series Fund Inc - Hartford Total Return Bond Hls Fund Ia
• IIBOX - Voya FUNDS TRUST - Voya Intermediate Bond Fund Class R
• ANAGX - AB GLOBAL BOND FUND, INC. - AB GLOBAL BOND FUND, INC. Class A
• VGCAX - Vanguard Charlotte Funds - Vanguard Global Credit Bond Fund Admiral Shares
• GOFIX - GMO TRUST - GMO Resources Fund Class III
• TNSHX - TIAA-CREF FUNDS - TIAA-CREF Short-Term Bond Index Fund Institutional Class
• DCFFX - Brinker Capital Destinations Trust - Destinations Core Fixed Income Fund Class I
• MOFTX - Mercer Funds - Mercer Opportunistic Fixed Income Fund Class I
• BSBIX - BAIRD FUNDS INC - Baird Short-Term Bond Fund Institutional
• JNBAX - JPMorgan Trust I - JPMorgan Income Builder Fund Class A
• FNSOX - FIDELITY SALEM STREET TRUST - Fidelity Short-Term Bond Index Fund
• VWELX - VANGUARD WELLINGTON FUND - VANGUARD WELLINGTON FUND Investor Shares
• VBIIX - VANGUARD BOND INDEX FUNDS - Vanguard Intermediate-Term Bond Index Fund Investor Shares
• VBMFX - VANGUARD BOND INDEX FUNDS - Vanguard Total Bond Market Index Fund Investor Shares
• RPBAX - T. Rowe Price Balanced Fund, Inc. - T. Rowe Price Balanced Fund, Inc.
• SHMDX - VIRTUS OPPORTUNITIES TRUST - Virtus Stone Harbor Emerging Markets Debt Fund Class I
• FXNAX - FIDELITY SALEM STREET TRUST - Fidelity U.S. Bond Index Fund
• FERGX - FIDELITY SALEM STREET TRUST - Fidelity SAI Emerging Markets Index Fund
• FAUDX - Fidelity Rutland Square Trust II - Strategic Advisers Short Duration Fund
• GCCHX - GMO TRUST - GMO Climate Change Fund Class III
• EMRSX - JPMORGAN TRUST IV - JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6
• PIAFX - AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS) - Invesco Multi-Asset Income Fund Class A
• FIBUX - FIDELITY SALEM STREET TRUST - Fidelity Flex U.S. Bond Index Fund
• ABALX - AMERICAN BALANCED FUND - AMERICAN BALANCED FUND Class A
• TIBAX - THORNBURG INVESTMENT TRUST - Thornburg Investment Income Builder Fund - Class A
• INVYX - PIONEER SERIES TRUST VIII - Pioneer International Equity Fund : Class Y
• VBISX - VANGUARD BOND INDEX FUNDS - Vanguard Short-Term Bond Index Fund Investor Shares
• FIFZX - FIDELITY SALEM STREET TRUST - Fidelity Series Bond Index Fund
• PEBIX - PIMCO FUNDS - PIMCO Emerging Markets Bond Fund Institutional
• AMECX - INCOME FUND OF AMERICA - INCOME FUND OF AMERICA Class A
• PLRIX - PIMCO FUNDS - PIMCO Long Duration Total Return Fund Institutional
• TEMUX - MORGAN STANLEY PATHWAY FUNDS - Emerging Markets Equity Fund
• FSGGX - FIDELITY SALEM STREET TRUST - Fidelity Global ex U.S. Index Fund
• CTRZX - COLUMBIA FUNDS SERIES TRUST I - Multi-Manager Total Return Bond Strategies Fund Institutional Class
• FTIHX - FIDELITY SALEM STREET TRUST - Fidelity Total International Index Fund
• MEGMX - MATTHEWS INTERNATIONAL FUNDS - Matthews Emerging Markets Equity Fund Investor Class Shares
• FSGEX - FIDELITY SALEM STREET TRUST - Fidelity Series Global ex U.S. Index Fund
• FEDDX - FIDELITY INVESTMENT TRUST - Fidelity Emerging Markets Discovery Fund
• FZILX - FIDELITY CONCORD STREET TRUST - Fidelity ZERO International Index Fund
• MIAVX - American Funds Multi-Sector Income Fund - American Funds Multi-Sector Income Fund Class T
• FITFX - FIDELITY SALEM STREET TRUST - Fidelity Flex International Index Fund
• FSAMX - Fidelity Rutland Square Trust II - Strategic Advisers Emerging Markets Fund
• CAIBX - CAPITAL INCOME BUILDER - CAPITAL INCOME BUILDER Class A
• UGOFX - USAA MUTUAL FUNDS TRUST - Global Managed Volatility Fund Institutional Shares
• FNIDX - FIDELITY SALEM STREET TRUST - Fidelity International Sustainability Index Fund
• FHKFX - FIDELITY INVESTMENT TRUST - Fidelity Series Emerging Markets Fund
• MSMLX - MATTHEWS INTERNATIONAL FUNDS - MATTHEWS ASIA SMALL COMPANIES FUND Investor Class Shares
• MNCSX - Mercer Funds - Mercer Non-US Core Equity Fund Class I
• RIMOX - CITY NATIONAL ROCHDALE FUNDS - City National Rochdale Fixed Income Opportunities Fund Class N
• FCTDX - Fidelity Rutland Square Trust II - Strategic Advisers Fidelity U.S. Total Stock Fund
