30 June 2024

UK IFA Intl Growth Assets
Fund Objective
This fund aims to generate long-term growth for your portfolio by predominantly investing in the sharesof companies based outside the UK. We select our pick of the best specialist managers and precisely
blend them to take advantage of a range of investment opportunities and actively manage foreign
currency. This management of assets in response to our market insights is designed to provide a strong
performance while reducing investment risks. Capital invested in the Fund is at risk and there is noguarantee that the investment objective will be met. The Fund may use currency hedging techniques toreduce exposure to currencies other than Sterling. The fund utilises both active management andpassive strategies in its implementation.

William Pearce
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.

Suggested Use
This fund can be one of the key growth drivers in your portfolio and a diversifier to UK equities.
Investments include companies based in the Americas, Europe, Asia and the Emerging Markets.
Companies will typically be large, stable multi-nationals with good growth prospects, such as Walt
Disney or Samsung.

Fund Update
The Fund underperformed the benchmark over the quarter. The Fund’s value tilt was unrewarded in themarket environment. At the sector level, underweight exposure to and stock selection within
information technology – the best-performing sector this quarter – detracted. This included
underweight exposure to Nvidia, Apple and Broadcom and overweight exposure to Samsung
Electronics, which was ineffective. Stock selection within industrials was unhelpful, notably offbenchmark positions in Japanese names Nagoya Railroad, Mabuchi Motors and JGC Holdings.
However, underweight exposure to real estate and financials provided modest gains.

Performance Review %Performance to period end
Returns shown in GBP
Fund facts
Inception date
12 January 2010

1monthReturn net of management fee Class CAcc
MSCI ACWI Index (GBP Hedged) Net

3
6months monthsYear toDate

1year

3years

5years10years

Since
inception

1.2

0.7

10.1

10.1

15.4

5.4

9.5

9.8

10.4

2.8

3.1

12.8

12.8

20.3

7.6

10.9

10.2

10.9

All returns greater than 1 year are annualised

SectorIMA Global
BenchmarkRolling 12 Month Performance (%)

MSCI ACWI Index (GBP Hedged) Net
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 C Acc

15.39

13.78

-10.74

35.09

-0.66

MSCI ACWI Index (GBP Hedged) Net

20.33

13.25

-8.66

30.03

3.45

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

SEDOL

Returns shown in GBP

B4KHXP4
Ongoing Charge
1.16% (30/11/23)
Minimum Investment£1,000 initial, £500 subsequent
Currency

Returns shown in GBP

GBP

Return net of management fee Class C Acc

8.23

8.22

24.40

3.17

8.07

Distribution date

MSCI ACWI Index (GBP Hedged) Net

7.42

9.66

20.45

4.71

6.61

28 February

Past performance does not predict future returns.
The MSCI All Country World Index, Net 50% hedged to GBP has been chosen as a comparator benchmark for fund performance
because it reflects the geographical diversification of the securities held by the Fund (Comparator Benchmark). The Fund is not
obliged to hold all constituents of the Comparator Benchmark and its performance may deviate materially from the Comparator
Benchmark.

1

30 June 2024

UK IFA Intl Growth Assets
Portfolio Statistics

No of Managers

10

No of Holdings

966

Volatility 3 Year

12.6%

Volatility 5 Year
Current Yield

14.6%

Fund size

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

0.99%
GBP 142.82m

15%

59%

7%

19%Issuer

Fund

Taiwan Semiconductor Manufacturing Co Ltd

3.2%

Microsoft Corp

2.5%

Alphabet Inc

2.1%

Meta Platforms Inc

1.8%

Apple Inc

1.5%

Samsung Electronics Co Ltd

1.2%

Amazon.com Inc

1.1%

Tencent Holdings Ltd

0.9%

NVIDIA Corp

0.8%

Alibaba Group Holding Ltd

0.8%

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

Country weight
Fund

Sector weights
Fund

United States

68.8%

Japan

4.9%

Information Technology

21.3%

United Kingdom

3.7%

Financials

15.3%

China/Hong Kong

2.7%

Consumer Discretionary

12.5%

Switzerland

2.7%

Health Care

12.0%

France

2.6%

Industrials

11.0%

Canada2.5%

Communication Services

8.4%

Netherlands

2.3%

Consumer Staples

6.6%

Germany

2.0%

Materials

5.3%

Australia

1.5%

Energy4.3%

Utilities

1.6%

Real Estate

1.5%

Other

0.3%230 June 2024

UK IFA Intl 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