30 June 2024

UK IFA UK Growth Assets
Fund Objective
This fund aims to generate long term growth for your portfolio by investing in the shares of UKcompanies. We select our pick of the best specialist managers and precisely blend them to takeadvantage of a range of investment opportunities. This is designed to give strong performance while
keeping risk under control. Capital invested in the Fund is at risk and there is no guarantee that theinvestment objective will be met. The Fund may use currency hedging techniques to reduce exposure tocurrencies other than Sterling. The fund utilises both active management and passive strategies in its
implementation.

Suggested Use
Patrick Egan
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

This fund can be one of the key growth drivers in your portfolio and a diversifier to global equities. Theinvestments are in the UK so the fund will not be influenced by currency returns. However many of thecompanies, such as GlaxoSmithKline, get a large share of revenue from global markets. We believe thiswill help the fund to benefit from global consumer growth.

Fund Update
The Fund slightly underperformed the positive benchmark return. In contrast to the previous quarter,
exposure to stocks with high anticipated growth rates was unrewarded, which weighed on theperformance of the Fund’s growth-oriented managers. Large capitalisation stocks performed well,which did not suit the Fund’s tilt towards small and mid-capitalisation stocks. An underweight to andnegative selection within health care was a key detractor, primarily due to an underweight toAstraZeneca. Positioning and selection within industrials (overweight) and materials (underweight) wasalso negative. However, underweights to and effective selection within consumer staples (Diageo) andutilities (National Grid) contributed positively.

Performance Review %Performance to period end
Returns shown in GBP

1monthReturn net of management fee Class CAcc
FTSE All Shares Index - Sterling TR

36months months

Year toDate

1year

3years

5years10years

Since
inception

-1.8

2.6

8.1

8.1

15.1

4.7

4.3

4.9

6.6

-1.2

3.7

7.4

7.4

13.0

7.4

5.5

5.9

7.0

All returns greater than 1 year are annualised

SectorIMA UK All Companies
BenchmarkRolling 12 Month Performance (%)

FTSE All Shares Index - Sterling TR
30/06/23
30/06/24

30/06/2230/06/23

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 Acc

15.13

11.06

-10.2030.17-17.47

FTSE All Shares Index - Sterling TR

12.98

7.89

1.64

21.45

-12.9930/06/18
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

SEDOL

Returns shown in GBP

B4L1FT3
Ongoing Charge
1.09% (30/11/23)
Minimum Investment£1,000 initial, £500 subsequent
Currency

Returns shown in GBP

GBP

Return net of management fee Class C Acc

-1.59

10.97

20.93

-5.875.00

Distribution date

FTSE All Shares Index - Sterling TR

0.57

9.02

18.12

2.21

2.60

28 February

Past performance does not predict future returns.
The FTSE All Share Index has been chosen as a comparator benchmark for fund performance because it reflects the geographicalcomposition of the securities held by the Fund. The Fund is not obliged to hold all constituents of the benchmark and its performance
may deviate materially from the benchmark.

1

30 June 2024

UK IFA UK Growth Assets
Portfolio Statistics

No of Managers

5No of Holdings

162

Volatility 3 Year

13.1%Volatility 5 Year
Current Yield
Fund size

17.6%
2.1%
GBP 44.25m

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

Fund13%62%7%18%Issuer

FundShell PLC

6.1%

HSBC Holdings PLC

4.7%

BP PLC

3.1%

Unilever PLC

2.9%

AstraZeneca PLC

2.8%

Rolls-Royce Holdings PLC

2.5%

GSK PLC

2.5%

4imprint Group PLC

1.9%

3i Group PLC

1.9%

Games Workshop Group PLC

1.8%

LOWER RETURN
THAN PEER GROUP

Ten largest holdings by weight

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 sector

Sector weights
Fund
Financials

22.4%

Industrials

17.1%

Consumer Discretionary

12.5%

Energy10.5%

Consumer Staples

10.4%

Communication Services

8.8%

Health Care

7.0%

Information Technology

4.6%

Materials

3.8%Real Estate

1.6%

Utilities

1.5%

Other0.0%2

30 June 2024

UK IFA UK Growth 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.
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PaR-00709 (EXP Dec 2024)
M-01539 2024-07-123