31 August 2024

Russell Investments World Equity Fund II
Fund Objective
The Fund aims to achieve long term growth on your investment by investing at least 80% of its assets
in the equities and investments similar to equities of companies worldwide. the Fund may invest up to20% of its assets in emerging markets (developing countries). The Fund is actively managed withreference to the MSCI ACWI (USD) - Net Returns (the Index) which it seeks to outperform by 2% overthe medium to long term. Russell Investments/ Money Managers have full discretion to selectinvestments for the Fund. This product is an Article 8 product, as defined under EU regulation - itpromotes environmental or social characteristics and invests in companies that follow good governancepractices. This product does not have sustainable investment as its objective.

William Pearce
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 over the month, benefiting from its low volatility exposure. Atthe sector level, stock selection within banks was rewarded. This included overweights to CME Group,
Moody’s and Allstate Corp and underweight exposure to Mitsubishi UFJ. Stock selection within
consumer discretionary was also helpful (underweight Tesla, Amazon). However, stock selection in
information technology was ineffective (overweight Samsung Electronics). Positioning and selection
within real estate was also unhelpful (overweight Longfor Group Holdings).

Performance Review %Performance to period end
Returns shown in GBPReturn net of management fee Class IAcc
MSCI ACWI (USD) - Net Returns (GBP)

1month36months months

Year toDate

1year

3years

5years10years

Since
inception

0.5

2.0

5.2

10.2

15.5

5.7

9.4

11.1

9.3

0.2

3.2

6.4

12.5

19.0

7.4

10.4

11.4

9.7

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 Acc

15.79

9.90

-4.49

28.60

1.57

MSCI ACWI (USD) - Net Returns (GBP)

20.06

11.31

-4.17

24.56

5.18

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 I Acc

7.96

7.55

26.90

11.20

13.31

MSCI ACWI (USD) - Net Returns (GBP)

9.69

9.00

22.31

13.39

9.61

Fund facts

Returns shown in GBP

Share Class; Dealing ccy
I Acc; GBP
Dealing frequency; Cut offDaily; 2:00 pm GMTDomicile; Category

Returns shown in GBPIreland; UCITS
Fund size
USD 811.26m
Fund launch date

Past performance does not predict future returns.

29 September 2006

The current benchmark is the MSCI ACWI (EUR Hdg) - Net Returns. Prior to 1st January 2018 the benchmark was Russell Global
Large Cap NR Index EUR Hdg. Prior to 1st April 2011 the benchmark was MSCI World NR EUR Hdg.

Share class launch date
21 April 2008

Management fee
0.90%
ISIN; Bloomberg
IE00B2QYD335; RUSWEAI ID
Share class NAV
GBP 18.43m

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31 August 2024

Russell Investments World Equity Fund II
Portfolio Statistics

FundBenchmark

3 years

FundBenchmark

Number of equity holdings

7532757

Volatility

16.0

16.0

Price/Earnings

27.6

30.4

Tracking error

1.9

1.9

Dividend Yield

1.9

1.9

Sharpe ratio--

Price to Book

2.6

2.8

Information ratio

-0.3

-0.3

EPS Growth (1 Year)

28.1

19.8

3 year return (net)

6.8%

7.4%

3 year excess return (net)-0.6%-Ten largest holdings by weight
IssuerFundBenchmarkTaiwan Semiconductor Manufacturing Co Ltd

3.0%

0.9%

Microsoft Corp

2.7%

3.8%

Alphabet Inc

2.2%

2.4%

Apple Inc

2.0%

Meta Platforms Inc

Sector weights
Fund

BenchmarkInformation Technology

21.8%

24.7%

Financials

16.1%

16.2%

4.4%

Health Care

13.3%

11.4%

1.6%

1.5%

Industrials

11.0%

10.6%

NVIDIA Corp

1.4%

3.9%

Consumer Discretionary

10.7%

10.2%

Samsung Electronics Co Ltd

1.2%

0.4%

Communication Services

8.6%

7.5%

Amazon.com Inc

1.1%

2.2%

Consumer Staples

7.1%

6.4%

Tencent Holdings Ltd

1.0%

0.4%

Materials

4.8%

4.0%

Alibaba Group Holding Ltd

0.9%

0.2%

Energy3.7%

4.2%

Utilities

1.6%

2.6%

Real Estate

1.4%

2.2%

Other

0.0%

0.0%

Fund

BenchmarkRegional weights
FundBenchmark

United States

60.1%

63.7%

Europe ex UK

13.5%

12.3%

Emerging Markets

11.3%

10.1%

Japan

5.2%

5.2%

ESG Score

20.8

20.5

United Kingdom

4.5%

3.4%

Carbon Footprint

92.0

121.8

Canada2.8%

2.8%

Australia/New Zealand

1.8%

1.8%

Asia ex Japan

0.8%

0.7%

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

Russell Investments World Equity Fund II
Fund structureManager/Strategy

Strategy

TargetActualBrandywine Global Investment Management, LLC

Classic Large Cap Value (Kaser)

7.0%

6.0%

Joh. Berenberg, Gossler & Co. KG

European All Cap

5.0%

4.6%

Nissay Asset Management Corporation

Value

10.0%

8.0%

Numeric Investors LLC

Market-Oriented

11.0%

14.3%

Oaktree Capital Management, L.P.

Market-Oriented

10.0%

10.5%

PineStone Asset Management Inc.

Growth

11.0%

9.2%

RWC Asset Advisors (US) LLC

Market-Oriented

7.0%

5.2%

Sanders Capital, LLC

Value

16.0%

16.0%

Wellington Management Company LLP

Growth6.0%

7.7%

Russell Investments

Positioning Strategies

17.0%

18.6%

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 individualclient 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)
U-03016-2024-09-19

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