30 April 2024

Russell Investments World Equity Fund
Fund Objective
The Fund aims to achieve long term growth by investing at least 80% of its assets in the equities ofcompanies worldwide. The Fund is broadly diversified across different countries worldwide andindustry sectors. The Fund may also invest up to 20% of its assets in emerging markets. The Fund isactively managed with reference to the MSCI World Index (USD) - Net Returns (the Index) which it
seeks to outperform by 2% over the medium to long term. Russell Investments/ Money Managers havefull discretion to select investments for the Fund. This product is an Article 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

William Pearce
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
The Fund outperformed the negative benchmark return. At the sector level, an underweight to and stock
selection within information technology contributed positively. This included an underweight to Inteland holdings in chipmaker TSMC. However, an underweight to Apple was unhelpful. Stock selection
within communication services was effective (overweight Alphabet). In materials, overweights to Anglo
American and UPM Kymmene were beneficial. In healthcare, an overweight to AstraZeneca wasrewarded. On the other hand, stock selection within industrials detracted including an overweight toDaimler Trucks and an underweight to General Electric.

Performance Review %Performance to period end
Returns shown in USD

1
month

Return net of management fee Class JAcc
MSCI World Index - Net Return USD

36months months

Year toDate

1
year

3
years

5
years

10
years

Since
inception

-3.4

3.4

18.8

3.9

13.8

3.1

8.3

-

7.5

-3.7

3.6

20.3

4.8

18.4

5.6

10.5

-

8.3

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
Fund facts

31/03/23
31/03/24

31/03/22
31/03/23

31/03/21
31/03/22

31/03/20
31/03/21

31/03/19
31/03/20

Return net of management fee Class J Acc

19.65

-6.86

5.69

55.73

-12.81MSCI World Index - Net Return USD

25.11

-7.02

10.12

54.03

-10.3931/03/18
31/03/19

31/03/17
31/03/18

31/03/16
31/03/17

31/03/15
31/03/16

31/03/14
31/03/15

Return net of management fee Class J Acc

0.84

14.83

14.90

-3.69

6.21

MSCI World Index - Net Return USD

4.01

13.74

14.71

-3.42

6.07

Returns shown in USD
Share Class; Dealing ccy
J Acc; USD
Dealing frequency; Cut offDaily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS
Fund size
USD 1,441.24m

Returns shown in USD

Fund launch date
09 February 2004

Past performance does not predict future returns.

Share class launch date

The current benchmark is the MSCI World Index (USD) - Net Returns converted into British Pounds. Prior to 1st January 2018 thebenchmark was the Russell Developed Large Cap NR Index. Prior to 1st April 2011 the benchmark was MSCI World NR.

22 October 2004

Management fee
1.60%
ISIN; Bloomberg
IE00B02WHV39; FRAWEQJ ID
Share class NAV
USD 0.12m130 April 2024

Russell Investments World Equity Fund
Portfolio Statistics

Fund

Benchmark3 years

Fund

BenchmarkNumber of equity holdings

690

1465

Volatility

16.4

16.4

Price/Earnings

19.1

20.7

Tracking error

1.8

1.8

Dividend Yield

1.9

1.9

Sharpe ratio

0.2

0.2

Price to Book

2.6

2.9

Information ratio

-0.5

-0.5

EPS Growth (1 Year)

23.3

19.3

3 year return (net)

3.1%

5.6%

3 year excess return (net)-2.6%-Ten largest holdings by weightIssuer

Fund

BenchmarkMicrosoft Corp

3.0%

4.4%

Alphabet Inc2.6%

2.9%

Taiwan Semiconductor Manufacturing Co Ltd

1.9%

0.0%

Meta Platforms Inc

1.6%

NVIDIA Corp

Sector weights
FundBenchmark

Information Technology

21.5%

23.2%

Financials

14.3%

15.4%

1.5%

Health Care

14.0%

12.0%

1.3%

3.4%

Industrials

12.3%

11.3%

Apple Inc

1.2%

4.0%

Consumer Discretionary

10.4%

10.6%

AstraZeneca PLC

1.0%

0.4%

Communication Services

8.8%

7.5%

Amazon.com Inc

1.0%

2.6%

Consumer Staples

7.1%

6.7%

Mastercard Inc

0.9%

0.6%

Energy4.4%

4.7%

Novo Nordisk A/S

0.8%

0.7%

Materials

4.1%

3.9%

Utilities

2.0%

2.5%

Real Estate

1.1%

2.2%

Infrastructure

0.0%

0.0%

Other

0.0%

0.0%

Fund

BenchmarkRegional weights
FundBenchmark

United States

66.7%

70.1%

Europe ex UK

15.2%

13.9%

Japan

6.2%

6.1%

United Kingdom

4.7%

3.9%

Canada3.3%

3.1%

ESG Score

21.3

21.3

Australia/New Zealand

2.0%

2.0%

Carbon Footprint

77.6

98.1

Emerging Markets

1.1%

0.1%

Asia ex Japan

0.8%

0.9%

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).

ESG Data2

30 April 2024

Russell Investments World Equity Fund
Fund structureManager/Strategy

Strategy

TargetBrandywine Global Investment Management, LLC

Value

7.0%

Actual
6.4%

INVESCO Asset Management Limited

European Equities

12.0%13.6%

Joh. Berenberg, Gossler & Co. KG

European All Cap

6.0%

4.1%

Nissay Asset Management Corporation

Value

8.0%

6.8%

Numeric Investors LLC

Market-Oriented

12.0%

16.2%

PineStone Asset Management Inc.

Growth

10.0%

9.7%

Sanders Capital, LLC

Value

15.0%

15.8%

Wellington Management Company LLP

Growth

10.0%

10.9%

Russell Investments

Positioning Strategies

20.0%

16.6%

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 individualclient 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)
M-01490-2024-05-16

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