30 September 2024

Russell Investments Continental European Equity
FundFund Objective
The Fund aims to achieve long term growth by investing in the shares of European companies(excluding UK), or companies that carry out a majority of their business in Europe. The Fund is actively
managed with reference to the MSCI Europe ex UK Index (Eur) 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 to select investments for the Fund. This product is an Article 8 product, as defined under EUregulation - 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
Patrick Egan
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.

The Fund finished ahead of the benchmark in the third quarter. In factors, the tilt towards value stocks
was favourable during the period. Stock selection within consumer discretionary (underweight LVMH),
financials (overweight CaixaBank) and health care (underweight Novo Nordisk) was effective. An
underweight to ASML within technology was also rewarded. However, selection within industrials(overweight DO & CO, underweight Siemens, DSV) limited further outperformance.

Performance Review %Performance to period end
Returns shown in GBP

1monthReturn net of management fee Class
SH-I Acc
MSCI Europe ex UK Index (GBP Hdg) Net Returns (GBP)

36months months

Year toDate

1year

3years

5years10years

Since
inception

-0.2

2.3

2.3

10.6

17.3

7.2

9.4

7.8

5.6

-0.2

2.0

2.6

12.8

20.8

7.9

9.2

8.0

5.9

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
Returns shown in GBP

30/09/23
30/09/24

30/09/22
30/09/23

30/09/21
30/09/22

30/09/20
30/09/21

30/09/19
30/09/20

Fund facts

Return net of management fee Class SH-I Acc

17.29

22.80

-14.51

36.59

-6.80

Share Class; Dealing ccy

MSCI Europe ex UK Index (GBP Hdg) - Net
Returns (GBP)

20.75

23.09

-15.56

27.88

-3.07

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

SH-I Acc; GBP
Dealing frequency; Cut offDaily; 2:00 pm GMT
Domicile; Category

Returns shown in GBP

Ireland; UCITS

Return net of management fee Class SH-I Acc

0.22

1.60

23.07

4.08

3.66

MSCI Europe ex UK Index (GBP Hdg) - Net
Returns (GBP)

6.72

2.33

20.86

3.62

1.43

Fund size
EUR 107.09m
Fund launch date19 January 1998
Share class launch date

Past performance does not predict future returns.
The current benchmark is the MSCI Europe ex UK Index (Eur) - Net Returns. Prior to 1st January 2018 the benchmark was theRussell Dev Europe Large cap NR Index. Prior to 1st April 2011 the benchmark was MSCI Europe NR.

29 August 2006

Management fee
0.85%
ISIN; Bloomberg
IE00B1808D73; FRUCEHI ID
Share class NAV
GBP 1.10m1

30 September 2024

Russell Investments Continental European Equity
Fund
Portfolio Statistics
FundBenchmark

3 years

FundBenchmark

Number of equity holdings

296338Volatility

13.6

13.6

Price/Earnings

22.9

22.9

Tracking error

1.6

1.6

Dividend Yield

3.1

3.1

Sharpe ratio--

Price to Book

2.1

2.2

Information ratio

0.3

0.3

EPS Growth (1 Year)

13.7

27.2

3 year return (net)

8.3%

7.9%

3 year excess return (net)

0.4%-Ten largest holdings by weight
IssuerFundBenchmarkNovo Nordisk A/S

3.1%

4.3%

SAP SE

2.5%

2.7%

ASML Holding NV

2.3%

3.7%

Roche Holding AG

2.2%

Sanofi SA

Sector weights
Fund

BenchmarkFinancials19.4%

18.9%

Industrials

18.1%

18.0%

2.7%

Health Care

17.0%

16.9%

2.1%

1.5%

Consumer Discretionary

10.6%

10.9%

Novartis AG

2.0%

2.6%

Information Technology

9.5%

9.4%

TotalEnergies SE

1.6%

1.6%

Consumer Staples

7.3%

8.6%

Schneider Electric SE

1.4%

1.6%

Materials

6.3%

6.0%

Industria de Diseno Textil SA

1.3%

0.7%

Communication Services

4.7%

3.5%

CaixaBank SA

1.3%

0.2%

Energy4.0%

2.8%

Utilities

2.8%

4.1%

Real Estate

0.3%

1.0%

Other

0.0%

0.0%

Fund

BenchmarkCountry weightFundBenchmark

France

22.6%

22.3%

Germany

17.6%

17.8%

Switzerland

15.9%

19.5%

Netherlands

10.0%

10.2%

ESG Score

17.4

17.5

Denmark

6.1%

6.6%

Carbon Footprint

64.0

82.2

Italy

6.0%

5.2%

Spain

5.8%

5.5%

Sweden5.0%

7.0%

Finland

3.8%

1.6%

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).

Norway2.0%

1.1%

ESG Data230 September 2024

Russell Investments Continental European Equity
Fund
Fund structureManager/Strategy

Strategy

TargetActualINVESCO Asset Management Limited

Market-Oriented

14.0%

12.4%

Joh. Berenberg, Gossler & Co. KG

Growth

14.0%

15.1%

Liontrust Investment Partners LLP

Market-Oriented

14.0%

12.1%

Numeric Investors LLC

Market-Oriented

24.0%

28.1%Pzena Investment Management, LLC

Value

14.0%

10.5%

Russell Investments

Positioning Strategies

20.0%

21.9%

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.
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.
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)
M-01592-2024-10-15

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