Special Update: Comments on Exposure to Russia and Ukraine in Voya Multi-Sector Fixed Income Strategies
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Special Update: Comments on Exposure to Russia and Ukraine in Voya Multi-Sector Fixed Income Strategies

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The devastating events that continue to unfold in the conflict between Ukraine and Russia have led to steep price declines in both countries’ financial markets.

February 2022 debt market performance
JP Morgan EMBI Global Diversified Index
February 2022 debt market performance

At 2/28/2022. Source: JP Morgan.

Ukraine has suffered significant declines in market prices as a direct consequence of the military invasion by Russian troops. Meanwhile, Russian markets have suffered even more in the wake of extraordinary sanctions and restrictions imposed by an array of countries. As with everyone around the world, we are monitoring the situation very closely. Trading conditions remain challenging amidst a very fluid environment, and many securities are priced at stressed levels, which compels us to hold current positions.

Our Core Plus Strategies had modest allocations prior to current events (ranging from 40–60 bps as of 1/31/22), and changes in our positions beyond the impact from market performance have been de minimis.

Our Unconstrained Strategies also had small allocations prior to current events (ranging from 50–100 bps as of 1/31/22), and changes in our positions beyond the impact from market performance have been de minimis.

Our Short Duration Strategies did not have allocations to either Russia or Ukraine.

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Market Insights Ukraine Russia Perspectives
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Source: JP Morgan and Voya Investment Management

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