31 August 2024

Russell Investments Multi-Asset Growth Strategy
Euro Fund
Fund Objective
The Fund aims to achieve long-term growth by investing worldwide in securities including equities,
investments similar to equities, and bonds and other debt instruments either directly or indirectly
through other regulated collective investment schemes. The Fund is actively managed with the aim toachieve a total return of 4% over the reference rate of the Harmonised Index of Consumer Prices(HICP). Russell Investments and/or the money managers may manage a portion of the assets within theFund with reference to a specific benchmark.

Fund Update
Alain Zeitouni
Portfolio Manager

The Fund is dynamically managed in alignment with our cycle, valuation, sentiment (CVS) framework totake advantage of tactical opportunities within asset classes. The Fund holds exposure to both global
and emerging market equities. Within fixed income, the Fund holds exposure to investment grade andhigh yield credit. Additionally, the Fund retains allocations to government bonds and defensive currency
exposure to serve as a counterweight during potential periods of market distress. We also use option
strategies to benefit from drawdown protection. Diversified real assets exposure includes allocations toreal estate, commodities and physical gold.

Russell Investments' Multi-Asset
Strategies Team comprises over 23
experienced professionals,
including portfolio managers,
researchers, portfolio analysts, andPerformance Review %strategists in Russell Investments
Performance to period end
1
offices around the globe. This team Returns shown in EUR
monthfocuses on total client outcomes,
Return net of management fee Class C
1.4
including all major asset classes inRoll-UpHarmonised Index of Consumer Prices
their solutions. They identify areas
0.5(HICP) +4%of the market offering attractive
1
Global Equity
1.6
valuations and growth potential
with a reasonable level of risk and1
Global Bonds
0.9
research strategies and managers toexploit these pockets of value.
All returns greater than 1 year are annualised

Fund facts

Year toDate

1year

3years

5years10years

Since
inception

3.8

5.7

7.4

11.4

0.0

3.1

-2.9

1.5

4.4

5.0

6.9

10.5

8.5

6.9

7.2

5.2

9.3

15.721.3

5.2

10.8

8.2

8.9

3.5

3.2

2.1

5.6

-2.9

-1.5

0.4

1.7

Rolling 12 Month Performance (%)

Share Class; Dealing ccy
C Roll-Up; EUR

36months months

Returns shown in EUR

30/06/23
30/06/24

30/06/22
30/06/23

30/06/21
30/06/22

30/06/20
30/06/21

30/06/19
30/06/20

Dealing frequency; Cut off

Return net of management fee Class C Roll-Up

8.74

4.30

-12.42

14.30

0.48

Daily; 1:00 pm GMT

Harmonised Index of Consumer Prices (HICP)
+4%

6.84

11.40

13.18

6.39

4.59

30/06/18
30/06/1930/06/1730/06/18

30/06/16
30/06/17

30/06/15
30/06/16

30/06/14
30/06/15

Domicile; Category
Ireland; UCITS
Fund size
EUR 231.47m

Returns shown in EUR

Fund launch date

Return net of management fee Class C Roll-Up

2.53

0.15

6.19

--

Harmonised Index of Consumer Prices (HICP)
+4%

5.89

6.06

5.68

--

31 October 2012
Share class launch date
05 October 2015

Past performance does not predict future returns.

Management fee
1.00%
ISIN; Bloomberg
IE00B7RBYS07; RUMGSCR ID
Share class NAV
EUR 5.91m131 August 2024

Russell Investments Multi-Asset Growth Strategy
Euro Fund
Portfolio Statistics
Riskversus
markets

Volatility

Sharpe Ratio

3Years3YearsFund (net)

9.6

Global Equity1-0.1

14.90.2

Global Bonds1

5.8-0.8

1

Global Equity is currently represented by MSCI ACWI Net EH, prior
to 1 January 2018 it was represented by Russell Global Large Cap
Net EH. Global Bonds is the Bloomberg Barclays Global Aggregate
EUR Hedged.

2

31 August 2024

Russell Investments Multi-Asset Growth Strategy
Euro Fund
Equity Sector Weights

Fixed Income Sector Weights
FundFund

Other

20.7%

Corporate - Investment Grade

29.0%

Financials

18.9%

Emerging Markets - Hard Currency

16.0%

Information Technology

13.3%

Corporate - High Yield

15.9%

Health Care

8.1%

Other

12.8%

Consumer Discretionary

7.8%

Treasuries

12.5%

Industrials

7.0%

Securitized

12.0%

Communication Services

5.3%

Government Related

1.6%

Consumer Staples

4.4%

Emerging Markets - Local Currency

0.2%

Real Estate

3.7%

Energy3.1%

Materials

2.8%

Utilities

2.2%

Ten largest fixed income holdings by weightTen largest holdings by weight
Security

