30 June 2024

UK IFA Defensive Assets
Fund Objective
This fund aims to preserve your capital over the long term and give you a greater return than you’d getfrom cash, with low volatility. We aim to achieve this by combining traditionally lower volatility
investments to produce steady returns. Capital invested in the Fund is at risk and there is no guaranteethat the investment objective will be met. The Fund may use currency hedging techniques to reduce
exposure to currencies other than Sterling. The fund utilises both active management and passive
strategies in its implementation.

Suggested Use
Alain Zeitouni
Portfolio Manager

Russell Investments' Multi-Asset
Strategies Team comprises over 23
experienced professionals,
including portfolio managers,researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe. This teamfocuses on total client outcomes,
including all major asset classes intheir solutions. They identify areasof the market offering attractive
valuations and growth potential
with a reasonable level of risk andresearch strategies and managers toFund facts
Inception date
12 January 2010

We've designed this fund to offset some of the risk of equities and real assets, and help achieve a steadytotal return. It has diversification built-in and works well as the defensive element within a wider
portfolio of investments. This fund is designed to be the defensive element within a wider portfolio ofinvestments.

Fund Update
The Fund delivered a positive return in the second quarter. Inflation fell in the US and the UK,supporting investor hopes for rate cuts later this year. Nonetheless, yields moved higher overall due to asharp move in April. In this market environment, fixed income markets lagged as rate cuts were pushed
to later in the year. Our large exposure to rate-sensitive government bonds and investment grade credit
was ineffective due to higher yields. Our exposure to high yield bonds was positive despite credit
spreads widening slightly given the nice overall yield from the asset class and lower interest ratesensitivity. However, our exposure to alternative sources of fixed income through US short-dated
inflation linked bonds and securitised credit added diversification, benefiting from their attractive carryand low interest rate sensitivity.

Performance Review %Performance to period end
Returns shown in GBPReturn net of management fee Class C
Class Share Accumulation GBP
Bank of England Base Rate

1month36months months

Year toDate

1year

3years

5years

10
years

Since
inception

1.0

0.2

0.3

0.3

5.4

-2.7

-0.5

0.4

0.8

0.4

1.3

2.6

2.6

5.2

2.9

1.9

1.2

1.0

All returns greater than 1 year are annualised

Benchmark
Bank of England Base Rate
SEDOL

Rolling 12 Month Performance (%)

B4L7KL830/06/2330/06/2430/06/2230/06/23

30/06/21
30/06/22

30/06/20
30/06/21

30/06/19
30/06/20

Return net of management fee Class C Class
Share Accumulation GBP

5.43

-1.76

-11.04

2.18

3.35

Bank of England Base Rate

5.24

3.16

0.35

0.10

0.56

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

Return net of management fee Class C Class
Share Accumulation GBP

4.18

0.03

1.48

0.88

0.25

Bank of England Base Rate

0.73

0.41

0.27

0.50

0.50

Ongoing Charge

Returns shown in GBP

0.87% (30/11/23)
Minimum Investment£1,000 initial, £500 subsequent
Currency
GBP
Distribution date

Returns shown in GBP

28 February

Past performance does not predict future returns.
The Bank of England Base Rate is the target benchmark against which the performance of the Fund has been set. The benchmark waschosen because the Fund aims to generate cash equivalent returns. The Fund is intended to form a component part of a diversified
portfolio of holdings, rather than as a standalone investment.

1

30 June 2024

UK IFA Defensive Assets
Portfolio Statistics

No of Managers

21

No of Holdings

4352Volatility 3 Year

5.9%

Volatility 5 Year

5.7%

Current yield

2.3%

57%

1%

40%

3%

GBP 51.21m

LOWER RETURN
THAN PEER GROUP

Fund size

Rolling 12-Month Risk & Return
HIGHER RETURN
THAN PEER GROUP

Fund

LOWER RISK THAN
PEER GROUPHIGHER RISK THAN
PEER GROUP

The vertical quadrants illustrate the percentage of 12-month periods the fund hasdelivered more or less return than the Bank of England Base Rate. The horizontal
quadrants show how often the fund exhibited more or less volatility than the Morningstar
Europe OE Global Large-Cap Blend Equity sector2

30 June 2024

UK IFA Defensive Assets
Portfolio Structure
Portion of fund

Allocation
to fundManagers allocated to each portion, and their weight in the total fundportionFixed Income

90.3%Core Global Fixed Income

49.9%-Investment Grade Credit

23.4%-SecuritisedHigh Yield Credit
Cash & Positioning Strategies
Cash & Positioning Strategies

4.4%
12.6%
9.7%
9.7%

RBC Global AssetManagement 6.2%
iShares USD UCITS ETF
4.1%

Schroder 3.4%
iShares UK UCITS ETF
7.1%

Fidelity 3.2%

Metlife 4.6%

Russell Investments 3.9%

iShares GBP ESG corporatebond ETF 4.0%

Schroders 4.4%
Barings 4.5%

DDJ 0.2%

Western Asset Management
Russell Investments 6.8%
2.4%
Amundi Government Bond iShares Global bond ESG
ETF 12.5%
ETF 7.3%
Western Asset Management
Robeco 5.4%
2.3%

Hermes 4.2%

Russell Investments 3.7%

Russell Investments 9.7%

3

30 June 2024

UK IFA Defensive Assets

Important Information
FP Russell Investments ICVC (the "Company") is an investment company with variable capital incorporated in England and Wales under registered number IC000708 and authorisedby the Financial Conduct Authority (the "FCA") with effect from 22 October 2008. FundRock Partners Limited (formerly Fund Partners Limited) is the Authorised Corporate Director(the "ACD") of the FP Russell Investments ICVC and is authorised and regulated by the FCA. Registered office: 52-54 Gracechurch Street, London EC3V 0EH.
Russell Investments Limited has been appointed as the investment manager and distributor in respect of the Company. Applications for shares in the Company are subject to theterms and conditions set out in the Prospectus, Key Investor Information Document (KIID), Supplementary Information Document (SID), Instrument of Incorporation and latest
annual and half-yearly long reports of the Company.
Investors and potential investors must read the KIID and are also advised to read the remaining documents (and in particular the risk warnings) before making an investment in theCompany. Copies are available free of charge on request from the ACD and Russell Investments Limited.
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.
Please note that the value of investment and the income derived from them may go down as well as up and an investor may not receive back the amount originally invested. Any
past performance figures are not a guide to future performance.
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.
Past performance does not predict future returns.
Any reference to specific securities/companies are for illustrative purpose only and should not be taken as arecommendation to buy or sell.
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.
PaR-00709 (EXP Dec 2024)
M-01539 2024-07-124