30 June 2024

UK IFA Real Assets
Fund Objective
The Real Assets Fund combines a range of investments that are indirectly linked to physical (real)
assets. Real assets include commodities (metals, oil, agricultural produce, property companies andinfrastructure companies e.g. toll roads, power networks). We manage total risk using UK inflationlinked bonds and cash. 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
Thomas Sollis
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

Using only equities in a portfolio can be a riskier approach than constructing a portfolio which includes
both equities and non-equities. Including real assets will help diversify some of the risk from other partsof the portfolio but this fund is not appropriate for stand-alone investment.

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 a
sharp move in April. In this market environment, global equities rose while fixed income markets
lagged. The Fund’s allocation to listed infrastructure was additive albeit slightly lagging global equities,
as infrastructure’s energy-related exposure benefitted from increased electricity demand for the build
out of data centres. Our commodities exposure also benefitted, with gold prices rising on geopoliticaluncertainty, and copper rising on increased demand due to AI capex spending as well as a tightening ofsupply. However, our exposure to listed real estate detracted as the higher for longer narrative andnegative sentiment from April weighed on the asset class. Meanwhile, our small exposure to US shortdated inflation linked bonds added diversification, benefiting from its attractive carry.

Performance Review %Performance to period end
Returns shown in GBPReturn net of management fee Class C
Class Share Accumulation GBP
UK Retail Price Index

1month36months months

Year toDate

1
year

3
years

5
years

10
years

Since
inception

-0.2

0.4

1.3

1.3

5.2

2.4

2.3

2.5

3.2

0.4

1.4

2.4

2.4

3.08.6

6.0

4.2

4.1

01 January 2010
Sector

All returns greater than 1 year are annualised

IMA Specialist
Benchmark
UK Retail Price Index

Rolling 12 Month Performance (%)

SEDOL
B4KQS12
Ongoing Charge
1.21% (30/11/23)
Minimum Investment

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 Class
Share Accumulation GBP

5.16

-3.52

5.68

18.26

-11.73

UK Retail Price Index

2.96

11.33

11.66

3.32

1.04

Returns shown in GBP

30/06/18
30/06/19

30/06/17
30/06/1830/06/16
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

2.81

2.52

2.34

7.05

-0.98

UK Retail Price Index

3.03

3.31

3.66

1.39

1.02

Returns shown in GBP£1,000 initial, £500 subsequent
Currency
GBP
Distribution date
28 February

Past performance does not predict future returns.
The UK Retail Price Index is the target benchmark against which the performance of the Fund has been set. The benchmark waschosen because the Fund will invest in investments that are inflation-linked.

130 June 2024

UK IFA Real Assets
Portfolio Statistics

Fund
No of Managers

13No of Holdings

352

Volatility 3 Year

10.7%

Volatility 5 Year

12.1%

Current yield

1.2%

Fund size

GBP 28.97m

Regional weights
Fund
United States

59.9%

Europe ex UK

13.1%

United Kingdom

8.8%Australia/New Zealand

6.0%

Japan

4.0%

Asia ex Japan

3.7%

Canada3.1%

Emerging Markets

1.2%

Other

0.3%

2

30 June 2024

UK IFA Real Assets
Portfolio Structure
Portion of fund

Allocation
to fundManagers allocated to each portion, and their weight in the total fundportionFixed Income
Core Global Fixed IncomeReal Assets

4.5%
4.5%
89.9%

iShares UCITS ETF 4.5%

Real Estate

36.2%

Cohen & Steers 7.7%

RREEF 8.5%

Commodities

17.8%

L&G Long Dated
Commodity ETF 16.3%

iShares Gold ETC 1.5%

Listed Infrastructure

35.9%

Cohen & Steers 3.0%

First Sentier 7.1%

Cash & Positioning Strategies
Cash & Positioning Strategies

5.6%
5.6%

Russell Investments 2.0%

iShares Environment andLow Carbon ETF 18.0%

Nuveem Asset Management
Russell Investments 2.0%
5.9%

Xtrackers S&P
Infrastructure ETF 17.9%
Russell Investments 5.6%

3

30 June 2024UK IFA Real 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.
The value of a REIT depends on factors including the general economic climate and outlook, overall performance and outlook of the property market and related sectors, market
value of and amount of rental income generated by its underlying properties, the levels of and any changes in interest rates, and the overall depth and liquidity of the real estatemarket and other assets in which the REIT is invested.
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.
© 1995-2024 Russell Investments Group, LLC. All rights reserved.
PaR-00709 (EXP Dec 2024)
M-01539 2024-07-124