FundSecurity

Fund

MICROSOFT CORP COMMON STOCK USD.00000625

1.6%France Treasury Bill BTF

4.3%

APPLE INC COMMON STOCK USD.00001

1.4%

Microsoft Corp

1.6%

NVIDIA CORP COMMON STOCK USD.001

1.2%

FRENCH DISCOUNT T BILL BILLS REGS 11/24 0.00000

0.9%

META PLATFORMS INC CLASS A COMMON STOCK USD.000006

0.7%

AMAZON.COM INC COMMON STOCK USD.01

0.7%

Apple Inc

1.4%

German Treasury Bill

1.2%

NVIDIA Corp

1.2%

FRENCH DISCOUNT T BILL BILLS REGS 09/24 0.00000

0.7%

Alphabet Inc

1.1%

GERMAN TREASURY BILL BILLS REGS 10/24 0.00000

0.7%FRENCH DISCOUNT T BILL BILLS REGS 10/24 0.00000

0.6%

TAIWAN SEMICONDUCTOR SP ADR ADR

0.6%

Taiwan Semiconductor Manufacturing Co Ltd

1.1%

Meta Platforms Inc

0.8%

Amazon.com Inc

0.7%

United States Treasury Note/Bond

0.5%

Equity regional weights
Fund
United States

56.9%

Europe ex UK

25.7%

Emerging Markets

5.9%

Japan

3.0%

United Kingdom

2.4%

Other

2.1%

Canada1.5%

Asia ex Japan

1.5%

Australia/New Zealand

1.0%

3

31 August 2024

Russell Investments Multi-Asset Growth Strategy
Euro Fund
Portfolio Structure
Portion of fund
EquityGlobalAllocationto fundManagers allocated to each portion, and their weight in the total fundportionFixed Income
Core Global Fixed Income

33.2%
29.6%
3.7%
30.9%
2.8%

Investment Grade Credit

10.5%

Fidelity 1.8%

High Yield Credit
Emerging Market Debt

4.0%
3.3%

Convertibles

6.7%

Securitised
Real Assets
Real Estate

3.6%
5.0%
2.4%

Russell Investments 2.1%
Barings 1.5%
BNP Paribas ETF 3.3%
Lazard Asset Management
LLC 6.7%
Schroder 3.6%

Commodities

2.6%

Cash & Positioning Strategies
Cash & Positioning Strategies

30.9%
30.9%

Global Emerging Markets

Asset Allocation As At 31
August 2024

Legg Mason 1.8%
Oaktree 2.0%
Wellington 2.5%
Axiom 0.5%
Oaktree 0.5%
Russell Investments 0.6%

Berenberg 1.4%
PineStone 2.8%
Invesco 1.4%
Barrow Hanley 0.4%
Pzena 0.3%

Nissay 2.2%
RWC 1.0%
Russell Investments 5.4%
Bin Yuan 0.1%
RWC 0.3%

Metlife 2.4%

Robeco 2.9%

Western Asset Management
1.2%

DDJ 0.1%

Hermes 1.3%

Russell Investments 1.2%

RREEF 1.1%

Russell Investments 0.3%

50.7%
41.7%
5.0%
2.6%

Numeric 0.7%
Sands 0.3%

iShares UCITS ETF 2.8%

Cohen & Steers 1.0%
L&G Long Dated
Commodity ETF 1.0%

iShares Gold ETC 1.6%

Russell Investments 30.9%

Actual Asset Allocation As At 31 August 2024
Cash

2.6%

Real Assets

5.0%

US Equity-0.4%

European Equity

1.0%

Emerging Markets Equity

3.7%

Global Equity

46.3%

Convertibles

6.7%

Emerging Markets Debt

3.3%

EquityEquityFixed Income
Real Assets
Cash

Numeric 4.4%
Sanders 4.7%

50.7%

Core Fixed Income

10.8%High Yield

4.0%

Fixed Income

41.7%

Investment Grade Credit

16.9%

431 August 2024

Russell Investments Multi-Asset Growth Strategy
Euro Fund

Important Information
This material does not constitute an offer or invitation to anyone in any jurisdiction in which such distribution is not authorised.
Unless otherwise specified, Russell Investments is the source of all data. All information contained in this material is current at the time of issue and, to the best of our knowledge,accurate. Any opinion expressed is that of Russell Investments, is not a statement of fact, is subject to change and does not constitute investment advice.
The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested.
Past performance does not predict future returns.
Some investments/bonds may not be liquid and therefore may not be sold instantly. If these investments must be sold on short notice, you might suffer a loss.
Potential investors in Emerging markets should be aware that investment in these markets can involve a higher degree of risk.
Any reference to returns linked to currencies may increase or decrease as a result of currency fluctuations. Tax treatments depend on the circumstances of the individualclient and may be subject to change in the future.
This is a marketing communication. Please refer to the prospectus of the UCITS and to the KIID/KID before making any final investment decisions.
In the UK this marketing document has been issued by Russell Investments Limited. Company No. 02086230. Registered in England and Wales with registered office at: Rex House,
10 Regent Street, London SW1Y 4PE. Telephone +44 (0)20 7024 6000. Authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.In theEU this marketing document has been issued by Russell Investments Ireland Limited. Company No. 213659. Registered in Ireland with registered office at: 78 Sir John Rogerson'sQuay, Dublin 2, Ireland. Authorised and regulated by the Central Bank of Ireland. In the Middle East this marketing document has been issued by Russell Investments Limited aDubai International Financial Centre company which is regulated by the Dubai Financial Services Authority at: Office 4, Level 1, Gate Village Building 3, DIFC, PO Box 506591,Dubai UAE. Telephone +971 4 578 7097.This material should only be marketed towards Professional Clients as defined by the DFSA.
KvK number 67296386© 1995-2024 Russell Investments Group, LLC. All rights reserved.
PaR-00709 (EXP Dec 2024)
U-03016-2024-09-19

5