JPMorgan Emerging Europe, Middle East and Africa Securities (formerly JPMorgan Russian Securities (JRS) invests in a diversified portfolio of quoted investments in equities in Emerging Europe (including Russia), the Middle East and Africa, including those markets that are considered as emerging markets according to the S&P Emerging Europe, Middle East and Africa Index.
Previously, the company (through its predecessor, which was launched in 1994) was largely invested in Russian securities. However, the sanctions and restrictions that followed Russia’s military invasion of Ukraine, which commenced on 24 February 2022, had a severe negative impact on the value of the company’s portfolio.
The board, conscious of the significant uncertainty regarding the length of time that the current sanctions regime will exist and the significant risk that the current losses in the company would crystallise in the event of a wind up, proposed that the investment policy should be amended.
The investment manager expects that investments in Emerging Europe, the Middle East and Africa will continue to be dominated by the financial, materials and communications sectors, with energy also being an important constituent, and that Saudi Arabia, South Africa and the United Arab Emirates will continue to be the top three countries in the Index by weighting.
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