Russia’s invasion of Ukraine

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Our investment team had been warning of a defining war between Russia and Ukraine as far back as 2015. This view was formed from multiple sources, including one of our senior team member’s holding a position at Chatham House on their Russia and Eurasia progamme. This gave our investment team unparalleled access and input into the information set of governments, intelligence, and think tank communities within this space. On the back of this conviction that Putin would imminently invade Ukraine, our investment team sold down their positions in Russia and Ukraine towards the end of 2021, well in advance of the Russian invasion in February 2022, ultimately protecting our investors’ from the associated downside risk.