31 July 2024

Russell Investments Multi-Asset Growth Strategy
Euro Fund
Fund Objective
The Fund aims to achieve long-term growth by investing worldwide in securities including equities,
investments similar to equities, and bonds and other debt instruments either directly or indirectly
through other regulated collective investment schemes. The Fund is actively managed with the aim toachieve a total return of 4% over the reference rate of the Harmonised Index of Consumer Prices(HICP). Russell Investments and/or the money managers may manage a portion of the assets within theFund with reference to a specific benchmark.

Fund Update
Alain Zeitouni
Portfolio Manager

The Fund is dynamically managed in alignment with our cycle, valuation, sentiment (CVS) framework totake advantage of tactical opportunities within asset classes. The Fund holds exposure to both global
and emerging market equities. Within fixed income, the Fund holds exposure to investment grade andhigh yield credit. Additionally, the Fund retains allocations to government bonds and defensive currency
exposure to serve as a counterweight during potential periods of market distress. We also use option
strategies to benefit from drawdown protection. Diversified real assets exposure includes allocations toreal estate, commodities and physical gold.

Russell Investments' Multi-Asset
Strategies Team comprises over 23
experienced professionals,
including portfolio managers,
researchers, portfolio analysts, andPerformance Review %strategists in Russell Investments
Performance to period end
1
offices around the globe. This team Returns shown in EUR
monthfocuses on total client outcomes,
Return net of management fee Class N
1.1
including all major asset classes inAcc
Harmonised Index of Consumer Prices
their solutions. They identify areas-2.6(HICP) +4%of the market offering attractive
Global Equity1
1.1
valuations and growth potential
Global Bonds1
1.8
with a reasonable level of risk andresearch strategies and managers to All returns greater than 1 year are annualised
exploit these pockets of value.

36months months
4.3

5.7

Year toDate

1
year

3
years

5years

10
years

Since
inception

5.7

7.8

-0.4

2.4

-2.1

-1.2

0.9

1.4

3.5

9.3

7.8

6.5

7.3

7.3
3.3

12.6
1.5

13.9
4.3

16.9
4.3

5.5
-3.3

10.0
-1.3

8.3
0.5

8.8
1.6

Rolling 12 Month Performance (%)
Fund facts
Share Class; Dealing ccy

Returns shown in EUR

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

N Acc; EUR

Return net of management fee Class N Acc

8.37

3.92

-12.73

13.92

0.12

Dealing frequency; Cut off

Harmonised Index of Consumer Prices (HICP)
+4%

6.84

11.40

13.18

6.39

4.59

30/06/18
30/06/19

30/06/17
30/06/18

30/06/16
30/06/1730/06/15
30/06/16

30/06/14
30/06/15

Return net of management fee Class N Acc

2.17-0.21---

Harmonised Index of Consumer Prices (HICP)
+4%

5.89

6.06

5.68

--Daily; 1:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size
EUR 227.96m
Fund launch date
31 October 2012
Share class launch date

Returns shown in EUR

Past performance does not predict future returns.

08 March 2017Management fee
1.35%
ISIN; Bloomberg
IE00BYWYC899; RUMGSEN ID
Share class NAV
EUR 0.61m

131 July 2024

Russell Investments Multi-Asset Growth StrategyEuro Fund
Portfolio Statistics
Riskversus
markets

Volatility

Sharpe Ratio

3Years3YearsFund (net)

9.6

Global Equity1-0.1

15.00.3

Global Bonds1

5.7-0.9

1 Global Equity is currently represented by MSCI ACWI Net EH, prior to 1 January 2018
it was represented by Russell Global Large Cap Net EH. Global Bonds is the Bloomberg
Barclays Global Aggregate EUR Hedged.

2

31 July 2024

Russell Investments Multi-Asset Growth Strategy
Euro Fund
Equity Sector Weights

Fixed Income Sector Weights
FundFund

Other

21.7%

Corporate - Investment Grade

27.9%

Financials

19.3%

Corporate - High Yield

16.5%

Information Technology

12.9%

Emerging Markets - Hard Currency

16.0%

Consumer Discretionary

7.9%

Other

13.1%

Health Care

7.7%

Treasuries

12.5%

Industrials

6.8%

Securitized

12.0%

Communication Services

5.3%

Government Related

1.7%

Consumer Staples

4.0%

Emerging Markets - Local Currency

0.2%

Real Estate

3.6%

Energy3.1%

Materials

3.0%

Utilities

2.2%

Ten largest fixed income holdings by weightTen largest holdings by weight
Security

