Governing Board decisions on investments on 21 February 2022

The Governing Board of the Kosovo Pension Savings Trust, in its extraordinary meeting of 21 February 2022, called because of market fluctuations related to the increase of geopolitical risk, according to the recommendations of the Investment Commission, and in order to reduce investment risk, took the following decisions:

1. To withdraw completely investment from the following investment funds:

Vanguard Real Estate ETF
Pacer Industrial Real Estate ETF
iShares S&P 500 MinVol ETF
iShares MSCI EU MinVol ETF
Amundi MSCI EU Quality ETF
First Trust US Clean Energy ETF
iShares Global Clean Energy ETF
L&G eCommerce & Logistics ETF
First Trust CyberSecurity ETF
Invesco Nasdaq QQQ ETF

2. To sell partially the following investment funds, to reduce them to 0.1% of total assets of KPST:

Vanguard Global Stock Index Fund – reduced by EUR 9.75 million
Schroder Sustainable Growth Fund – reduced by EUR 16.83 million
BNP Climate Impact Fund – reduced by EUR 14.43 million
AXA Digital Economy Fund – reduced by EUR 17.89 million
Goldman Sachs Millennials Fund – reduced by EUR 35.9 million
Amundi Disruptive Opportunities – reduced by EUR 17.99 million
T. Rowe Price Global Tech Fund – reduced by EUR 10.75 million

3. To increase withdrawn investment in the following funds, based on performance and investment opportunity in these circumstances:

Lyxor US Breakeven ETF – increased by EUR 35.37 million
Lyxor EU Breakeven ETF – increased by EUR 34.06 million
Nordea Global Stable Equity Fund – increased by EUR 23.13 million
Vanguard US Value ETF – increased by EUR 70.44 million
iShares MSCI EU Value ETF – increased by EUR 72.14 million
Invesco US Banks ETF – increased by EUR 72.17 million
Lyxor EuroStoxx Banks ETF – increased by EUR 72.26 million