PERSONALIZED SMALL/MID CAP SMA
ACTIVELY-MANAGED EQUITY PORTFOLIO FROM A BLEND OF
THE WORLD’S LEADING MANAGERS

Investment objective
The Personalized Small/Mid Cap SMA seeks to provide long-term capital growth from U.S. small and mid-cap
stocks while delivering customized investment outcomes by incorporating client-directed customization, e.g., tax
management and custom screens. The strategy is designed to outperform the Russell 2500™ Index over a full market
cycle.

At-a-glance
Portfolio manager

Megan Roach, CFA®
Nick Zylkowski, CFA®

Inception date

5/1/2007Benchmark

Russell 2500TM Index

Minimum account size*$60,000-$100,000

Typical holdings

80*The minimum account size varies by platform.

For whom is this SMA potentially suitable?
• Investors seeking a high level of personalization, e.g., tax management, category and theme-based restrictions,market exposure, return objectives.
• Investors seeking a professionally actively-managed portfolio focused on the U.S. small and mid-cap equity market.

Customizing the Personalized Small/Mid Cap SMA to your unique needs
and preferences
Ongoing tax management to help maximize after tax returns
Develop an optimal tax-efficient transition plan
Align your preferences and your investments
Diversify a concentrated stock position
Limit purchases in stocks or industries you already own

russellinvestments.com

Russell Investments portfolio personalization process

ModelDesign• Conduct rigorous and continuous
manager research globally• Select high conviction investment
money managers• Create Russell Investment’s
active strategy by optimizing
with preferred positioning to a
80-security model portfolio

Portfolio
Personalization

On-going
Portfolio
ManagementPortfolio
Construction• Establish investment
objectives• Incorporate client-directed
personalization, e.g.,– Tax-managed overlay– Transition management– Custom restrictions• Create optimal
personalized portfolio thataims to minimize trackingerror to selected strategy• Rebalance as needed toalign with personalized
strategy to help minimize
tracking error• Balance tax considerations
if applicable• If taxable, rebalance taxefficiently and harvest
losses opportunistically

Underlying managers* and their investment strategies
MONEY MANAGER
Ancora Advisors, LLC
BAMCO, Inc
Copeland Capital Management, LLC
DePrince, Race & Zollo, Inc.
Penn Capital Management, LLC
Polen Capital Management, LLC
Royce & Associates, LP
Summit Creek Advisors, LLC

ROLE

YEAR ASSIGNED

Market-Oriented
Biotechnology
Market-Oriented
Value
Market-Oriented
GrowthValue
Growth

2019
2022
2019
2022
2023
2020
2023
2019

*Managers listed above are current as of 8/8/2023. These money managers are unaffiliated with Russell Investment Management, LLC (“RIM”) and have non-discretionary
asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations. RIM may change portfolio asset
allocation at any time, including not allocating portfolio assets to one or more money manager strategies or securities within a money manager's model portfolio.

Ask your financial professional to learn more.

With Russell Investments' separately managed accounts, you can leverage a sophisticated investment approach and in-depth manager researchbacked up by Russell Investments' 50+ years of experience providing investment solutions to global institutional investors. Connect with yourfinancial advisor to learn how you can benefit from this same investment approach and personalize your wealth-building strategy to meet your desired
outcomes.
IMPORTANT RISK DISCLOSURES
Personalized Small/Mid Cap SMA is a product ofRussell Investment Management, LLC (”RIM”) andoffered through RIM’s Personalized Managed Accounts(“PMA”) program. It represents a model portfolio
provided by RIM, reflecting a composite of third-party
investment advisors selected by RIM. When the modelis implemented, PMA is a separately managed accountprogram of individually owned securities that can betailored to meet investor’s investment objectives. RIMpartners with third-party money managers to offer
diversified, single or multi-asset managed accounts
that can be customized to the investor’s investment
objectives, circumstances and preferences, such as (butnot limited to), market exposure, risk management, tax
management, category and theme-based restrictions,and return objectives. Excluding any allocations topooled investment vehicles, if any, each investor’s
account is managed separately from other investor
accounts, allowing for a personalized experience todeliver unique investment outcomes.
Diversification and strategic asset allocation do notassure a profit or guarantee against loss in declining
markets. Please remember that all investments carrysome level of risk. There are no assurances that theobjectives stated in this material will be met. Investment
in one or more separately managed accounts is not acomplete investment program and involves risk; principal
loss is possible. The principal value of the account is notguaranteed at any time.
Investments in small cap, micro cap, and companies withcapitalization smaller than the Russell 2000® Index, aresubject to the risks of common stocks, may experience

considerable price fluctuations and are more volatile
than large company stocks. Generally, the smaller thecompany size, the greater the risks.
The decision to use PMA in investors’ portfolios andrelated investment advice are provided through financial
advisors and other financial intermediaries that are
independent of RIM and its affiliates. Investors should
consult their financial advisor to determine which
services and programs are appropriate to meet theirinvestment objectives.
Nothing contained in this material is intended toconstitute legal, tax, securities or investment advice,
nor an opinion regarding the appropriateness of any
investment. The general information contained in thispublication should not be acted upon without obtaining
specific legal, tax and investment advice from a licensed
professional.
The Russell 2500™ Index measures the performanceof the 2,500 smallest companies in the Russell 3000®
Index, representative of the U.S. small to medium smallcapitalization securities market. Small capitalization(small cap) investments generally involve stocks ofcompanies with a market capitalization based on theRussell 2000® Index. Investments in small cap, microcap, and companies with capitalization smaller than theRussell 2000® Index are subject to the risks of common
stocks, including the risks of investing in securities oflarge and medium capitalization companies. Investmentsin smaller capitalization companies may involve greaterrisks as, generally, the smaller the company size, thegreater these risks. In addition, micro capitalizationcompanies and companies with capitalization smaller
than the Russell 2000® Index may be newly formed withmore limited track records and less publicly available
information.
The trademarks, service marks and copyrights related tothe Russell indexes and other materials as noted are theproperty of their respective owners.
Russell Investments’ ownership is composed of amajority stake held by funds managed by TA Associates
Management, L.P., with a significant minority stakes heldby funds managed by Reverence Capital Partners, L.P.
Certain of Russell Investments’ employees and Hamilton
Lane Advisors, LLC also hold minority, non-controlling,ownership stakes.
Frank Russell Company is the owner of the Russell
trademarks contained in this material and all trademark
rights related to the Russell trademarks, which themembers of the Russell Investments group of companies
are permitted to use under license from Frank Russell
Company. The members of the Russell Investments
group of companies are not affiliated in any manner withFrank Russell Company or any entity operating under the“FTSE RUSSELL” brand.
Copyright © 2024 Russell Investments Group, LLC. Allrights reserved. This material is proprietary and may not
be reproduced, transferred, or distributed in any form
without prior written permission from Russell Investment
Group. It is delivered on an “as is” basis withoutwarranty.
First used March 2021. Updated: April 2024.
RIM-03221 (Exp. 4/26)