Date:  April 1, 2022

Information Regarding Russian and Belarusian Investments held by the Minnesota State Board of Investment

In response to inquiries regarding facts associated with investments in Russia and Belarus held by the Minnesota State Board of Investment (SBI), the following is a brief summary of the pertinent facts.

  • The SBI holds stocks (aka equities), bonds (aka fixed income), foreign currency and has a small interest in private market vehicles issued by entities from Russia and Belarus.

  • These securities are held in the portfolio of the state retirement plans (“the Combined Funds”), and are not state assets, but rather assets held in trust for the participants and beneficiaries of Minnesota state retirement plans.

  • Listed below are the market values of these assets on days previously noted by SBI Staff.


Market Value
($Mil) estimated

Estimated % of
Combined Funds

12/31/2021 $240  0.25%
  1/31/2022 $191 0.21%
  2/23/2022 $139  0.15%
  2/28/2022 $52    0.06%
  3/11/2022 $15    0.02%
  3/28/2022 $4    <0.01%

  • The decline in the value of these securities is due to a combination of decreased valuations of the securities and the sale of some of these holdings by investment management organizations employed by the SBI.

  • As a result of the situation in Ukraine and the sanctions issued by the United States and Russia, the ability to sell these securities is limited by market and regulatory factors.  The Russian local equity market remains closed to foreign holders and the Russian government has placed restrictions on sales of certain securities by foreign holders.  As a result, prices for most securities have been marked down to near zero, reflecting the high uncertainty of when or if any value can be recouped.

  • Effective March 25, 2022, the SBI has restricted managers from purchasing additional Russian and Belarusian securities until further notice.

  • The SBI Staff is continuing to assess market and regulatory conditions in order to determine the appropriate investment actions if and when liquidity returns to the market The SBI will develop a strategy to enable the Staff and the external investment managers holding Russian and Belarusian investments in the SBI’s portfolio to execute any legal or regulatory mandates.


Thank you,

Mansco Perry III
Executive Director and Chief Investment Officer