Retail investors and pension funds are losing millions of dollars on investments in Adani group companies, CNBC Pro can reveal. New analysis shows that 951 mutual funds and ETFs worldwide have cumulatively lost more than $4.2 billion in the value of their Adani shares this year. The massive sell-off has seen the group’s nine listed companies lose $115 billion in market cap at the end of Monday. This comes after US short-seller Hindenburg Research accused the Adani Group in a comprehensive report of “brazen stock manipulation and accounting fraud scheme over the decades”. In response, the port-to-energy conglomerate led by Gautam Adani, one of the world’s richest men, has vehemently denied any wrongdoing. In a 413-page response on 29 January, it warned of legal action against Hindenburg and claimed the allegations were a “systematic attack on India and its institutions”. Each of the more than 20 funds was invested in eight or more Adani listed companies, according to CNBC’s analysis of data available on FactSet. Each of these funds has lost an average of about a million dollars in value for investors so far this year. Use the table below to search for mutual funds and ETFs with exposure to Adani companies: ETFs and index-tracker funds from Wall Street fund managers Vanguard and BlackRock’s iShares have the most potential disadvantages. For example, the Vanguard Emerging Markets Stock Index Fund and the Vanguard Total International Stock Index Fund have lost more than $750 million in 2022 on their Adani positions. Still, both funds are up more than 6% this year with assets of nearly $65 billion. year thanks to his diverse portfolio. These losses will be offset when the fund sells its shares. If they do not sell, and shares of Adani companies rise, losses may not be confirmed. Vanguard and BlackRock did not comment when contacted by CNBC. Pension funds have also suffered due to the fall in share prices. For example, government pension fund Global, commonly known as Norway’s sovereign wealth fund, has lost $92.3 million this year on its Adani bets. It comes after the pension fund – one of the largest in the world – reported a record loss of 1.64 trillion Norwegian kroner ($164 billion) for the whole of 2022, citing “very unusual” market conditions. A spokeswoman for the Norwegian fund, which manages more than $1 trillion in assets, told CNBC that losses were minimized compared to its benchmark index because it was underweighting Adani’s shares — by more than a fifth. . “Fund holdings of Adani companies stood at around $150 million at the end of January, while the benchmark value of these companies stood at $800 million,” the spokesperson said. Elsewhere, a CNBC Pro analysis also revealed that Dimensional Fund Advisors, an active fund manager, lost over $120 million in the mark-to-market value of its positions in Adani-linked companies. DFA has $85 billion in assets under management across 11 Adani-linked funds. The fall in Adani shares had limited impact on the performance of some of its funds as it constituted only 0.1% of its total assets. DFA declined to comment. Our Methodology CNBC Pro calculated the loss based on the difference in the market value of Adani Group’s position in the funds on December 31, 2022 and February 6, 2023. Shares sold during this period were exempt from losses. The Adani Group includes Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Transmission, Adani Total Gas, Adani Power, Adani Wilmar, Ambuja Cements and ACC. Only those funds have been analyzed that have maintained positions in Adani group companies. Some funds have sold all their Adani shares. The CIBC Emerging Markets Equity Index ETF and the iShares Global Clean Energy Index ETF were excluded because market prices for Adani’s positions were not available from FactSet.