31 July 2024

Russell Investments Emerging Market Debt Local
Currency Fund
Fund Objective
The Fund aims to achieve long term income and growth on your investment by investing in the bonds ofissuers in emerging markets (developing countries). The Fund is actively managed with reference to the
JP-Morgan GBI-EM Global Diversified (USD) Index (the Index) which it seeks to outperform by 1% overthe medium to long term. Russell Investments/ Money Managers have full discretion to selectinvestments for the Fund

Fund Update

Gerard Fitzpatrick
Portfolio Manager

Russell Investments' Global Fixed
Income Team comprises over 9
experienced professionals,
including portfolio managers,
researchers, portfolio analysts, andstrategists in Russell Investments
offices around the globe.
The team manages cash and multistrategy fixed income portfolios,
which include global, regional,
investment grade, high yield,
emerging market debt and absolute
return mandates.

The Fund is dynamically managed in alignment with our cycle, valuation, sentiment (CVS) framework as
well as to take advantage of tactical opportunities within each manager’s excess return cycle. Webelieve the variety of the local debt markets makes investing in Emerging Market Debt an attractive
complement to other fixed income and equity exposures. Some emerging market countries have
implemented interest rate cuts ahead of the developed market cycle and sizeable rate cuts are now
priced into the market. We have chosen managers for the Fund which are high conviction research
picks who have complementary characteristics; one has a ‘Value Driven’ investment process while theother is more ‘Fundamental’ in their approach.

Performance Review %Performance to period end
Returns shown in EURReturn net of management fee ClassClass U EuroJP Morgan GBI-EM Global DiversifiedIndex

1month36months months

Year toDate

1year

3years

5years10years

Since
inception

1.7

1.2

-1.6

-1.8

-1.1

1.8

-0.3

0.5

-0.5

1.3

1.6

0.4

0.5

2.0

0.6

-0.5

1.6

0.9

All returns greater than 1 year are annualised

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

30/06/23
30/06/24

30/06/22
30/06/23

30/06/21
30/06/22

30/06/20
30/06/21

30/06/19
30/06/20

Return net of management fee Class Class U Euro-0.64

9.27-5.20

1.29-4.73

JP Morgan GBI-EM Global Diversified Index

2.48

6.73

-8.44

0.93

-1.47

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 Class U Euro

8.34

-7.14

3.02

-0.11

1.91

JP Morgan GBI-EM Global Diversified Index

11.74

-4.59

3.65

2.29

3.97

Returns shown in EUR

Dealing frequency; Cut off
Daily; 2:00 pm GMT
Domicile; Category
Ireland; UCITS

Returns shown in EUR

Fund size
USD 66.72m
Fund launch date

Past performance does not predict future returns.

28 September 2012

The current benchmark is JP Morgan GBI-EM Global Diversified (USD) Index, converted into the currency displayed in theperformance table above where applicable.

Share class launch date18 February 2013

Management fee
2.20%
ISIN; Bloomberg
IE00B7YK2S66;
Share class NAV
EUR 0.01m

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31 July 2024

Russell Investments Emerging Market Debt Local
Currency Fund
Portfolio Statistics
Fund

3 years

FundBenchmark

5.5Volatility

10.5

10.5

Average maturity

9.5

Tracking error

3.63.6

Average credit rating

BBB

Sharpe ratio

Effective duration

Yield to worst

7.4

Ten largest holdings by weight
Fund

Republic of South Africa Government Bond

13.3%

Indonesia Treasury Bond

12.1%

Mexican Bonos

12.0%

Malaysia Government Bond

10.3%

Colombian TES

8.6%

Brazil Notas do Tesouro Nacional Serie F

7.3%

Hungary Government Bond

5.9%

Czech Republic Government Bond

4.1%

Peru Government Bond

3.7%

Republic of Poland Government Bond

2.4%

Credit Quality Weights

0.8

3 year return (net)

2.0%

0.6%

3 year excess return (net)

1.3%

-Fund

BenchmarkSouth Africa

0.80.5

Mexico0.7

0.5

Indonesia

0.7

0.5

Malaysia

0.5

0.7

Colombia

0.5

0.2

Czech Republic

0.4

0.3

Hungary

0.4

0.1

Peru

0.3

0.1

Brazil0.3

0.2

Poland

0.2

0.3

Fund

BenchmarkBrazilian Real

11.5%

8.5%

South African Rand

10.3%

8.9%

Malaysian Ringgit

10.3%

10.2%

Indonesian Rupiah

10.0%

10.2%

Mexican Peso

9.6%

10.2%

Thai Baht

7.8%

9.5%

Hungarian Forint

6.5%

3.0%

Colombian Peso

6.3%

4.5%

Polish Zloty

6.2%

8.0%

Yuan Renminbi

4.0%

10.2%

Currency Exposure
FundBenchmark

AAA

10.6%

0.0%

AA

5.0%

5.9%

A

14.6%

30.2%

BBB

45.5%

44.2%

21.0%

18.1%

B

2.5%

1.6%

CCC & Below

0.3%

0.0%

Unrated-0.8

Duration Contribution

Issuer

BB-Information ratio

0.4%

0.0%

2

31 July 2024

Russell Investments Emerging Market Debt Local
Currency Fund
Fund structureManager/Strategy

Strategy

TargetActualBarings LLC

Emerging Market Debt

49.5%

48.8%

Colchester Global Investors Limited

Emerging Market Debt

49.5%

48.9%

Russell InvestmentsPositioning Strategies

1.0%

2.2%

Any reference to specific money managers should not be taken as a recommendation. Money managers are 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

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