Like everyone, we are concerned about the invasion of Ukraine and understand the questions arising in relation to investments held.
Below we provide you with some information about our funds.
Summer KiwiSaver scheme's investment exposures to Russia, associated with our holdings in Smartshares Global Bond ETF, as at 30 September 2023, are detailed in the tables below.
Our intention is to update our investment exposures to Russia at the end of each quarter, unless there is a material change.
|Russian investment exposure
|Summer Global Fixed Interest
|Summer Conservative Selection
|Summer Balanced Selection
|Summer Growth Selection
|SBERBANK 5.25% 23/05/2023 bond
By investing in the Smartshares Global Bond ETF, we have out-sourced the active investment management of our international fixed interest securities to PIMCO Australia Pty Ltd, which forms part of our strategy to align the investment performance of these Summer KiwiSaver scheme funds to their international fixed interest market index, the Bloomberg Global Aggregate Total Return Index, 100% hedged to the New Zealand dollar.
PIMCO, the investment manager of the Smartshares Global bond ETF has advised that it has recently consulted with the Office of Foreign Asset Control, the relevant US regulator, and is still considering its firm-wide strategy on managing Russian assets in its client’s investment portfolios. On this basis, the Smartshares Global bond ETF, will continue to hold its Russian investments.
This is not a recommendation to buy or sell any financial product and does not take your personal circumstances into account. We have prepared this web page in good faith based on information obtained from other sources, but we do not guarantee the accuracy of that information. We do not make any representation or warranty (express or implied) that this web page is accurate, complete, or current and to the maximum extent permitted by law disclaim any liability for loss which may be incurred by any person relying on this web page. We recommend you take financial advice before making investment decisions. We may update this page without notice.