AIMCo Statement on Divestment of Russian Securities
In response to the invasion of Ukraine and the ensuing humanitarian crisis, Alberta Investment Management Corporation will divest all Russian holdings.
As Alberta’s investment manager, this decision is both values- and value-driven. It reflects a change in the price of geopolitical risk and sustained impairment to the underlying value of the respective companies. We have a fiduciary obligation to our clients to act in their best interests and we believe this decision aligns with our investment objectives, policies, and prudent investment of capital.
Our exposures fluctuate with market values and trading decisions. As of market close on February 28, 2022, AIMCo had less than $99 million in direct and indirect exposure to Russian securities, accounting for 0.06% of AIMCo’s more than $160 billion in assets under management. These holdings represent 0.16% of the entire $48.7 billion Public Equities portfolio and represent AIMCo-nominee holdings that are externally managed. Beyond public equities, AIMCo does not have any direct exposure to Russia.
We continue to divest all Russian securities as conditions permit, recognizing that at present trading in Russian securities has been curtailed by regulatory authorities. AIMCo also commits that it will not purchase Russian assets during the conflict or while financial sanctions are being applied to Russia or its leaders.