Ukraine/Russia: information relating to portfolios

Tuesday 01 March 2022

Last date of update: 12/08/2022

Following the beginning of the events taking place in Ukraine, Amundi communicates information on its portfolio management

IMPORTANT INFORMATION with reference to EU Sanctions against Russia and Belarus applicable from 12 April 2022 (COUNCIL REGULATIONS EU 2022/328 and 2022/398).

Amundi Group takes all reasonable steps to ensure that it strictly complies with the sanction lists published by France, the European Union, the United Nations, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) and other local regimes applicable to its subsidiaries and branches in the countries in where it operates.

Sanctions promulgated by the European Union, COUNCIL REGULATION (EU) 2022/328 of 25 February 2022 (articles 5e and 5f), amending Regulation (EC) n°833/2014 & COUNCIL REGULATION (EU) 2022/398 of 9 March 2022 (article 1x and 1y) amending Regulation (EC) n°765/2006, aim at:

• prohibiting the sale of euro-denominated securities issued after 12 April 2022 or units of collective investment undertakings offering exposure to those securities;
• prohibiting Union central securities depositaries from providing any service for securities issued after 12 April 2022;

to any Russian or Belarusian national, any natural person residing in Russia or Belarus, or any legal person, entity or body established in Russia or Belarus.

Consequently, from 12 April 2022, new subscription in any funds of Amundi Group is prohibited to:

• any Russian and Belarusian national
• any natural person residing in Russia or Belarus
• any legal person, entity or body established in Russia or Belarus

with exceptions of:

• Dual nationals*
• Nationals of European Union member state or Monaco resident in Russia or Belarus
• Russian or Belarusian natural persons having a permanent or temporary residence permit in a member state of the European Union or Monaco

*Definition of dual nationality in this context: having a Russian or Belarusian nationality AND a EU or Monaco Country nationality

Portfolio exposure to Russia, Belarus and Ukraine

In order to inform you on the aggregated exposure of Amundi open ended investment funds to Russia, Belarus and Ukraine, please download below an outline of our current portfolio exposure. This file shows the % of the NAV for Amundi open-ended investment funds that have an exposure to Russia, Belarus and Ukraine.

We will update these figures on a regular basis, in order to keep you fully informed of the evolving situation.

Amundi Exposure Ukraine Russia

Document is updated frequently, we invite you to check this page on a regular basis.

NAV Suspension 

Due to the situation, the Moscow Stock Exchange has been closed to non-russian residents since Monday 28^th February.  Therefore, we are unable to properly value some Russian assets invested by some of our funds.  In order to respect the best interest of all investors, Amundi has decided to suspend subscriptions and redemptions on all its funds holding more than 10 % of locally listed Russian assets.

This measures applies to the following open-ended funds :

• Amundi Funds Russian Equity (Luxembourg fund) as from Monday 28 February 2022
  Countries of registration, all share classes aggregated: Luxembourg, United Kingdom, Switzerland, Germany, Italy, France, Hungary, Slovakia, Spain, Czech Republic, Netherlands, Portugal, Liechtenstein, Bulgaria
• Amundi Eastern Europe Stock (Austrian Fund) as from Monday 28 February 2022
  Country of registration, all share classes aggregated: Austria
• Amundi Funds Emerging Europe and Mediterranean Equity (Luxemburg Fund) as from Tuesday 1 March 2022
  Countries of registration, all share classes aggregated: Luxembourg, United Kingdom, Switzerland, Germany, Sweden, Austria, Italy, Bulgaria, Romania, Cyprus, France, Greece, Hungary, Slovakia, Finland, Taiwan, Czech Republic, Ireland, Spain, Liechtenstein, Netherlands, Slovenia, Chile

And also, non-open to distribution funds, Ocean Fund Equities Eastern Europe (Luxembourg fund) as from Monday 28 February 2022.

The Amundi CR Dluhopisovy Plus (Czech Fund), which had been suspended on Monday 28 February 2022, is open again to subscriptions and redemptions since Tuesday 8 March 2022.

We invite you to consult the notice to Shareholders relating to each funds for more information.

NAV Suspension - ETF 

Due to the suspension of the quotation by Euronext, Borsa Italiana and Deutsche Börse of all ETF exposed to Russia and due also to the fact that the underlying index components cannot be traded currently, decision was made, in order to protect the interests of investors in the funds, to suspend the valuation and the issue, redemptions and conversion of shares of the following Lyxor ETF until further notice: 

• Lyxor PEA Russie (MSCI Russia IMI Select GDR) UCITS ETF - FR0011869387 as from Friday 4 March 2022
  Country of registration: France
• Lyxor MSCI Russia UCITS ETF -  LU1923627092 (accumulating) et LU1923627332 (distributing) as from Friday 4 March 2022
  Countries of registration, all share classes aggregated:    Luxembourg, Belgium (distributing only), Austria, Norway, Netherlands, France, Finland, Spain, Sweden, Germany, Italy, Switzerland, Denmark, Japan, United-Kingdom, Chile 

Information on valuation of Russian Assets in Amundi open-ended funds

In the context of the present market disruption, Amundi adapts on a daily basis its valuation policy regarding Russian assets, taking into account the latest development on local and international markets.

The following valuation rules are being applied for all European open-ended funds, as from March 16th, until further notice :

• Equity : all ADR’s, GDR’s and local securities are valued at zero.
• Fixed Income :
  • Any bond traded outside Russia is valued according to available market prices.
  • For bonds traded locally :
    • Bonds in Rubles (RUB): 25 % of nominal value.
    • Bonds in hard currency: 30 % of nominal value.

For both equity and fixed income products in Rubles, the current day FX rate is being used.

The information above is subject to change as a result of the evolution of the situation.