TRS STATEMENT ON SBERBANK INVESTMENT
Dear KRTA Members:
There is misleading information circulating around social media concerning TRS investments in the Russian Bank Sberbank. Please see the following statement issued by TRS.
MARCH 4, 2022
FRANKFORT, Ky. – Social media statements about the Teachers’ Retirement System of the State of Kentucky (TRS) being the second-largest shareholder in Sberbank are completely false.
From March 2017 until the final sale on Feb. 23, 2022, TRS invested $15.6 million with $12.4 million returned for a loss of $3.2 million.
TRS’s holding was in an over-the-counter, American-exchange portion of Sberbank known as an American depositary receipt (ADR). This is a small piece of the overall Sberbank capital structure.
TRS’s remaining exposure to holdings in Russia is proportionately negligible in a portfolio of about $26 billion.
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This holding was much less than half of a percent of the $26 billion dollar TRS investment portfolio. Please feel free to share this with anyone that is inquiring.
Sincerely,
Tim Abrams
Executive Director of KRTA
