31 July 2024

Russell Investments China Equity Fund
Fund Objective
The Fund aims to achieve long term capital growth, by investing in the shares of companies establishedor operating in the People's Republic of China (PRC). The Fund will invest predominantly in ChineseCompanies listed on exchanges in the PRC and Hong Kong and will also include other China companies
listed offshore. The Fund is actively managed with reference to the MSCI China All Shares Index (USD)- Net Returns (the Index) and seeks to outperform by 3% over the medium to long term.

Fund Update

Kathrine Husvaeg
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 underperformed the benchmark in July. An underweight to and selection within financials(capital markets, banks) was a key detractor this period. Selection was also negative within theconsumer discretionary (Miniso Group, Alibaba), health care (Sinopharm Group), industrials andinformation technology (BYD Electronic) sectors. Effective selection within real estate and materials
limited further underperformance.

Performance Review %Performance to period end
Returns shown in USD

1monthReturn net of management fee Class A
MSCI China All Shares Index Net

-2.3
-0.7

36
months months
-2.5
-2.0

10.6
12.8

Year toDate

1
year

3
years

5
years

10years

Since
inception

-2.3
1.6

-16.3
-12.9

-18.1
-13.3

-3.2
-2.8

3.6
2.2

3.9
2.0

All returns greater than 1 year are annualised

Rolling 12 Month Performance (%)
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 A-8.38-21.15-28.79

42.30

19.84

MSCI China All Shares Index Net-4.39-18.05-25.48

32.22

12.86

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

Returns shown in USD

Fund facts
Share Class; Dealing ccy
A; USD

Returns shown in USD

Dealing frequency; Cut off

Return net of management fee Class A

-0.53

10.35

15.30

-23.02

84.67

Daily; 2:00 pm GMT

MSCI China All Shares Index Net

-1.13

2.98

13.08

-34.19106.73

Domicile; Category
Ireland; UCITS
Fund size
USD 45.85m

Past performance does not predict future returns.
The current benchmark is MSCI China All Shares Index (USD) - Net Returns. Prior to 15th January 2020, the benchmark was MSCI
China All Series. Prior to 26th of November 2019, the benchmark was MSCI All China NR Index. Prior to the 27th of June 2017, thebenchmark was China Securities 300 Index. Performance prior to 27th of June 2017 was achieved under circumstances that no longer
apply (namely, prior to a merger, the Fund operated as an Irish authorised qualifying investor alternative investment fund).

Fund launch date
27 June 2017
Share class launch date24 July 2012Management fee
1.00%
ISIN; Bloomberg
IE00BF5LKK26; RIC2EQA ID
Share class NAV
USD 37.90m

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31 July 2024

Russell Investments China Equity Fund
Portfolio Statistics

FundBenchmark

3 years

FundBenchmark

Number of equity holdings

242657

Volatility

22.6

22.6

Price/Earnings

12.011.6

Tracking error

4.7

4.7

Dividend Yield

2.6

2.6

Sharpe ratio--Price to Book

1.6

1.3

Information ratio

-0.8

-0.8

EPS Growth (1 Year)

27.0

22.0

3 year return (net)-17.1%-13.3%

3 year excess return (net)-3.8%-Volatility 3 Year

22.6%

Volatility 5 Year

21.9%

Sector weights
Ten largest holdings by weight

Fund

BenchmarkConsumer Discretionary

20.3%

20.5%

Information Technology

17.0%

9.4%

5.1%

Communication Services

13.7%

14.4%

2.7%

1.5%

Financials

13.7%

18.6%

BYD Co Ltd

2.1%

1.6%

Industrials

10.5%

9.1%

PDD Holdings Inc

2.0%

2.5%

Health Care

6.4%

5.1%

Ping An Insurance Group Co of China Ltd

2.0%

1.6%

Consumer Staples

6.3%

7.4%

MINISO Group Holding Ltd

1.8%

0.1%

Materials

6.1%

6.4%

iRay Technology Co Ltd

1.6%

0.0%

Utilities

2.4%

3.8%

Kweichow Moutai Co Ltd

1.5%

2.4%

Real Estate

1.8%

1.6%

Luxshare Precision Industry Co Ltd

1.4%

0.4%

Energy

1.7%

3.9%

Other

0.0%

0.0%

IssuerFundBenchmark

Tencent Holdings Ltd

9.3%

10.1%

Alibaba Group Holding Ltd3.5%

China Merchants Bank Co Ltd

ESG Data
FundBenchmark

ESG Score

25.4

27.8

Carbon Footprint

170.1

299.8

Source: The portfolio-level ESG Risk Rating is the weighted average of theSustainalytics' 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 July 2024

Russell Investments China Equity Fund
Fund structureManager/Strategy

Strategy

TargetActual

Bin Yuan Capital (Cayman) Limited

Growth

34.0%

29.5%

Keywise Capital Management (HK) Limited

Market-Oriented

24.3%

26.0%

Russell Investments

Positioning Strategies

17.6%

24.8%

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's
Quay, 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-01562-2024-08-15

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