How exposed is your super fund to Russia?

With the Government announcing its desire for superannuation funds to divest from Russia, Super Review collates the intentions of major funds. 

Last week, Treasurer Josh Frydenberg said the Government had a “strong expectation” that superannuation funds would review their investment portfolios and take steps to divest any holdings in Russian assets. 

“While Australian superannuation funds only have a small exposure to Russian investments in the context of the $3.5 trillion superannuation system, it is important that Australia sends a clear and unequivocal signal that we condemn in the strongest possible terms Russia’s unprovoked and unjustified attack on Ukraine.” 

Australian Retirement Trust 

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Managers had been instructed to sell any remaining debt or equity in Russia and not make any new positions. Russian equities accounted for 0.2% of the Australian Retirement Trust Super Savings account assets while debt exposure was less than 0.1%. Ukrainian exposure was less than 0.1%. 

In the QSuper accounts, which merged with Sunsuper to form Australian Retirement Trust, there was no exposure to Russian or Ukrainian equities or bonds. 

Australian Super  

The fund had reduced its exposure from 0.22% last June to 0.07% of total assets and was continuing to divest Russian holdings. 

Aware Super 

The fund said it identified exposure of 0.03% of its fund to Russian assets and had taken immediate steps to sell down this direct exposure. It had no direct exposure to the Ukraine and was working to ensure no new Russian investments entered the portfolio. 

Cbus  

Cbus had 0.1% of total assets invested in Russia within its emerging markets equities asset class and this was being reduced. It did not hold any Russian bonds. 

Hostplus  

The fund said it was aiming to fully divest from Russian assets and, as of 4 March, had direct holdings of $10 million, reduced from $19 million earlier in the week, in its $76 billion portfolio. 

LGIAsuper 

LGIAsuper held approximately $18 million in Russian securities holdings, less than 0.1% of portfolio, as of 28 February and was monitoring the situation. 

Rest  

Rest’s Core Strategy had less than 0.1% of total assets exposed to Russia while its Sustainable Growth Investment option had no exposure, as of 24 February. It intended to divest any direct portfolio holdings of Russian securities and managers were not permitted to add or initiate any new exposure.