Comment on ATRF’s Exposure to Russian Financial Assets

March 2, 2022

Since the Russian invasion of Ukraine, ATRF has received inquiries about its exposure to Russian securities and its plans regarding those assets.

In a press release, ATRF’s investment manager AIMCo reported that they hold around $99 million in Russian assets overall as of February, 28, 2022, all of which is held in public equities. Of this, approximately $13 million is held in ATRF portfolios. ATRF has no exposure to Russian securities through any other asset class.

While that exposure, in the context of an over $22 billion portfolio, is limited, we have been focused on this issue. We have consulted with AIMCo, heard their investment assessment, and have provided our input. Consistent with our discussions with AIMCo, their press release notes that they will be divesting of Russian holdings as quickly as is reasonably possible. ATRF understands and supports AIMCo’s investment rationale for this decision. We are encouraged by the prompt and concrete efforts being taken by AIMCo, as well as the high degree of consultation and discussion on this extraordinary issue.

We would like to reassure members and our sponsors (Alberta Teachers’ Association and Government of Alberta) that we are very mindful of the financial and, much more importantly, the humanitarian impacts of the week’s events. Our hearts go out to all members impacted by this conflict.