31 August 2024

Russell Investments Emerging Markets Equity
Fund
Fund Objective
The Fund aims to achieve long term growth by investing in the shares of companies in emerging
markets or companies that carry out a majority of their business in emerging markets. The Fund isactively managed with reference to the MSCI Emerging Markets Index (USD) - Net Returns (the Index)
which it seeks to outperform by 2% over the medium to long term. Russell Investments/ Money
Managers have full discretion to select investments for the Fund. This product is an Article 8 product, as
defined under EU regulation - it promotes environmental or social characteristics and invests incompanies that follow good governance practices. This product does not have sustainable investment as
its objective.

Soeren Soerensen
Portfolio Manager

Russell Investments' Global Equity
Team comprises over 23
experienced professionals,
including portfolio managers,researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe.
The team manages a wide range ofU.S., non-U.S developed, emerging
market, frontier market, and global
equity mandates.

Fund Update
The Fund outperformed the benchmark in August. The overweight to and effective selection within
Brazil was a key driver of performance, particularly of financials and consumer discretionary names(MercadoLibre). Stock selection within Taiwan was beneficial. Positioning and selection within India(underweight), and some of the smaller markets like Mexico (underweight) and Indonesia (overweight)
was rewarded, while positive country positioning elsewhere included an overweight to Thailand.
Further outperformance was limited by the overweight to and selection within South Korea as well as
negative stock selection within China.

Performance Review %Performance to period end
Returns shown in EUR

1monthReturn net of management fee Class CAcc
MSCI Emerging Markets Index (USD) Net Returns (EUR)

36months months

Year toDate

1year

3years

5years10years

Since
inception

-0.6

1.0

4.4

7.2

8.8

-3.3

2.7

2.7

6.8

-0.7

3.9

7.2

9.3

12.8

-1.0

4.7

4.5

8.4

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
Fund facts
30/06/23
30/06/24

30/06/22
30/06/23

30/06/21
30/06/22

30/06/20
30/06/21

30/06/1930/06/20

Return net of management fee Class C Acc

11.57

-3.83

-16.67

34.25

-4.86

MSCI Emerging Markets Index (USD) - Net
Returns (EUR)

14.57

-2.50

-15.25

33.45

-2.04

30/06/18
30/06/19

30/06/17
30/06/18

30/06/16
30/06/17

30/06/15
30/06/16

30/06/14
30/06/15

Return net of management fee Class C Acc

1.04

1.94

21.44

-12.0414.74

MSCI Emerging Markets Index (USD) - Net
Returns (EUR)

3.76

5.42

19.53

-10.77

17.41

Share Class; Dealing ccy

Returns shown in EUR

C Acc; EUR
Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size
USD 1,038.90m

Returns shown in EUR

Fund launch date
20 December 1994
Share class launch date
31 December 1998

Management fee
1.75%

Past performance does not predict future returns.
The current benchmark is the MSCI Emerging Markets Index (USD) - Net Returns converted into Euro. Prior to 1st January 2018 thebenchmark was the Russell Emerging Markets NR Index. Prior to 1st April 2011 the benchmark was MSCI Emerging Markets Index
NR, prior to 1st January 2009, it was gross. Prior to April 1999 it was ING Barings Extended EM Index. Between April 1999 &February 2003 the IFC Investable Index.

ISIN; Bloomberg
IE0002549487; FRUEMCI ID
Share class NAV
EUR 9.94m

1

31 August 2024

Russell Investments Emerging Markets Equity
Fund
Portfolio Statistics
Fund

Benchmark3 years

Fund

BenchmarkNumber of equity holdings

5351328

Volatility

17.5

17.5

Price/Earnings

22.7

22.4

Tracking error

2.1

2.1

Dividend Yield

2.7

2.7

Sharpe ratio--Price to Book

1.7

1.8

Information ratio

-0.3

-0.3

EPS Growth (1 Year)

41.3

30.9

3 year return (net)

-3.2%

-1.0%

3 year excess return (net)-2.2%-Ten largest holdings by weight
IssuerFundBenchmarkTaiwan Semiconductor Manufacturing Co Ltd

7.6%

9.5%

Tencent Holdings Ltd

3.7%

4.2%

Samsung Electronics Co Ltd

3.3%

4.0%

Alibaba Group Holding Ltd

1.8%

SK Hynix Inc

Sector weights
Fund

BenchmarkFinancials

23.6%

22.6%

Information Technology

22.3%

24.3%

2.1%

Consumer Discretionary

12.4%

12.3%

1.5%

0.9%

Communication Services

8.1%

9.0%

MercadoLibre Inc

1.1%

0.0%

Industrials

8.0%

6.8%

Ping An Insurance Group Co of China Ltd

0.9%

0.5%

Materials

7.3%

6.5%

KB Financial Group Inc

0.9%

0.3%

Consumer Staples

5.7%

5.2%

MediaTek Inc

0.9%

0.8%

Energy4.0%

5.1%

Reliance Industries Ltd

0.9%

1.4%

Health Care

3.4%

3.6%

Real Estate

3.0%

1.5%

Utilities

2.1%

3.1%

Other

0.0%

0.0%

Fund

BenchmarkCountry weight
Fund

BenchmarkChina/Hong Kong

25.3%

24.5%

India

15.6%

19.9%

Taiwan

14.5%

18.7%

Korea, Republic of12.9%

11.7%

ESG Score

22.1

22.6

Brazil7.8%

4.5%

Carbon Footprint

182.8

349.1

South Africa

3.9%

2.9%

Thailand

2.4%

1.5%

United States

2.2%

0.1%

Indonesia

2.0%

1.8%

Source: The portfolio-level ESG Risk Rating is the weighted average of the Sustainalytics'
Risk Rating for securities in the portfolio. The Sustainalytics Risk Rating details areavailable at https://www.sustainalytics.com/esg-data. Carbon footprint is the weighted
average carbon intensity of the Scope 1 and 2 carbon emission intensity of companies in
the portfolio. It is measured in tonnes of CO2e divided by revenue (USD $M).

Saudi Arabia

1.9%

4.0%

ESG Data2

31 August 2024

Russell Investments Emerging Markets Equity
Fund
Fund structureManager/Strategy

Strategy

TargetActualAxiom Investors LLC

Growth

12.0%

13.6%

Barrow, Hanley, Mewhinney & Strauss, LLC

Value

12.0%

9.9%

Bin Yuan Capital (Cayman) Limited

Growth5.0%

3.7%

Numeric Investors LLC

Market-Oriented

18.0%

18.8%

Oaktree Capital Management, L.P.

Market-Oriented

14.0%

13.6%

Pzena Investment Management, LLC

Value

10.0%

8.3%

RWC Asset Advisors (US) LLC

Market-Oriented

8.0%7.5%

Sands Capital Management, LLC

Growth8.0%

8.1%

Russell Investments

Positioning Strategies

13.0%

16.4%

Russell Investments may trade a portion of the Fund's assets based on a model portfolio provided by the investment advisor. By employing this emulated portfolio approach, theFund leverages off the implementation capabilities of Russell Investments in order to manage the funds in an efficientmanner.
Cash is equitized using MSCI Emerging Markets Equity Futures contracts.

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.
The net assets of the fund are likely to have high volatility.
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 individual
client 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

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