Courtiers Wealth Management
Courtiers Wealth Management

News & Insights

Ukraine Crisis – Response

Following the news that Russia has started its invasion of Ukraine, the Investment Team at Courtiers continues to monitor developments and the impact on markets.

Although as you would expect the stock market that has been hardest hit is Russia, where the MOEX (Russia’s index of its largest and most liquid stocks) is off -30% last night’s closing level, the immediate market reaction to the news from Ukraine appears surprisingly modest.

The price reaction in major markets is more modest than many had predicted and at the time of writing the US S&P500 (Emini) future is off around -2.5% and the UK FTSE 100 future is off around -3%.

Gary Reynolds, CIO said that the Investment Team had been preparing for this eventuality for several weeks and for the inevitable sanctions it would bring if it were to occur.

“In anticipation of this happening, over the last few weeks the Investment Team has worked with Courtiers Compliance Team, and looked at guidance from our depository, Citi, to identify our exposure to Russia. One of the benefits of investing through regulated funds, is that they are overseen by first class internal, and external compliance departments, which means that there are three sets of eyes looking out for the investor,” said Gary

Gary said investors should be reassured to know that Courtiers has no direct exposure to Russian assets and that although it does hold one stock, Polymetal, with gold mining interests in Russia, this forms only a very small part of its funds (0.42% of Cautious, 0.57% of Balanced, 0.74% of Growth and 3.07% of UK Equity Income).

Indeed, Courtiers has not held any direct exposure to Russia since it exited an emerging market ETF (Exchange Traded Fund) in 2021, due to its exposure to Russia and China.

“We always monitor ownership of companies and we have had a heightened awareness for potential sanctions on Russian owners since 2018 when the US sanctioned 24 Russians and 14 companies due to “malign activities to subvert Western democracies”, said Jake Reynolds, Head of Asset Management.

Jake said the Investment Team had looked at the holdings in the portfolios in a number of ways to take account of Russian risk this year. This included looking at ownership, footprint, revenue & assets.

The Investment Team will continue to monitor developments and further updates will follow.

Important information

Issued by Courtiers Asset Management Limited, CAM0222533. Courtiers Asset Management Limited is authorised and regulated by the Financial Conduct Authority – Register No: 616322. Address: 18 Hart Street, Henley on Thames, Oxfordshire RG9 2AU. Tel: 01491 578368

Past performance is not a reliable indicator of future returns. The value of investments, and the income from them, can go down as well as up and is not guaranteed and you may not get back the amount originally invested. Any forecast, projection or target where provided is indicate only and is not guaranteed in any way. Certain types of funds might carry a greater investment risk than other investment funds. Further details of the risks are associated with investing in Courtiers funds can be found in the Key Investor Information Document or Prospectus, copies of which are available on request or at


This communication is for information purposes only and should not be relied upon in making an investment decision. The views expressed by individuals and the business are based on market conditions at the date of issue and are subject to change without notice. The mention of any stocks or shares should not be taken as recommendation to deal and does not take into account the individual investor’s investment objective or risk profile. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. Any third party sites, or pages which are linked to the document, have not been reviewed by us and therefore we accept no responsibility for the authors or content of external link or pages. If you are interested in any of Courtiers Asset Management Limited’s range of funds, or require any financial advice, please speak to a financial adviser.

Share Article

Subscribe to News & Insights

This field is required
This field is required
Please provide a valid email address
Please accept