31 July 2024

Russell Investments Multi-Asset Growth Strategy
Sterling Fund
Fund Objective
The Fund aims to achieve long-term growth by investing predominantly in regulated collective
investment schemes that invest worldwide in securities including shares and bonds. The asset allocation
is based on the relative attractiveness of asset classes and is constantly adapted to take account ofchanging opportunities.

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 globaland 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 23experienced professionals,
Performance Review %including portfolio managers,
Performance to period end
1researchers, portfolio analysts, andReturns shown in GBP
monthstrategists in Russell Investments
Return net of management fee Class A
1.2
offices around the globe. This team Roll-Up
ICE BofA SONIA Overnight Rate Index
focuses on total client outcomes,
0.8+4%
including all major asset classes in
Global Equity1
1.2
their solutions. They identify areas
Global Bonds1
1.9of the market offering attractive
All returns greater than 1 year are annualisedvaluations and growth potential
with a reasonable level of risk andresearch strategies and managers toexploit these pockets of value.

36months months
4.4

6.3

Year toDate

1year

3years

5years10years

Since
inception

6.0

9.0

0.9

3.4

3.9

4.8

2.5

5.0

5.8

10.2

7.8

6.6

6.6

7.0

7.7
3.6

13.3
2.1

14.7
1.9

18.3
5.6

6.6
-2.1

10.8
-0.2

9.0
1.5

9.6
2.4

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

30/06/23
30/06/24

30/06/22
30/06/23

30/06/2130/06/22

30/06/20
30/06/21

30/06/19
30/06/20

Return net of management fee Class A Roll-Up

9.85

4.67

-11.21

13.72

1.35

ICE BofA SONIA Overnight Rate Index +4%

10.21

7.89

4.93

4.62

5.10

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

Returns shown in GBP

A Roll-Up; GBP
Dealing frequency; Cut off
Daily; 1:00 pm GMT
Domicile; Category

Returns shown in GBP

Ireland; NON-UCITS

Return net of management fee Class A Roll-Up

3.34

1.75

9.42

1.46

5.51

ICE BofA SONIA Overnight Rate Index +4%

7.15

7.44

7.81

5.46

5.06

Fund size
GBP 452.82m
Fund launch date
08 December 2009

Past performance does not predict future returns.
The benchmark is SONIA +4.5%. Prior to 1 January 2020 the benchmark was RPI +4%.

Share class launch date
08 December 2009Management fee
0.80%
ISIN; Bloomberg
IE00B4VK0N90; RIGRSGA ID
Share class NAV
GBP 440.93m

1

31 July 2024

Russell Investments Multi-Asset Growth Strategy
Sterling Fund
Portfolio Statistics
Riskversus
markets

Volatility

Sharpe Ratio

3Years3YearsFund (net)

9.0-0.1

Global Equity1

15.00.2

Global Bonds1-0.9-0.9

1Global Equity is currently represented by MSCI ACWI Net GBPH, prior to 1 January

2018 it was represented by Russell Global Large Cap Net GBPH. Global Bonds is theBloomberg Barclays
Global Aggregate GBP Hedged.

