https://www.wsj.com/articles/why-your-good-governance-fund-is-full-of-saudi-bonds-11574781431
ESG = Environmental, Social, Governance
Apparently they were included as a top 5 holding, because the ESG scoring system automatically excluded so many investments that Saudi Arabia actually appeared to be one of the cleaner ones fitting the emerging market bond criteria. However, ESG funds seem to own more dictatorships and authoritarian government assets and debt instruments than even a typical emerging bond index.
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