30 September 2024

Russell Investments Global High Yield Fund
Fund Objective
Fund objective The Fund aims to achieve long term income and growth by investing in high yieldcorporate bonds issued by companies in both developed and emerging markets. The Fund invests inbonds issued which pay either a fixed or variable rate of interest. The Fund is actively managed withreference to the ICE BofA Developed Markets HY Constrained Index (EUR) (the Index) which it seeks tooutperform by 0.75% over the medium to long term. Russell Investments/ Money Managers have fulldiscretion 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 in companies that follow
good governance practices. This product does not have sustainable investment as its objective.

Gerard Fitzpatrick
Portfolio Manager

Russell Investments' Global Fixed
Income Team comprises over 9
experienced professionals,
including portfolio managers,researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe.
The team manages cash and multistrategy fixed income portfolios,
which include global, regional,investment grade, high yield,emerging market debt and absolute
return mandates.

Fund Update
The Fund underperformed the benchmark return over the quarter when high yield credit spreads
narrowed by double digits. The main detractor of performance was underweight exposure to US highyield credit industrials. However, overweight exposure to high yield industrials in the UK and Europe
was helpful. Overweights to high yield in other markets also contributed positively. In hard currency
emerging market debt, overweight exposure to high yield in Asia was beneficial.

Performance Review %Performance to period end
Returns shown in EUR
Return net of management fee ClassClass U
ICE BofA Developed Market HYConstrained Index EUR Hedged

1month36months months

Year toDate

1
year

3
years

5
years

10
years

Since
inception

1.1

3.5

4.2

4.8

11.7

-1.0

1.6

1.7

2.8

1.4

4.4

5.4

6.7

13.4

1.3

2.7

3.3

4.6

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
Fund facts
Share Class; Dealing ccy
Class U; EUR

30/09/23
30/09/2430/09/22
30/09/23

30/09/21
30/09/22

30/09/20
30/09/21

30/09/19
30/09/20

Return net of management fee Class Class U

11.74

5.27

-17.63

13.39

-1.67

ICE BofA Developed Market HY Constrained
Index EUR Hedged

13.41

8.48

-15.57

10.09

-0.03

30/09/18
30/09/19

30/09/17
30/09/18

30/09/16
30/09/17

30/09/15
30/09/16

30/09/14
30/09/15

Returns shown in EUR

Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS

Returns shown in EUR

Fund size

Return net of management fee Class Class U

2.33-2.686.24

9.35

-4.99

EUR 481.76m

ICE BofA Developed Market HY ConstrainedIndex EUR Hedged

4.34-0.48

7.14

12.46

-3.02

Fund launch date
28 February 2012

Past performance does not predict future returns.

Share class launch date

The current benchmark is the ICE BofA Developed Markets HY Constrained Index (EUR Hdg). Prior to 31st March 2019 thebenchmark was BofAml Global High Yield 2% Constrained EH Index. Prior to 3rd December 2015, the composite benchmark was70% BofAml Global High Yield 2% Constrained EH, 30% JP Morgan EMBIG EH.

15 September 2011

Management fee
2.00%
ISIN; Bloomberg
IE00B4N1NJ71;
Share class NAV
EUR 0.93m130 September 2024

Russell Investments Global High Yield Fund
Portfolio Statistics

Fund

3 years

Fund

Benchmark3.2Volatility

7.8

7.8

Average maturity

6.9

Tracking error

0.0

0.0

Average credit rating

BB

Sharpe ratio--

Information ratio--

3 year return (net)

1.0%

1.3%

3 year excess return (net)

-0.2%

-

Effective duration

Yield to worst

4.6

Ten largest holdings by weight
Security

Fund

BenchmarkUS TREASURY N/B 10/25 53.0%-REAL ALLOY COMMO

1.2%-UNITED KINGDOM GILT BONDS REGS 03/25 5

1.2%-Sector weights
FundBenchmark

Corporate - High Yield

86.3%

95.2%

Corporate - Investment Grade

7.6%

0.5%

Emerging Markets - Hard Currency

6.2%

3.3%

Treasuries

5.3%

0.0%

Government Related

1.7%

0.9%

Cleared CDS CDX HY CDSI S33 5Y PRC CORP
5.0000000000 ICE CLEAR CREDIT GSCENY

1.0%-TREASURY BILL 10/24 0.00000

1.0%-HIGHLAND HOLDINGS BOND SR SECURED 144A 10/25
7.625

0.6%

-LEVEL 3 FINANCING INC SR SECURED 144A 11/29 110.5%0.1%

Securitized

0.1%

0.0%

TRAVELEX ISSUERCO 2 PLC COMPANY GUAR REGS
08/25 12.5

0.5%

-Other

-7.2%

0.0%

1011778 BC / NEW RED FIN SR SECURED 144A 09/29
5.625

0.5%

-Currency Exposure

GLOBAL NET LEASE/GLOBAL COMPANY GUAR 144A
12/27 3.75

0.4%

0.0%

Fund

Benchmark

Euro

97.1%

100.0%US Dollar

2.4%

0.0%

Pound Sterling

2.1%

0.0%

Credit Quality Weights
FundBenchmark

AAA

-4.6%

0.0%

Norwegian Krone

1.7%

0.0%

AA

1.2%

0.0%Japanese Yen

1.0%

0.0%

A

0.2%

0.0%

New Zealand Dollar

0.8%

0.0%

BBB

7.5%

0.9%

Argentine Peso

0.0%

0.0%

BB

62.1%

47.8%

Canadian Dollar

0.0%

0.0%

B

24.4%

38.9%

Swedish Krona

-0.8%

0.0%

CCC & Below

7.1%

12.5%

Australian Dollar

-1.7%

0.0%

Unrated

2.1%

0.0%

2

30 September 2024

Russell Investments Global High Yield FundESG DataFund

BenchmarkESG Score

21.2

22.9

Carbon Footprint

181.0

217.4

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 the weighted average carbon intensity of the Scope 1 and 2 carbon
emission intensity of companies in the portfolio. It is measured in tonnes ofCO2e divided by revenue (USD $M).

Fund StructureManager/Strategy

Strategy

TargetActualBarings LLC

Global High Yield

35.0%

39.6%

Hermes Fund Managers Ireland Limited

Global High Yield

34.0%

27.1%

Russell Investments

Positioning Strategies

31.0%

32.1%

Any reference to specific money managers should not be taken as a recommendation. Money managers are subject to change.

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 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© 1995-2024 Russell Investments Group, LLC. All rights reserved.
PaR-00709 (EXP Dec 2024)
M-01592-2024-10-15

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