At the end of February 2022, there was a very small level of Russian, Belarussian and Ukrainian investments within some of the Plan’s funds, including the DHL Lifestyle which 95% of members are invested in. Although the fund allocations vary by age, as an example, members investing in this strategy will have held no more than around 0.2% in Russian investments – that’s up to £2 for every £1,000 invested. The investment in Belarussian or Ukrainian companies was under 0.1% in total within the DHL Lifestyle.
A small number of members are invested in the riskier DHL Emerging Markets Equities fund which held around 0.93% in Russian investments. That’s £9.30 for every £1,000 invested. There was no investment in Belarussian or Ukrainian companies within this fund.
The fund manager has now valued the shares in Russian companies at zero, and so they are, in effect, no longer contributing to the performance of the DHL Lifestyle or the DHL Emerging Markets Equities fund. The DHL Lifestyle also has a very small holding in Russian, Belarussian and Ukrainian bonds. We understand that the Russian bonds are due to be removed from the index, and the fund, by the end of March.