30 June 2024

Russell Investments Global High Yield Fund
Fund Objective
Fund objective The Fund aims to achieve long term income and growth by investing in high yieldcorporate bonds issued by companies in both developed and emerging markets. The Fund invests inbonds issued which pay either a fixed or variable rate of interest. The Fund is actively managed withreference to the ICE BofA Developed Markets HY Constrained Index (EUR) (the Index) which it seeks tooutperform by 0.75% over the medium to long term. Russell Investments/ Money Managers have fulldiscretion to select investments for the Fund. This product is an Article 8 product, as defined under EU
regulation - it promotes environmental or social characteristics and invests in companies that follow
good governance practices. This product does not have sustainable investment as its objective.

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.

Fund Update
The Fund outperformed the benchmark over the quarter. High yield spreads widened amid heightenedpolitical uncertainty, particularly in Europe. This followed the announcement of snap parliamentaryelections in France after the far-right made significant gains in European Union elections. In US credit,
overweight exposure to high yield financials contributed positively although this was offset by anunderweight to high yield industrials which detracted. Exposure to US investment grade was helpful. InEurope, an overweight to high yield industrials detracted. However, overweights to high yield in othermarkets contributed positively. In hard currency emerging market debt, overweight exposure to highyield in Latin America and Asia was beneficial.

Performance Review %Performance to period end
Returns shown in GBP

1
month

Return net of management fee Class
GBP-H
ICE BofA Developed Market HYConstrained Index GBP Hedged

36months months

Year toDate

1year

3years

5years10years

Since
inception

0.6

1.22.3

2.3

10.3

0.3

2.9

2.9

4.9

0.9

1.2

2.9

2.9

10.6

1.2

2.9

3.6

5.7

All returns greater than 1 year are annualised

Fund facts

Rolling 12 Month Performance (%)

Share Class; Dealing ccy
GBP-H; GBP

Returns shown in GBP

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

Dealing frequency; Cut off

Return net of management fee Class GBP-H

10.28

6.30

-13.98

17.66

-2.94

Daily; 2:00 pm GMT

ICE BofA Developed Market HY Constrained
Index GBP Hedged

10.65

8.04

-13.25

14.10

-2.38

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 GBP-H

5.32

-1.66

12.84

1.00

-1.68

ICE BofA Developed Market HY Constrained
Index GBP Hedged

6.38

0.54

11.48

3.79

-0.30

Domicile; Category
Ireland; UCITS
Fund size
EUR 409.06m
Fund launch date
28 February 2012
Share class launch date
08 December 2009

Returns shown in GBP

Past performance does not predict future returns.

Management fee
1.00%
ISIN; Bloomberg
IE00B761WB08;
Share class NAV
GBP 57.74m

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30 June 2024

Russell Investments Global High Yield Fund
Portfolio Statistics

FundBenchmark

3 years

FundBenchmark

3.4

3.0

Volatility

7.7

7.7

0.0

0.0

-0.5

-0.5

Effective duration
Average maturity

7.3

6.1

Tracking error

Average credit rating

BBB

Sharpe ratio

Yield to worst

5.4

6.4

Ten largest holdings by weight
Security

Fund

BenchmarkUS TREASURY N/B 08/25 2.75

3.0%

-

REAL ALLOY COMMO

1.4%-UNITED KINGDOM GILT BONDS REGS 09/24 2.75

1.4%

-TREASURY BILL 08/24 0.00000

1.2%

-

HIGHLAND HOLDINGS BOND SR SECURED 144A 10/25
7.625

0.6%

-LEVEL 3 FINANCING INC SR SECURED 144A 11/29 110.5%

0.1%

GLOBAL AIR LEASE CO LTD SR UNSECURED 144A
09/24 6.5

0.5%

-TRAVELEX ISSUERCO 2 PLC COMPANY GUAR REGS
08/25 12.5

0.5%

-MARKS + SPENCER PLC SR UNSECURED REGS 07/27
4.5

0.5%

0.0%

PIKE CORP COMPANY GUAR 144A 09/28 5.5

0.5%

0.0%

Credit Quality Weights
FundBenchmark

Information ratio--3 year return (net)

1.4%

1.2%

3 year excess return (net)

0.2%-Sector weights
Fund

BenchmarkCorporate - High Yield

80.6%

95.3%

Corporate - Investment Grade

9.1%

0.5%

Emerging Markets - Hard Currency

7.3%

3.3%

Treasuries

5.6%

0.0%

Government Related

1.8%

0.9%

Securitized

0.2%

0.0%

Other-4.5%

0.0%

Fund

Benchmark

Euro

96.4%

100.0%US Dollar

5.1%

0.0%

1.8%

0.0%

Currency Exposure

AAA-2.3%

0.0%

Pound Sterling

AA

1.4%

0.0%

Norwegian Krone

1.7%

0.0%

Argentine Peso

0.0%

0.0%

Australian Dollar

0.0%

0.0%Canadian Dollar

0.0%

0.0%

-0.8%

0.0%

A

0.2%

0.0%

BBB

9.2%

0.5%

BB

54.7%

47.0%

B

27.1%

40.3%

Japanese Yen

CCC & Below

7.3%

12.3%

Swedish Krona

-0.8%

0.0%

0.0%

New Zealand Dollar

-0.8%

0.0%

Unrated

2.6%

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30 June 2024

Russell Investments Global High Yield Fund
Fund StructureManager/Strategy

Strategy

TargetActual

Barings LLC

Global High Yield

35.0%

36.0%

Hermes Fund Managers Ireland Limited

Global High Yield

34.0%

33.1%

Russell Investments

Positioning Strategies

31.0%

29.3%

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.
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-01545 2024-07-17

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