We intend to sell all Russian holdings as soon as market conditions allow. This will be done in a responsible and controlled manner to protect the interests of fund unit holders. When and how this will be done is still very uncertain, due to the closure of the Russian market.
The fund, SEB SICAV 2 – SEB Eastern Europe Small and Mid Cap Fund, have been closed for trading since 28 February. The fund was closed as its exposure to the Russian market was too large to be able to make a correct valuation of the fund's holdings and to protect the interests of unit holders. At the close on 28 February, the fund's exposure to the Russian market was approximately 35–40%. That exposure is currently judged to be lower.
SEB has two additional Luxembourg registered funds with direct exposure to the Russian market. The exposure in these funds is less than 1% of the value of the funds. Therefore, the valuation of the funds has not been significantly affected and the funds have been able to be kept open for trading.
SEB Investment Management’s Luxembourg registered funds with direct holdings in the Russian market that are closed for trading are (including share classes and ISIN):
Fund name |
Estimated exposure to Russia (%) |
SEB Eastern Europe Small and Mid Cap Fund |
35-40% |
C (EUR) - LU0086828794 C (SEK) - LU2321682184 C (USD) - LU2321682267 IC (EUR) - LU2030514413 UC (EUR) - LU1822878572 |
|
SEB Investment Management’s other Luxembourg registered funds with direct holdings in the Russian market are:
Fund name |
Estimated exposure to Russia (%) |
SEB Emerging Markets Fund |
0,87% |
C (EUR) - LU1526357881 C (USD) - LU0037256269 UC (EUR) - LU1808747478 UC (USD) - LU2249630687 ZC (EUR) - LU1732232001 |
|
SEB Global Exposure Fund |
0,11% |
C (SEK) - LU2196326651 C (USD) - LU0389150375 D (USD) - LU0047324644 IC (EUR) - LU1711526407 IC (SEK) - LU1808761974 IC P (SEK) - LU1058763860 ID (SEK) - LU2213947711 ZC (EUR) - LU2249630414 ZC (USD) - LU1716943615 ZD (USD) - LU1716943961 |
|
In this context, we would also like to emphasize that SEB Investment Management complies with the financial sanctions issued by the UN, the EU, the US and the UK. The company closely monitors market developments and the possible implementation of new financial sanctions.
Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. Some of these funds are classified as higher risk funds and may, due to their composition and management methods, fall or rise sharply in value. Key investor information documents and prospectuses are available on www.sebgroup.lu/funds.