2

31 July 2024

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

Fixed Income Sector Weights
FundFund

Other

23.3%

Corporate - Investment Grade26.9%

Financials

16.8%

Other

25.4%

Information Technology

13.1%

Corporate - High Yield

17.3%

Consumer Discretionary

8.0%

Treasuries

14.1%

Health Care

7.7%

Emerging Markets - Hard Currency

13.7%

Industrials

6.9%

Government Related

2.0%

Communication Services

5.3%

Securitized

0.3%

Real Estate

3.8%

Emerging Markets - Local Currency

0.3%

Consumer Staples

3.6%

Materials

3.2%

Energy3.0%

Utilities

2.2%

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

Fund

Security

Fund

MICROSOFT CORP COMMON STOCK USD.00000625

1.6%

United Kingdom Treasury Bill

3.0%

APPLE INC COMMON STOCK USD.00001

1.4%

Microsoft Corp

1.6%

NVIDIA CORP COMMON STOCK USD.001

1.2%

1.5%

AGENCE CENTRALE ORGANISMES SEC 09/24 ZCP

0.9%

AMAZON.COM INC COMMON STOCK USD.01

0.8%

META PLATFORMS INC CLASS A COMMON STOCK USD.000006

0.7%Apple IncNVIDIA Corp

1.2%

Alphabet Inc

1.2%

UK TREASURY BILL GBP BILLS 09/24 0.00000

0.7%

Taiwan Semiconductor Manufacturing Co Ltd

1.1%

ALPHABET INC CL A COMMON STOCK USD.001

0.7%

Amazon.com Inc

0.8%

UK TREASURY BILL GBP BILLS 09/24 0.00000

0.6%

UK TREASURY BILL GBP BILLS 09/24 0.00000

0.6%

Meta Platforms Inc

0.7%

Samsung Electronics Co Ltd

0.6%

United States Treasury Note/Bond

0.5%

Equity regional weights
Fund
United States

54.7%

Europe ex UK

19.2%

Other

8.7%

United Kingdom

5.8%Emerging Markets

4.2%

Japan

2.8%

Asia ex Japan

1.9%

Canada1.7%

Australia/New Zealand

1.0%

3

31 July 2024

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

32.5%28.7%
3.8%
30.6%
3.1%

Investment Grade Credit

9.8%

Fidelity 1.7%

Metlife 2.2%

Robeco 2.7%

Western Asset Management
1.1%High Yield Credit
Emerging Market Debt

4.4%
2.8%

Russell Investments 2.0%
DDJ 0.1%

Hermes 1.5%

Russell Investments 1.2%

Convertibles

7.2%

Absolute Return
Real Assets
Real Estate

3.4%
5.8%
2.5%

iShares UCITS ETF 0.1%
Barings 1.6%
Russell Investments 2.8%
Lazard Asset Management
LLC 7.2%
Wellington 3.4%

Russell Investments 0.3%

3.2%

Cohen & Steers 1.0%
L&G Long Dated
Commodity ETF 1.7%

RREEF 1.1%

Commodities
Listed Infrastructure

0.1%

Cohen & Steers 0.0%

First Sentier 0.0%

Cash & Positioning Strategies
Cash & Positioning Strategies

31.1%
31.1%

Russell Investments 31.1%

Global Emerging Markets

Asset Allocation As At 31 July2024

Legg Mason 1.7%
Oaktree 3.0%
Wellington 2.2%
Axiom 0.5%
Oaktree 0.5%
Russell Investments 0.6%

Berenberg 1.3%
PineStone 2.7%
Russell Investments 5.2%
Barrow Hanley 0.4%
Pzena 0.3%

Nissay 2.3%
RWC 1.6%

Numeric 4.1%
Sanders 4.6%

Bin Yuan 0.1%
RWC 0.3%

Numeric 0.7%
Sands 0.3%

iShares UCITS ETF 3.1%

iShares Gold ETC 1.5%

Actual Asset Allocation As At 31 July 2024
Fixed Income

50.0%
44.2%
5.8%
0.0%

44.2%

Investment Grade Credit

13.1%

Government Bond

17.0%

High Yield Credit

4.4%

Emerging Market Debt

2.8%

Convertible Bonds

6.9%

Alternative Credit

0.1%

EquityEquityFixed Income
Real Assets
Unspecified

Nuveem Asset Management
Russell Investments 0.0%
0.0%

50.0%

Global Equity

47.2%

Regional Equity-0.9%

Emerging Markets Equity

3.8%

Real Assets

5.8%

Commodities

3.2%

Listed Infrastructure

0.1%

Listed Property & Reits

2.5%

Unspecified

0.0%

4

31 July 2024

Russell Investments Multi-Asset Growth Strategy
Sterling Fund
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. The managers above do not represent an exhaustive
list of the managers and strategies in the fund. Managers 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.
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,
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'sQuay, 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-01562-2024-08-15

5