31 July 2024

Russell Investments UK Equity Fund
Fund Objective
The Fund aims to achieve long term growth by investing in the shares of UK companies, or companies
that carry out the majority of their business in the UK. The Fund is actively managed with reference tothe FTSE All Shares Index (GBP) - Total Returns (the Index) which it seeks to outperform by 1.5% overthe medium to long term. Russell Investments has full discretion to select investments for the Fund.
This product is an Article 8 product, as defined under EU regulation - it promotes environmental orsocial characteristics and invests in companies that follow good governance practices. This productdoes not have sustainable investment as its objective.

Fund Update
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.

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 is tilted
towards companies that are high quality, small-mid capitalisation in size and domestically oriented.

Performance Review %Performance to period end
Returns shown in EUR

1monthReturn net of management fee Class PAccFTSE All Shares Index (GBP) - TotalReturns

36months months

Year toDate

1year

3years

5years10years

Since
inception

3.5

6.9

13.6

14.9

17.1

5.9

6.3

4.4

5.1

3.8

5.8

13.7

14.0

15.5

8.8

7.4

5.6

6.4

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
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

Fund facts

Return net of management fee Class P Acc

16.80

11.11-9.67

37.32-18.98

Share Class; Dealing ccy

FTSE All Shares Index (GBP) - Total Returns

14.36

8.23

1.36

28.61

-14.3530/06/18
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 P Acc

-3.22

9.72

13.51

-19.5918.38

Fund size

FTSE All Shares Index (GBP) - Total Returns

-0.61

8.25

11.80

-12.87

15.97

GBP 101.87m

Past performance does not predict future returns.

Fund launch date

The current benchmark is the FTSE All Shares Index (GBP) - Total Returns converted to the currency displayed in the performancetable above where applicable.

P Acc; EUR
Dealing frequency; Cut offDaily; 2:00 pm GMT

Returns shown in EUR

Domicile; Category
Ireland; UCITS

02 January 1998
Share class launch date23 October 2002

Management fee
1.25%ISIN; Bloomberg
IE0032129433; FRUUEPA ID
Share class NAV
EUR 2.32m1

31 July 2024

Russell Investments UK Equity Fund
Portfolio Statistics

Fund

Benchmark3 years

Fund

BenchmarkNumber of equity holdings

168563Volatility

12.9

12.9

Price/Earnings

17.9

17.2

Tracking error

4.3

4.3

Dividend Yield

9.1

9.1

Sharpe ratio--Price to Book

2.1

2.0

Information ratio

-0.3

-0.3

EPS Growth (1 Year)

9.3

14.2

3 year return (net)

6.0%

8.8%

3 year excess return (net)-2.8%-Ten largest holdings by weight
IssuerFundBenchmarkShell PLC

5.7%

7.4%

HSBC Holdings PLC

4.4%

5.4%

Unilever PLC

3.1%

4.8%

BP PLC

2.9%

AstraZeneca PLC

Sector weights
Fund

BenchmarkFinancials

21.9%

24.7%

Industrials

17.8%

13.9%

3.2%

Consumer Discretionary

14.1%

6.7%

2.7%

7.5%

Consumer Staples

10.2%

14.8%

Rolls-Royce Holdings PLC

2.4%

1.5%

Communication Services

9.4%

2.9%

GSK PLC

2.4%

2.5%

Energy

8.9%

10.8%

AJ Bell PLC

2.0%

0.1%

Health Care

6.0%

10.8%

4imprint Group PLC

1.9%

0.1%

Information Technology

5.3%

1.6%

3i Group PLC

1.8%

1.2%

Materials

3.6%

7.3%

Utilities

1.4%

4.1%

Real Estate

1.4%

2.5%

Other

0.0%

0.0%

ESG Data
Fund

BenchmarkESG Score

20.6

21.1

Carbon Footprint

56.9

79.5

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 are available at https://www.sustainalytics.com/esg-data. Carbon footprint is theweighted average carbon intensity of the Scope 1 and 2 carbon emission intensity ofcompanies in the portfolio. It is measured in tonnes of CO2e divided by revenue (USD$M).

2

31 July 2024

Russell Investments UK Equity Fund
Fund structureManager/Strategy

Strategy

TargetActualBaillie Gifford & Co

Growth

15.5%

13.5%

J O Hambro Capital Management Limited

Market-Oriented

25.0%

22.3%

Liontrust Investment Partners LLP

Market-Oriented

20.0%

19.7%

Ninety One UK Limited

Value

18.5%

19.4%

Russell Investments

Positioning Strategies

21.0%

25.0%

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. Any reference to specific money managers should not
be taken as a recommendation. Money managers are subject to change.

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
PaR-00709 (EXP Dec 2024)
M-01564-2024-08-153