The Storebrand Group excludes Russian companies

– By its actions, Russia has undoubtedly committed a violation of international law and the right of states to self-government. An action that is clearly condemned by the international community. We have evaluated our investments and believe that it is our duty as a responsible asset manager to act, says Jan Erik Saugestad, CEO of Storebrand Asset Management, adding;

– We are deeply concerned about the situation, which is resulting in severe harm to people affected in the region. The escalating situation could have far-reaching implications for the world community and the world economy for a long time to come.

Delphi Funds not in Russia

The Delphi Funds, which are wholly owned by Storebrand, follow the same guidelines for exclusions as the Storebrand Group. The Delphi Funds have not had investments or exposure in Russian companies.

Storebrand Gruppen provides the Delphi Funds Storebrand Funds, Skagen Funds and SPP Funds, and the decision, which takes effect immediately, means that Storebrand is excluding 19 companies representing holdings with a value of approximately NOK 1,4 billion.

The exclusions are based on human rights violations, the introduction of sanctions from the international community and the Norwegian government's decision that the Oil Fund will sell out of the country.

Storebrand believes that there are also good grounds for excluding government bonds pledged by the Russian state, in the light of the serious violation of international law. Storebrand does not currently hold any Russian government bonds.

The divestments apply to:

• Russian state/government Bonds
• State-controlled companies
• Companies subject to UN and EU sanctions as a result of the Russian invasion
• Companies directly or indirectly involved in the ongoing conflict in Ukraine
• All Russian investable entities excluded by the Norwegian Government, Norges Bank Investment Management, and Norway’s Government Pension Fund Global