• MSTRX - Morningstar Funds Trust - Morningstar Total Return Bond Fund
• VBINX - Vanguard Valley Forge Funds - Vanguard Balanced Index Fund Investor Shares
• FEMKX - FIDELITY INVESTMENT TRUST - Fidelity Emerging Markets Fund
• PEIFX - PIMCO Equity Series - PIMCO RAE Emerging Markets Fund Institutional Class
• GBATX - GMO TRUST - GMO Strategic Opportunities Allocation Fund Class III
• FGOMX - Fidelity Rutland Square Trust II - Strategic Advisers Fidelity Emerging Markets Fund
• FEMSX - FIDELITY INVESTMENT TRUST - Fidelity Series Emerging Markets Opportunities Fund
• BEMIX - BRANDES INVESTMENT TRUST - Brandes Emerging Markets Value Fund Class I
• PIGIX - PIMCO FUNDS - PIMCO Investment Grade Credit Bond Fund Institutional
• JDVSX - JPMorgan Trust I - JPMorgan Diversified Fund Class I
• FILFX - Fidelity Rutland Square Trust II - Strategic Advisers International Fund
• USEMX - USAA MUTUAL FUNDS TRUST - Emerging Markets Fund Shares
• FTEJX - FIDELITY INVESTMENT TRUST - Fidelity Total Emerging Markets Fund Fidelity Advisor Total Emerging Markets Fund: Class I
• FGKPX - FIDELITY SALEM STREET TRUST - Fidelity SAI Emerging Markets Low Volatility Index Fund
• BEXFX - BARON SELECT FUNDS - Baron Emerging Markets Fund
• FNCMX - FIDELITY CONCORD STREET TRUST - Fidelity Nasdaq Composite Index Fund
• BIIEX - BRANDES INVESTMENT TRUST - Brandes International Equity Fund Class I
• APPLX - UNIFIED SERIES TRUST - Appleseed Fund Investor Class
• USCGX - USAA MUTUAL FUNDS TRUST - Capital Growth Fund
• AVEEX - AMERICAN CENTURY ETF TRUST - Avantis Emerging Markets Equity Fund Institutional Class
• BIGFX - BARON SELECT FUNDS - Baron International Growth Fund
• PGVFX - FORUM FUNDS - Polaris Global Value Fund
• TREMX - T. Rowe Price International Funds, Inc. - T. Rowe Price Emerging Europe Fund
• DIEFX - Brinker Capital Destinations Trust - Destinations International Equity Fund Class I
• GQFPX - Advisors' Inner Circle Fund III - GQG PARTNERS GLOBAL QUALITY DIVIDEND INCOME FUND Investor Shares
• GQGPX - Advisors' Inner Circle Fund III - GQG PARTNERS EMERGING MARKETS EQUITY FUND Investor Shares
• DODEX - DODGE & COX FUNDS - Dodge & Cox Emerging Markets Stock Fund
• ANTUX - American Century World Mutual Funds Inc - Non-u.s. Intrinsic Value Fund Investor Class
• GQJPX - Advisors' Inner Circle Fund III - GQG PARTNERS INTERNATIONAL QUALITY DIVIDEND INCOME FUND Investor Shares
• PJRAX - PRUDENTIAL WORLD FUND, INC. - PGIM QMA INTERNATIONAL EQUITY FUND Class A
• GTMIX - GMO TRUST - GMO Tax-Managed International Equities Fund Class III
• SITEX - SEI INSTITUTIONAL INTERNATIONAL TRUST - SIT EMERGING MARKETS DEBT FUND - CLASS F, effective 1-31-2017 (formerly Class A)
• JEVNX - John Hancock Funds II - Emerging Markets Fund Class NAV
• EMCIX - Ashmore Funds - Ashmore Emerging Markets Corporate Income Fund INSTITUTIONAL CLASS SH

Largest asset managers with Russian exposure

According to Morningstar data, overseas investors in Russia have billions invested in the country's stocks and bonds. The research firm's data also revealed that US asset managers like Capital Group, Blackrock, and Vanguard have large exposures. The top 100 open-end funds and exchange-traded funds worldwide have over $60 billion in estimated US dollar exposure to Russian securities.

• Capital Group: Over $8 billion (equity and fixed income).
• Vanguard: Around $7.8 billion (equity and fixed income).
• PIMCO: Over $6 billion (fixed income).
• BlackRock: $264 million, but around $5 billion when including iShares ETFs (equity and fixed income).
• Fidelity: $4.49 billion (equity and fixed income).

Other investment firms with Russian exposures of over $1 billion include JPMorgan Asset Management, GQG Partners, MFS Investment Management, and Harding Loevner.

It is worth noting that these figures are based on disclosures covering a period from September 2021 through to February 25, 2022. The funds may have changed their positions since then, and some firms declined to comment on the specific figures or did not respond to requests.

Frequently asked questions