These are the ten bond funds with the most exposure to Russia

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The Russian-Ukrainian conflict could have huge financial repercussions, not only for Russian investors, but also for investors around the world, including in the United States. Although most major US stocks have little exposure to Russia and Ukraine, there are a few exceptions. The same goes for fixed income instruments. Many bond funds have exposure to Russia, but their exposure is limited. Let’s take a look at the ten bond funds with the most exposure to Russia.


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The top ten bond funds with the most exposure to Russia

We used holdings data from Morningstar Direct to compile this list of the ten bond funds with the most exposure to Russia. We have used the latest available holdings data, although it is possible that these funds have changed their holdings since Russia invaded Ukraine. Here are the ten bond funds with the most exposure to Russia:

  1. SEI Institutional Investment Trust Emerging Markets Debt Fund (SEDAX, 4.5%)

The SEI Institutional Investments Trust Emerging Markets Debt Fund (MUTF:SEDAX) normally invests in fixed income securities of emerging market issuers, including government, government-related and corporate issuers. This fund has gained nearly 2% over the past month and nearly 5% over the past three years. Its top four holdings are: Euro Bobl Future Mar 22, Euro Bund Future Mar 22, South Africa (Republic of) 8.5% and BNTNF 10 01/01/23.

  1. Emerging Markets Debt Fund SEI Institutional International Trust (SITEX, 4.6%)

Under normal circumstances, the SEI Institutional International Trust Emerging Markets Debt Fund (MUTF:SITEX) would invest in fixed income securities of emerging market issuers. This fund has gained nearly 2% over the past month and nearly 4% over the past three years. Its top four holdings are: Euro Bobl Future Mar 22, Euro Bund Future Mar 22, South Africa (Republic of) 8.5% and Korea 3 Year Bond Future Mar 22.

  1. Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX, 4.7%)

The Fidelity® Series Emerging Markets Debt Local Currency Fund (MUTF:FSEDX) generally invests in debt securities of emerging market issuers and other debt securities economically linked to emerging markets. This fund has gained more than 1% in the past month but lost nearly 9% in the past year. Its four main holdings are: Fidelity Revere Str Tr, China (People’s Republic of) 2.88%, Secretaria Tesouro Nacional 0% and China (People’s Republic of) 3.28%.

  1. Western Asset Total Return Unconstrained Fund (WAARX, 5.6%)

Western Asset Total Return Unconstrained Fund (MUTF:WAARX) follows a flexible investment strategy, and therefore, it invests in a variety of securities and instruments and deploys numerous investment techniques to achieve its objectives. This fund has gained nearly 1% over the past month and nearly 4% over the past three years. Its top four holdings are: Western Asset Prem Instl Govtt Rsrv Pref, United States Treasury Bonds 1.375%, United States Treasury Bonds 2.875% and United States Treasury Bonds 2.75%.

  1. PIMCO Emerging Markets Full Spectrum Bond Fund (PFSIX, 5.9%)

The PIMCO Emerging Markets Full Spectrum Bond Fund (MUTF:PFSIX) invests in fixed income instruments that are economically linked to emerging market countries. This fund has gained more than 1% in the past month and more than 4% in the past three years. Its four main holdings are: PIMCO Emerging Markets Lcl Ccy and Bd Instl, PIMCO Emerging Markets Corp Bd Instl, PIMCO Emerging Markets Bond Instl and Pimco Fds.

  1. American Century Emerging Markets Debt Fund

    (AEXDX, 6.1%)

American Century Emerging Markets Debt Fund (MUTF:AEXDX) invests primarily in fixed income instruments of issuers economically connected to emerging markets. It invests primarily in debt securities of foreign governments and corporations. This fund has gained more than 1% in the past month and nearly 6% in the past three years. Its top four holdings are: Ultra 10 Year US Treasury Note Future Mar 22, 10 Year Treasury Note Future Mar 22, 2 Year Treasury Note Future Mar 22 and Mexico (United Mexican States) 8%.

  1. T. Rowe Price Emerging Markets Local Currency Bond Fund (PRELX, 6.1%)

The T. Rowe Price Emerging Markets Local Currency Bond Fund (MUTF: PRELX) normally invests in bonds denominated in emerging market currencies and in derivative instruments providing exposure to such securities. This fund has gained more than 1% in the past month and more than 2% in the past three years. Its four major holdings are: T. Rowe Price Gov. Reserve, Secretaria Tesouro Nacional 10%, Indonesia (Republic of) 6.125% and Malaysia (Government of) 4.232%.

  1. US Funds Emerging Markets Bond Fund (EBNAX, 6.5%)

American Funds Emerging Markets Bond Fund (MUTF:EBNAX) invests primarily in bonds and other debt securities of emerging market issuers. This fund has gained more than 1% in the past month and more than 5% in the past three years. Its four main holdings are: Malaysia (Government of) 4.893%, Ministerio de Hacienda y Credito Publico 5.75%, China Development Bank 3.48% and Secretaria Tesouro Nacional 21.989%.

  1. PIMCO Emerging Markets Local Currency and Bond Fund (PELBX, 7.8%)

The PIMCO Emerging Markets Local Currency and Bond Fund (MUTF:PELBX) invests in a wide range of global emerging markets. It invests mainly in higher quality bonds, but most of them are at the lower end of the quality scale. This fund has gained more than 1% in the past month and more than 3% in the past three years. Its four largest holdings are: China (People’s Republic of) 3.03%, China (People’s Republic of) 3.28%, South Africa (Republic of) 10.5% and Deutsche Bank AG London Branch 6.68%.

  1. Western Asset Macro Opportunities Fund (LAOSX, 8.4%)

Western Asset Macro Opportunities Fund (MUTF:LAOSX) uses an opportunistic investment strategy and invests in a variety of securities and other instruments. This fund has gained more than 2% in the past month and nearly 8% in the past three years. LAOSX has over $1.6 billion in net assets. Its top four holdings are: Mexico (United Mexican States) 7.75%, United States Treasury Bonds 1.875%, United States Treasury Bonds 3% and Russian Federation 7.05%.

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