Fund

Security

Fund

MICROSOFT CORP COMMON STOCK USD.000006251.6%

France Treasury Bill BTF

4.1%

APPLE INC COMMON STOCK USD.00001

1.4%

Microsoft Corp

1.6%

NVIDIA CORP COMMON STOCK USD.001

1.2%

1.4%

FRENCH DISCOUNT T BILL BILLS REGS 08/24 0.00000

0.9%

AMAZON.COM INC COMMON STOCK USD.01

0.8%

META PLATFORMS INC CLASS A COMMON STOCK USD.000006

0.7%Apple Inc
Alphabet Inc

1.2%

NVIDIA Corp

1.2%

FRENCH DISCOUNT T BILL BILLS REGS 09/24 0.00000

0.7%

Taiwan Semiconductor Manufacturing Co Ltd

1.1%

GERMAN TREASURY BILL BILLS REGS 10/24 0.00000

0.7%

German Treasury Bill

0.8%

FRENCH DISCOUNT T BILL BILLS REGS 10/24 0.00000

0.7%

ALPHABET INC CL A COMMON STOCK USD.001

0.6%

Amazon.com Inc

0.8%

Meta Platforms Inc

0.7%

United States Treasury Note/Bond

0.5%

Equity regional weights
Fund
United States

56.9%

Europe ex UK

25.6%

Emerging Markets

6.0%

Japan

3.0%

United Kingdom

2.3%

Other

2.3%

Asia ex Japan

1.6%

Canada1.5%

Australia/New Zealand

0.9%

331 July 2024

Russell Investments Multi-Asset Growth Strategy
Euro Fund
Portfolio Structure
Portion of fund
EquityGlobalAllocationto fundManagers allocated to each portion, and their weight in the total fundportionFixed Income
Core Global Fixed Income

33.2%
29.4%
3.8%
31.1%
2.9%

Investment Grade Credit

14.2%

Global Emerging Markets

Legg Mason 1.8%
Oaktree 2.0%
Wellington 2.5%
Axiom 0.5%
Oaktree 0.5%
Russell Investments 0.5%

Berenberg 1.4%
PineStone 2.8%
Invesco 1.4%
Barrow Hanley 0.4%
Pzena 0.3%

Nissay 2.2%
RWC 1.0%
Russell Investments 5.3%
Bin Yuan 0.1%
RWC 0.3%

Metlife 2.4%

Robeco 2.9%

Fidelity 1.8%
Russell Investments 2.1%

High Yield Credit
Emerging Market Debt

4.0%
3.3%

Convertibles

0.0%

Securitised
Real Assets
Real Estate

6.7%
5.0%
2.3%

Barings 1.5%
BNP Paribas ETF 3.3%
Lazard Asset Management
LLC
Schroder 6.7%

Commodities

2.7%

Listed Infrastructure
Cash & Positioning Strategies
Cash & Positioning Strategies

StateStreet Global Advisors
UCITS ETF 3.7%
DDJ 0.1%
Hermes 1.3%

Cohen & Steers 1.0%
L&G Long Dated
Commodity ETF 1.1%

RREEF 1.1%

0.0%

Cohen & Steers

First Sentier

30.8%
30.8%

Russell Investments 30.8%

Russell Investments 1.2%

Russell Investments 0.3%

Nuveem AssetManagement

Russell Investments

Actual Asset Allocation As At 31 July 2024
Cash

2.7%

Fixed Income

43.2%

Investment Grade Credit

17.1%

Core Fixed Income

12.1%High Yield

4.0%

Convertibles

6.7%

Emerging Markets Debt

3.3%

European Equity
49.2%
43.2%
5.0%
2.7%

Western Asset Management
1.2%

iShares Gold ETC 1.6%

EquityEquityFixed Income
Real Assets
Cash

Numeric 0.7%
Sands 0.3%

iShares UCITS ETF 2.9%

-Asset Allocation As At 31 July2024

Numeric 4.3%
Sanders 4.8%

49.2%
1.1%

Emerging Markets Equity

3.8%Global Equity

45.9%

US Equity-1.7%

Real Assets

5.0%

4

31 July 2024

Russell Investments Multi-Asset Growth Strategy
Euro Fund

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.
Some investments/bonds may not be liquid and therefore may not be sold instantly. If these investments must be sold on short notice, you might suffer a loss.
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,
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