Russell Investments Group, Ltd.

Russell Investments’ portfolio composition reflects a predominantly growth-oriented, large-cap bias centered on technology and consumer cyclical exposure. The top ten holdings alone represent over 26% of assets, with NVIDIA at 5.5%, Apple at 4.3%, and Microsoft at 3.6% indicating strong conviction in mega-cap semiconductor and platform companies. Technology allocation at 26.8% is the dominant sector, while financial services, healthcare, and consumer cyclicals provide diversified secondary exposure. The broad mandate is evidenced by 8.4% in unclassified positions and over 24,600 holdings across $93.1 billion in AUM, signaling a disciplined, multi-factor approach rather than a narrow concentrated bet. This positioning reveals a strategy that balances high-conviction core holdings with extensive diversification to manage volatility while capturing systematic alpha.