World’s Top Pension Fund Writes Off Russia Stocks, Sells Bonds
- Japan’s GPIF says it’s unable to sell some Russian equities
- Apple was fund’s largest international holding at end of March
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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.