31 July 2024

Russell Investments Global Selective Equity
Opportunities Fund
Fund Objective
The objective of the Fund is to achieve long term growth by investing at least 80% of its assets in theequities of companies and securities related to the equities of companies, e.g. convertibles andwarrants, listed on regulated markets worldwide. The Fund is actively managed with reference to theMSCI World Index (USD) - Net Returns (the Index) which it seeks to outperform by 1.5% over themedium to long term. Russell Investments/ Money Managers have full discretion to select investments
for the Fund.

Fund Update
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, emergingmarket, frontier market, and global
equity mandates.

The Fund outperformed the benchmark in July. The tilt towards small cap and value stocks wasrewarded this month. In sectors, an underweight to and selection within technology (underweight
Nvidia, Microsoft) contributed positively. Selection within industrials and materials was also additive.
However, underweights to Apple and Tesla and overweights to Uber and Universal Music Group, offset
some of these gains.

Performance Review %Performance to period end
Returns shown in USD

1
month

Return net of management fee Class A
Acc
MSCI World Index - Net Return USD

3
6months months

Year toDate

1
year

3
years

5
years

10years

Since
inception

2.2

7.0

10.1

10.6

14.6

5.9

11.7

-12.1

1.8

8.5

12.4

13.7

18.3

6.8

12.1

9.5

11.9All 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 Acc

16.05

19.66

-15.37

42.56

1.47

MSCI World Index - Net Return USD

20.19

18.51

-14.34

39.04

2.84

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 A Acc

5.69

12.78

21.14

--MSCI World Index - Net Return USD

6.33

11.09

18.20

--Returns shown in USD

Fund facts
Share Class; Dealing ccy
A Acc; USD
Dealing frequency; Cut offDaily; 1:00 pm GMT
Domicile; Category

Returns shown in USD

Ireland; UCITS
Fund size

Past performance does not predict future returns.

USD 378.86m
Fund launch date
30 June 2016
Share class launch date
30 June 2016

Management fee
0.43%
ISIN; Bloomberg
IE00BYY9D898; RUIGEAA ID
Share class NAV
USD 105.94m

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31 July 2024

Russell Investments Global Selective Equity
Opportunities Fund
Portfolio Statistics
FundBenchmark

3 years

FundBenchmark

Number of equity holdings

1143

1429

Volatility

16.3

16.3

Price/Earnings

21.3

20.8

Tracking error

2.4

2.4

Dividend Yield

2.2

2.2

Sharpe ratio--Price to Book

2.4

3.0

Information ratio

-0.1

-0.1

EPS Growth (1 Year)

20.2

20.5

3 year return (net)

6.5%

6.8%

3 year excess return (net)-0.4%-Ten largest holdings by weight
IssuerFundBenchmarkOracle Corp

1.1%

0.3%

Meta Platforms Inc

1.0%

1.5%

Mastercard Inc

1.0%

0.6%

Taiwan Semiconductor Manufacturing Co Ltd

1.0%

Johnson & Johnson

Sector weightsFund

BenchmarkInformation Technology

21.6%

25.0%

Financials

17.2%

15.4%

0.0%

Health Care

12.1%

11.9%

0.9%

0.6%

Industrials

11.6%

11.0%

Amazon.com Inc

0.9%

2.6%

Consumer Discretionary

11.5%

10.1%

Apple Inc

0.9%

4.8%

Communication Services

7.3%

7.4%

Novo Nordisk A/S

0.8%

0.6%

Materials

6.3%

3.7%

BP PLC

0.7%

0.1%

Consumer Staples

5.4%

6.4%

AutoZone Inc

0.7%

0.1%

Energy4.3%

4.3%

Utilities

1.5%

2.6%

Real Estate

1.3%

2.2%

Other

0.0%

0.0%

Fund

BenchmarkRegional weightsFundBenchmark

United States

68.1%

71.0%

Europe ex UK

14.1%

13.4%

Japan

6.4%

5.9%

United Kingdom

4.5%

3.7%

ESG Score

20.6

20.3

Canada2.7%

3.1%

Carbon Footprint

86.6

95.7

Australia/New Zealand

1.7%

1.9%

Emerging Markets

1.6%

0.1%

Asia ex Japan

0.8%

0.8%

Source: The portfolio-level ESG Risk Rating is the weighted average of the Sustainalytics'
Risk Rating for securities in the portfolio. The Sustainalytics Risk Rating details areavailable at https://www.sustainalytics.com/esg-data. Carbon footprint is the weightedaverage carbon intensity of the Scope 1 and 2 carbon emission intensity of companies inthe portfolio. It is measured in tonnes of CO2e divided by revenue (USD $M).

ESG Data2

31 July 2024

Russell Investments Global Selective Equity
Opportunities Fund
Fund structureManager/Strategy

Strategy

TargetActual

ARROWSTREET-GL EQ GBP-OE

Commingled Vehicle(s)

9.0%

8.7%

Brandywine Global Investment Management, LLC

Value

9.0%

7.4%

Joh. Berenberg, Gossler & Co. KG

European All Cap

6.0%

6.1%

Kopernik Global Investors LLC

Value

7.0%

4.9%Mar Vista Investment Partners, LLC

Market-Oriented

8.0%

11.4%

Morgan Stanley Investment Management Limited

Growth8.0%

8.0%

Nissay Asset Management CorporationValue

6.5%

4.5%

PineStone Asset Management Inc.

Growth

10.5%

13.2%

Pzena Investment Management, LLC

Value

9.5%

6.7%

S.W. Mitchell Capital LLP

Market-Oriented

8.5%

7.1%

Sompo Asset Management Co., Ltd.

Value

7.0%

5.3%

Russell Investments

Positioning Strategies

11.0%

16.7%

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© 1995-2024 Russell Investments Group, LLC. All rights reserved.
PaR-00709 (EXP Dec 2024)
M-01562-2024-08-15

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