31 August 2024

Russell Investments Japan Equity Fund
Fund Objective
The Fund aims to achieve long term growth by investing in the shares of Japanese companies. The Fundis broadly diversified across different Japanese companies and industry sectors. The Fund is actively
managed with reference to the Topix Index (JPY) - Net Returns (the Index) which it seeks to outperform
by 1.75% over the medium to long term. Russell Investments/ Money Managers have full discretion toselect investments for the Fund. This product is an Article 8 product, as defined under EU regulation -it promotes environmental or social characteristics and invests in companies that follow good
governance practices. This product does not have sustainable investment as its objective.

Fund Update
Makiko Hakozaki
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.

We continue to see some interesting investment opportunities from a fundamental and value
perspective in the Japanese market. In the current market environment, the Fund maintains a a positive
exposure to both growth and value with increasing risk budget to stock specifics. By diversifying Fund
positions in both defensive and dynamic styles, while maintaining market sensitivity close to thebenchmark, the Fund is well positioned for continued economic and earnings growth, but withreasonable downside protection.

Performance Review %Performance to period end
Returns shown in USD
Return net of management fee Class I
Accum
Topix Index (JPY) - Net Returns (GBP)

1month3
6months months

Year toDate

1year

3years

5years10years

Since
inception

0.1

5.0

6.1

12.6

17.8

1.0

6.7

6.0

5.9

0.3

5.7

5.2

12.1

18.6

3.6

7.7

6.3

6.0

All returns greater than 1 year are annualised

Rolling 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 I Accum

12.05

13.72

-21.51

23.46

1.90

Topix Index (JPY) - Net Returns (GBP)

12.45

17.65

-19.75

23.38

2.56

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

Returns shown in USD
Fund facts
Share Class; Dealing ccy
I Accum; USD
Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category

Returns shown in USD

Ireland; UCITS

Return net of management fee Class I Accum

-6.03

14.85

22.85

-6.85

7.10

Fund size

Topix Index (JPY) - Net Returns (GBP)

-6.00

10.89

20.32

-7.22

8.61

JPY 13,156.62m
Fund launch date
20 June 1995

Past performance does not predict future returns.
The current benchmark is the Topix Index (JPY) - Net Returns converted in the currency displayed in the performance table above
where applicable.

Share class launch date
31 January 2002

Management fee
0.90%
ISIN; Bloomberg
IE0007966777; FRIJPIA ID
Share class NAV
USD 4.94m1

31 August 2024

Russell Investments Japan Equity Fund
Portfolio Statistics

Fund

Benchmark3 years

Fund

BenchmarkNumber of equity holdings

3202132

Volatility

11.7

11.7

Price/Earnings

19.6

19.4

Tracking error

3.0

3.0

Dividend Yield

2.2

2.2

Sharpe ratio

-0.4

-0.4

Price to Book

1.3

1.4

Information ratio

-0.5

-0.5

EPS Growth (1 Year)

29.0

23.0

3 year return (net)

1.1%

3.6%

3 year excess return (net)-2.4%-Ten largest holdings by weight
IssuerFundBenchmarkHitachi Ltd

2.9%

2.3%

ORIX Corp

2.4%

0.6%

Sony Group Corp

2.3%

2.6%

Seven & i Holdings Co Ltd

2.3%

Recruit Holdings Co Ltd

Sector weights
Fund

BenchmarkIndustrials

24.9%

25.0%

Financials

17.0%

13.3%

0.6%

Information Technology

15.5%

13.5%

2.3%

1.8%

Consumer Discretionary15.3%

17.1%

Mitsubishi UFJ Financial Group Inc

2.0%

2.4%

Materials

7.4%

5.5%

Sumitomo Mitsui Financial Group Inc

1.9%

1.7%

Consumer Staples

6.8%

6.2%

Honda Motor Co Ltd

1.7%

1.0%

Communication Services

4.1%

7.0%

Shin-Etsu Chemical Co Ltd

1.6%

1.5%

Health Care

4.0%

7.8%

Nippon Telegraph & Telephone Corp

1.6%

1.2%

Real Estate

2.8%

2.2%

Utilities

1.4%

1.5%

Energy

0.7%

0.9%

Other

0.0%

0.0%

ESG Data
Fund

BenchmarkESG Score

22.5

23.2

Carbon Footprint

63.0

80.0

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

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31 August 2024

Russell Investments Japan Equity Fund
Fund structureManager/Strategy

Strategy

TargetActualAsset Management One Co., Ltd.

Growth17.9%

15.4%

M&G Investments (USA) Inc.

Market-Oriented

16.6%

15.8%

Polymer Capital Japan Limited

Growth7.2%

9.3%

Sompo Asset Management Co., Ltd.

Value

29.1%

24.3%

SPARX Asset Management Co., Ltd.

Growth

16.6%

15.5%

Russell Investments

Positioning Strategies

12.7%

19.7%

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.
KvK number 67296386
PaR-00709 (EXP Dec 2024)
U-03016-2024-09-20

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