PERSONALIZED INTERNATIONAL SMA
ACTIVELY-MANAGED EQUITY PORTFOLIO FROM A BLEND OF
THE WORLD’S LEADING MANAGERS

Investment objective
The Personalized International SMA seeks to provide long-term capital growth from non-U.S. developed markets
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 MSCI World ex USA (Net) Index over afull market cycle.

At-a-glance
Portfolio manager

Jordan McCall, CFA®
Nick Zylkowski, CFA®

Inception date

9/1/2019Benchmark

MSCI World ex USA (Net) 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 non-U.S. developed markets stocks.

Customizing the Personalized International 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

Portfolio
Personalization

Portfolio
Construction

On-going
Portfolio
Management• Conduct rigorous and continuous
manager research globally• Establish investment
objectives• Select high conviction investment
money managers• Incorporate client-directed
personalization, e.g.,• Create optimal
personalized portfolio thataims to minimize trackingerror to selected strategy• Rebalance as needed toalign with personalizedstrategy to help minimize
tracking error• Create Russell Investment’s
active strategy by optimizing
with preferred positioning to a
80-security model portfolio– Tax-managed overlay• Balance tax considerations
if applicable• If taxable, rebalance taxefficiently and harvest
losses opportunistically

Model
Design– Transition management– Custom restrictions

Underlying managers* and their investment strategies
MONEY MANAGERROLEYEAR ASSIGNEDIntermede Investment Partners Limited

Growth2019

Pzena Investment Management, LLC

Value

2019

Wellington Management Company LLP

Growth / Value

2019*Managers listed above are current as of 12/31/2023. These money managers are unaffiliated with Russell Investment Management, LLC (“RIM”) and havenondiscretionary 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 moneymanager's model portfolio.

Ask your financial professional to learn more.
With Russell Investments' separately managed accounts, you can leverage a sophisticated investment approach andin-depth manager research backed up by Russell Investments' 50+ years of experience providing investment solutions
to global institutional investors. Connect with your financial advisor to learn how you can benefit from this sameinvestment approach and personalize your wealth-building strategy to meet your desired outcomes.
IMPORTANT RISK DISCLOSURES
Personalized International SMA is a product ofRussell Investment Management, LLC (”RIM”)
and offered through RIM’s Personalized Managed
Accounts (“PMA”) program. It represents a model
portfolio provided by RIM, reflecting a compositeof third-party investment advisors selected byRIM. When the model is implemented, PMA
is a separately managed account program ofindividually owned securities that can be tailored
to meet investor’s investment objectives. RIM
partners with third-party money managers tooffer diversified, single or multi-asset managed
accounts that can be customized to the investor’sinvestment objectives, circumstances andpreferences, such as (but not limited to), market
exposure, risk management, tax management,
category and theme-based restrictions, andreturn 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
to deliver unique investment outcomes.
Diversification and strategic asset allocation do
not assure a profit or guarantee against loss indeclining markets. Please remember that all
investments carry some level of risk. There areno assurances that the objectives stated in thismaterial will be met. Investment in one or more
separately managed accounts is not a complete
investment program and involves risk; principal
loss is possible. The principal value of the accountis not guaranteed at any time.
Investments in global equity may be significantly
affected by political or economic conditions andregulatory requirements in a particular country.
International markets can involve risks of currency
fluctuation, political and economic instability,
different accounting standards and foreign
taxation. Emerging or frontier markets involve
exposure to economic structures that are generally
less diverse and mature. The less developed themarket, the riskier the security. Such securities
may be less liquid and more volatile.
The decision to use PMA in investors’ portfolios
and related investment advice are provided
through financial advisors and other financial
intermediaries that are independent of RIM
and its affiliates. Investors should consult theirfinancial advisor to determine which services andprograms are appropriate to meet their investment
objectives.
Nothing contained in this material is intended
to constitute legal, tax, securities or investment
advice, nor an opinion regarding theappropriateness of any investment. The general
information contained in this publication should
not be acted upon without obtaining specificlegal, tax and investment advice from a licensed
professional.
MSCI World ex USA Index: Index captures large
and mid cap representation across 22 of 23

Developed Markets countries—excluding theUnited States. With 1,008 constituents, the index
covers approximately 85% of the free floatadjusted market capitalization in each country.
Russell Investments’ ownership is composed ofa majority stake held by funds managed by TA
Associates Management, L.P., with a significant
minority stake held by funds managed byReverence Capital Partners, L.P. Certian of Russell
Investments’ employees and Hamilton Lane
Advisors, LLC also hold minority, non-controlling,ownership stakes.
Frank Russell Company is the owner of theRussell trademarks contained in this material
and all trademark rights related to the Russell
trademarks, which the members of the Russell
Investments group of companies are permitted touse under license from Frank Russell Company.
The members of the Russell Investments group ofcompanies are not affiliated in any manner withFrank Russell Company or any entity operating
under the “FTSE RUSSELL” brand.
Copyright © 2024 Russell Investments Group, LLC.
All rights reserved. This material is proprietary andmay not be reproduced, transferred, or distributedin any form without prior written permission fromRussell Investment Group. It is delivered on an “asis” basis without warranty.
First used: March 2021. Updated: April 2024.
RIM-03215 (Exp. 4/26)