31 March 2024

Russell Investments Japan Equity Fund
Fund Objective
The Fund aims to achieve long term growth by investing in the shares of Japanese companies. The Fundis broadly diversified across different Japanese companies and industry sectors. The Fund is actively
managed with reference to the Topix Index (JPY) - 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 toselect 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.

Fund Update
Makiko Hakozaki
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.

The Fund outperformed the benchmark in the first quarter. The tilt towards value was rewarded in theregion. In sectors, stock selection within industrials (overweight Mitsui E&S Co.) was a key contributor
to excess returns, followed by an overweight to and selection within financials (overweight ORIXCorporation). However, an underweight to Toyota Motor within consumer discretionary and selection
within technology detracted from further outperformance.

Performance Review %Performance to period end
Returns shown in EUR
Return net of management fee Class F
Accum
Topix Dividends Index (JPY) - Net
Returns (EUR)

1month3
6months months

Year toDate1year

3years

5years10years

Since
inception

4.0

12.5

14.4

12.5

22.2

2.7

5.6

8.0

3.8

3.3

12.4

16.3

12.4

24.6

6.2

7.9

9.2

4.9

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
Returns shown in EUR

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

Fund facts

Return net of management fee Class F Accum

22.25

-4.77

-7.08

33.73

-9.40

Share Class; Dealing ccy

Topix Dividends Index (JPY) - Net Returns (EUR)

24.60-1.59

-2.28

29.23

-5.43

31/03/18
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 F Accum

-1.39

8.69

23.91

-10.5038.11

Fund size

Topix Dividends Index (JPY) - Net Returns (EUR)

-0.42

5.24

22.85

-10.61

43.62

JPY 14,303.83m

Past performance does not predict future returns.

F Accum; EUR
Dealing frequency; Cut offDaily; 2:00 pm GMT

Returns shown in EUR

Domicile; Category
Ireland; UCITS

Fund launch date
20 June 1995
Share class launch date
30 June 2002

Management fee
1.80%ISIN; Bloomberg
IE0031503448; FRIPJFF ID
Share class NAV
EUR 1.64m

131 March 2024

Russell Investments Japan Equity Fund
Portfolio Statistics

Number of equity holdings

Fund

Benchmark3 years

Fund

Benchmark02148

Volatility

11.8

11.8

Tracking error

3.1

3.1

Sharpe ratio

-0.4

-0.4

Information ratio

-0.5

-0.5

3 year return (net)

2.7%

6.2%

3 year excess return (net)-3.6%-Price/Earnings

18.7

Dividend Yield

2.2

Price to Book

1.4

EPS Growth (1 Year)

26.7

2.2

0.0Ten largest holdings by weight
IssuerFundBenchmarkHitachi Ltd

2.9%

1.7%

Seven & i Holdings Co Ltd

2.3%

0.6%

Sumitomo Mitsui Financial Group Inc

2.3%

1.6%

Honda Motor Co Ltd

2.2%

Toyota Motor Corp

Sector weights
Fund

BenchmarkIndustrials

24.7%

24.3%

Consumer Discretionary

17.6%

18.6%

1.1%

Financials

17.1%

12.8%

2.1%

5.3%

Information Technology

13.9%

13.9%

Tokyo Electron Ltd

2.0%

2.1%

Consumer Staples

6.9%

6.1%

ORIX Corp

2.0%

0.5%

Materials

6.7%

5.9%

Sony Group Corp

1.9%

2.3%

Communication Services

3.9%

7.0%

Mitsubishi Estate Co Ltd

1.9%

0.5%

Real Estate

3.7%

2.2%

Mitsubishi UFJ Financial Group Inc

1.9%

2.4%

Health Care

3.3%

6.8%

Utilities

1.4%

1.4%

Energy0.7%

0.9%

ESG Data
FundBenchmark

ESG Score

23.4

23.5

Carbon Footprint

63.1

83.0

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 March 2024

Russell Investments Japan Equity Fund
Fund structureManager/Strategy

Strategy

TargetActualAsset Management One Co., Ltd.

Growth

17.9%

16.4%

M&G Investments (USA) Inc.

Market-Oriented

16.6%

16.3%

Polymer Capital Japan Limited

Growth7.2%

9.6%

Sompo Asset Management Co., Ltd.

Value

29.1%

23.9%

SPARX Asset Management Co., Ltd.

Growth

16.6%

15.0%

Russell Investments

Positioning Strategies

12.7%

18.9%

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'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
PaR-00709 (EXP Dec 2024)
M-01454-2024-4-113