Tax-Managed International Equity Fund
Actively managed developed international stock fund
As of its 2026 Q2 report, Tax-Managed International Equity Fund held 870 positions with $5.68B in net assets. Its ten largest holdings made up 17.0% of the fund. The RTNAX share class costs 1.29% a year. Over the 12 months to May 2026, RTNAX returned 27.1%, with dividends reinvested. In 2026 Q3 it added 72 new positions and exited 109.
The Fund seeks to provide long-term capital growth on an after-tax basis.
The fund invests at least 40% of assets in equity securities of non-U.S. companies across developed and emerging markets, with the remainder in U.S. equities, using a multi-manager approach where Russell Investment Management allocates assets among external managers employing different styles and quantitative strategies. The fund typically holds stocks long-term to qualify for long-term capital gains treatment but may realize short-term gains when appropriate. Because the fund's money managers provide non-binding model portfolios that Russell then executes, the fund's actual holdings and performance depend on Russell's implementation decisions and asset allocation choices.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Taiwan Semiconductor Manufacturing Co Ltd | 4.11% | $233.24M | 3.4M | $67.89 |
Russell Investments Trust Company Commingled Employee Benefit Funds Trust-U.S. Cash Management Fund | 2.26% | $128.11M | — | — |
Samsung Electronics Co Ltd | 2.24% | $127.24M | 838.7K | $151.71 |
Tencent Holdings Ltd | 1.77% | $100.55M | 1.7M | $60.72 |
Alibaba Group Holding Ltd | 1.50% | $85.00M | 5.2M | $16.43 |
TSMTaiwan Semiconductor Manufacturing Co Ltd | 1.25% | $70.74M | 178.6K | $396.06 |
SK hynix Inc | 1.11% | $62.83M | 71.4K | $879.97 |
UBS Group AG | 1.02% | $58.13M | 1.3M | $44.55 |
Shell PLC | 0.96% | $54.35M | 1.2M | $45.34 |
Nokia Oyj | 0.79% | $44.99M | 3.6M | $12.56 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 870 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 95.89% |
| Cash & short-term | 2.26% |
| Derivatives | -0.03% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
How it has done
RTNAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 15.42%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.29% | +27.08% | +61.64% | +36.13% | -11.47% | |
| 2.04% | +26.13% | +58.10% | +31.15% | -11.63% | |
| 1.04% | +27.37% | +62.97% | +37.98% | -11.43% | |
| 0.94% | +27.50% | +63.37% | +38.46% | -11.34% |
These classes hold the same portfolio, so the 7.31pp spread over 5 years is the cost difference between them — roughly 1.46pp a year — not a difference in what they own.
Fees & fund details
Tax-Managed International Equity Fund is an actively managed developed international equity fund.
- Asset class
- Equity
- Region
- Developed international
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.94% – 2.04%· RTNAX 1.29%
- Portfolio turnover
- 29.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
72 new· the largest 8
109 exited· the largest 8
Understand how this fund fits with the rest.
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