31 August 2024

Russell Investments Pan European Equity Fund
Fund Objective
The Fund aims to achieve long term growth by investing at least 80% of its total assets in the equitiesof European companies. The Fund is broadly diversified across different European countries andindustry sectors. The Fund is actively managed with reference to the MSCI Europe 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 anArticle 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.

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.

Fund Update
Russell Investments, as the Investment Manager, adopts and executes the ideas of the selected thirdparty specialist investment managers through our in-house implementation team. The Fund is
dynamically managed in alignment with our cycle, valuation, sentiment (CVS) framework to takeadvantage of tactical opportunities within each manager’s excess return cycle. The Fund has moderated
its exposure to value and increased its tilt towards growth. The Fund also remains exposed to small andmid-cap factors, quality and momentum. In sectors, the Fund is tilted towards industrials, technology,
consumer discretionary and communication services.

Performance Review %Performance to period end
Returns shown in EUR

1
month

Return net of management fee Class AAcc
MSCI Europe Index (EUR) - Net
Returns

36
months months

Year toDate

1
year

3
years

5
years

10
years

Since
inception

1.6

2.0

7.5

10.6

14.2

4.7

8.7

5.9

2.8

1.6

1.8

8.3

12.1

17.5

7.1

9.3

7.2

4.1

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
Fund facts
30/06/23
30/06/24

30/06/22
30/06/23

30/06/2130/06/2230/06/20
30/06/2130/06/1930/06/20

Return net of management fee Class A Acc

10.65

15.68

-8.94

36.69

-10.54MSCI Europe Index (EUR) - Net Returns

13.68

16.72

-6.54

27.94

-5.48

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

Share Class; Dealing ccy

Returns shown in EUR

A Acc; EUR
Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size

Returns shown in EUR

EUR 46.03m

Return net of management fee Class A Acc-1.434.28

18.14-13.51

14.44

Fund launch date

MSCI Europe Index (EUR) - Net Returns

4.46

3.19

18.23

-10.87

14.46

14 November 2000
Share class launch date
14 November 2000

Management fee

Past performance does not predict future returns.
The current benchmark is the MSCI Europe Index (EUR) - Net Returns. Prior to 1st January 2018 the benchmark was Russell Dev
Europe Large Cap (EUR) - Net Returns Index. Prior to 1st April 2011 the benchmark was MSCI Europe (EUR) - Net Returns, and prior
to 1st January 2009 was gross of withholding tax, total return.

1.60%
ISIN; Bloomberg
IE0002361404; FRPEEFA ID
Share class NAV
EUR 1.81m

131 August 2024

Russell Investments Pan European Equity Fund
Portfolio Statistics

FundBenchmark

3 years

FundBenchmark

Number of equity holdings

346

417

Volatility

13.5

13.5

Price/Earnings

24.0

23.0

Tracking error

1.3

1.3

Dividend Yield

3.0

3.0

Sharpe ratio--Price to Book

2.1

2.2

Information ratio

-0.2

-0.2

EPS Growth (1 Year)

13.3

14.8

3 year return (net)

4.9%

7.1%

3 year excess return (net)-2.2%-Ten largest holdings by weight
IssuerFundBenchmarkNovo Nordisk A/S

3.0%

3.9%

AstraZeneca PLC

2.5%

2.4%

ASML Holding NV

2.2%

3.1%

Novartis AG

2.0%

SAP SE

Sector weights
Fund

BenchmarkFinancials

19.0%

18.8%

Industrials

17.8%

16.5%

2.1%

Health Care

17.2%

17.0%

1.9%

2.0%

Consumer Discretionary

11.2%

10.0%

Roche Holding AG

1.8%

2.2%

Information Technology

8.8%

7.6%

Sanofi SA

1.4%

1.1%

Consumer Staples

8.5%

10.8%

Industria de Diseno Textil SA

1.4%

0.5%

Materials

5.6%

6.1%

CaixaBank SA1.1%

0.2%

Communication Services

4.8%

3.1%

Schneider Electric SE

1.1%

1.2%

Energy4.2%

5.1%

Utilities

2.7%

4.0%

Real Estate

0.2%

0.9%

Other

0.0%

0.0%

Fund

BenchmarkCountry weight
Fund

Benchmark

United Kingdom

22.4%

22.5%

France

17.0%

17.1%

Germany

13.4%

13.3%

Switzerland

12.0%

15.3%

ESG Score

17.8

18.4

Netherlands

8.8%

8.0%

Carbon Footprint

65.4

79.8

Denmark

5.5%

5.7%

Spain

4.8%

4.1%

Italy

4.6%

4.0%

Sweden3.8%

5.2%

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).

Finland

2.8%

1.2%

ESG Data2

31 August 2024

Russell Investments Pan European Equity Fund
Fund structureManager/Strategy

Strategy

TargetActual

INVESCO Asset Management LimitedMarket-Oriented

14.0%

10.9%

Joh. Berenberg, Gossler & Co. KG

Growth

14.0%

15.1%

Liontrust Investment Partners LLP

Market-Oriented

14.0%

12.7%

Numeric Investors LLC

Market-Oriented

24.0%

29.8%

Pzena Investment Management, LLC

Value

14.0%

11.8%

Russell Investments

Positioning Strategies

20.0%

19.6%

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 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)
U-03016-2024-09-19

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