Templeton’s Hasenstab Sells Russia Bonds, Adds Ukraine

Franklin Templeton sold Russian bonds during the first quarter while adding to its almost $8 billion in Ukrainian debt as conflict between the countries escalated.

The asset manager, whose $190 billion global bond group is managed by Michael Hasenstab, cut holdings of dollar debt from Russia’s government and state-owned companies with a face value of about $29 million during the period, part of a reduction of more than $200 million in Russian securities over six months to $1.2 billion, the company’s latest filings show. Franklin Templeton increased Ukrainian dollar and euro bond holdings by $62 million in the first quarter to $7.6 billion.