31 August 2024

The European Small Cap Fund
Fund Objective
The Fund aims to achieve long term growth by investing in the equities of smaller-sized Europeancompanies. The Fund is broadly diversified across different European countries and industry sectors.
The Fund is actively managed with reference to the MSCI Europe Small Cap Index (EUR) - Net Returns(the Index) which seeks to outperform by 2% over the medium to long term. Russell Investments has
full discretion to select investments for the Fund.

Fund Update

Patrick Egan
Portfolio Manager

Russell Investments' Global EquityTeam 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.

Russell Investments, as the Investment Manager, adopts and executes the ideas of the selected thirdparty specialist investment managers through our in-house implementation team. The Fund is
dynamically managed in alignment with our cycle, valuation, sentiment (CVS) framework as well as totake advantage of tactical opportunities within each manager’s excess return cycle. The Fund is tilted
towards growth, quality and momentum.

Performance Review %Performance to period end
Returns shown in EUR

1monthReturn net of management fee Class A
Roll-UpMSCI Europe Small Cap Index (EUR) Net Returns

36months months

Year toDate

1year

3years

5years10years

Since
inception

-0.6

-1.4

8.0

9.3

12.8

-2.2

6.4

5.7

5.4

-0.3

0.4

10.0

9.1

16.0

-1.6

7.4

7.3

-All returns greater than 1 year are annualisedRolling 12 Month Performance (%)
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

Return net of management fee Class A Roll-Up

9.42

8.57

-16.8643.95-10.25MSCI Europe Small Cap Index (EUR) - Net
Returns

12.00

6.74

-17.70

43.05

-4.14

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 A Roll-Up

-7.75

4.96

28.35

-14.46

21.88

MSCI Europe Small Cap Index (EUR) - Net
Returns

-4.41

7.91

25.93-7.18

18.85

Returns shown in EUR

Fund facts
Share Class; Dealing ccy
A Roll-Up; EUR
Dealing frequency; Cut off

Returns shown in EUR

Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size
EUR 10.70m

Past performance does not predict future returns.

Fund launch date

The current benchmark is the MSCI Europe Small Cap Index (EUR) - Net Returns. Prior to 30th November 2017 the benchmark wasthe S&P Europe Under USD 3B NR. Prior to June 2007 the benchmark was CG Europe BMI (capped at $1bn).

10 June 1999
Share class launch date
31 July 1998

Management fee
1.90%
ISIN; Bloomberg
IE0004307934; SGRESAI ID
Share class NAV
EUR 0.91m

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31 August 2024

The European Small Cap Fund
Portfolio Statistics

Fund

Benchmark3 years

Fund

BenchmarkNumber of equity holdings

290

875

Volatility

17.6

17.6

Price/Earnings

21.6

18.1

Tracking error

2.5

2.5

Dividend Yield

2.8

2.8

Sharpe ratio--Price to Book

1.9

3.1

Information ratio

0.7

0.7

EPS Growth (1 Year)

31.9

31.9

3 year return (net)

-2.0%

-1.6%

3 year excess return (net)-0.4%-Ten largest holdings by weight
IssuerFundBenchmarkBalfour Beatty PLC

2.2%

0.2%

Pandora A/S

1.7%

0.0%

BAWAG Group AG

1.5%

0.4%

Bankinter SA

1.3%

Bekaert SA

Sector weights
Fund

BenchmarkIndustrials

24.3%

24.5%

Financials

14.9%

16.1%

0.4%

Consumer Discretionary

13.3%

10.3%

1.2%

0.1%

Information Technology

11.7%

8.1%

Vistry Group PLC

1.2%

0.4%

Materials

8.8%

7.0%

Royal Unibrew A/S

1.1%

0.3%

Health Care

8.5%

7.5%

LOGISTA

1.1%

0.1%

Communication Services

7.8%

4.6%

Fugro NV

1.1%

0.2%

Real Estate

3.5%

9.5%

BPER Banca SPA

1.1%

0.4%

Consumer Staples

3.1%

5.4%

Energy2.8%

4.1%

Utilities

1.2%

2.8%

Other

0.0%

0.0%

Fund

BenchmarkRegional weights
Fund

BenchmarkEurope ex UK

71.6%

67.3%

United Kingdom

26.9%

31.9%

Canada0.8%

0.0%Emerging Markets

0.5%

0.6%

ESG Score

18.8

18.8

Asia ex Japan

0.1%

0.2%

Carbon Footprint

112.2

95.8

United States

0.0%

0.0%

Australia/New Zealand

0.0%

0.0%

Japan

0.0%

0.0%

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 inthe portfolio. It is measured in tonnes of CO2e divided by revenue (USD $M).

ESG Data2

31 August 2024

The European Small Cap Fund
Fund structureManager/Strategy

Strategy

TargetActualAllianceBernstein L.P.

Value

32.0%

28.1%

Joh. Berenberg, Gossler & Co. KGGrowth

25.0%

24.9%

Liontrust Investment Partners LLP

Market-Oriented

20.0%

21.6%

Russell Investments

Positioning Strategies

23.0%

25.4%

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 efficient manner.

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's
Quay, 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.
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PaR-00709 (EXP Dec 2024)
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