The assets of the IShares ESG fund fell by 91% after major investors reduced their ownership.

(Reuters) – iShares ESG MSCI EM Leaders ETFs have had big outflows this week, according to public data, resulting in a ten-fold drop in assets managed by exchange-traded funds targeting emerging markets.

Finland’s Ilmarin Mutual Pension Insurance Company had 13 million shares in the ETF in September, making it the first major investor in the fund, according to Refinitiv data.

Ilmarinen’s senior portfolio manager Juha Venalain told Reuters that Ilmarinen had significantly reduced its stake in the ETF.

“We decided to reduce our exposure to stocks in emerging markets. Our view is that risks in this area have increased,” Venalainen said, adding that the transaction reduced the fund’s capital.

“We are in no way disappointed with the ETF, the decision was a mere allocation,” he said.

The number of significant shares of the fund, which is below the benchmark, and its three major holdings are Taiwan Semi, Tencent and Alibaba (NYSE 🙂 fell more than 91% from 1.2 million on Monday to 13.9 million on December 22nd.

The fund now manages net assets of about $ 74 million, ten times more than earlier this month.

BlackRock (NYSE :), the world’s largest iShares-owned money manager, did not immediately respond to a request for comment.

Funds rose 0.9% on Thursday to 1516 GMT. It has lost 3.5% this year, and its benchmark, MSCI EM Extended ESG Leaders 5% Issuer Capped Index, has fallen 0.6%.