Source: Morningstar IMA, as at 31 December 2023. 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.

All returns are based on indexes calendar year returns in GBP. The indexes used for each asset class are: Global Bonds: Bloomberg Global Aggregate Bond Index GBP Hedged; High Yield Bonds: ICE BofA Developed Market High Yield Constrained Index GBP Hedged; Global Credit: Bloomberg Global Aggregate Credit Index GBP Hedged; UK Equity: FTSE All Share Index; Property: FTSE EPRA NAREIT Global Real Estate; Cash: Libor 3M; Emerging Markets: MSCI Emerging Markets Index Net; European Equities: MSCI EUROPE ex UK Net; North America: Russell 1000 Net of Withholding Tax (30%); Japan Equities: Topix Net. Indexes and/or benchmarks are unmanaged and cannot be invested in directly.

M-01372/31-Jan-2025