Tax-Managed U.S. Mid & Small Cap Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Tax-Managed U.S. Mid & Small Cap Fund held 875 positions with $2.07B in net assets. Its ten largest holdings made up 9.7% of the fund. The RTSSX share class costs 1.21% a year. Over the 12 months to May 2026, RTSSX returned 30.2%, with dividends reinvested. In 2026 Q3 it added 32 new positions and exited 122.
The Fund seeks to provide long term capital growth on an after-tax basis.
The fund invests at least 80% of assets in common stocks of U.S. medium and small capitalization companies within the Russell 2500 Index range, using a multi-manager approach with both discretionary model portfolios and quantitative processes to select securities. Russell Investment Management oversees multiple unaffiliated money managers pursuing different styles and allocates remaining assets using rules-based and qualitative analysis, typically maintaining full investment through equity securities and derivatives including index futures. The fund prioritizes long-term capital gains treatment but may realize short-term gains when appropriate, and may hold real estate investment trusts as a portion of assets.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Russell Investments Trust Company Commingled Employee Benefit Funds Trust-U.S. Cash Management Fund | 3.42% | $70.90M | — | — |
SNDKSandisk Corp | 1.01% | $20.84M | 19.0K | $1,096.51 |
0.83% | $17.11M | 19.0K | $902.32 | |
RYNRayonier Inc | 0.77% | $15.98M | 753.5K | $21.21 |
0.68% | $14.05M | 17.1K | $822.15 | |
0.65% | $13.39M | 7.3K | $1,840.25 | |
0.62% | $12.84M | 50.4K | $254.63 | |
0.62% | $12.77M | 7.9K | $1,614.41 | |
COHRCoherent Corp | 0.58% | $12.12M | 37.9K | $319.71 |
0.53% | $10.96M | 38.7K | $283.36 |
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 875 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 | 96.21% |
| Cash & short-term | 3.42% |
| Derivatives | 0.30% |
Derivatives are shown at market value, not notional exposure.
By sector
- Industrials
- 21.4%
- Financials
- 14.5%
- Health Care
- 13.0%
- Information Technology
- 12.7%
- 11 other sectors
- 38.4%
- Industrials
- 21.4%
- Financials
- 14.5%
- Health Care
- 13.0%
- Information Technology
- 12.7%
- Consumer Discretionary
- 10.7%
- International
- 5.7%
- Materials
- 4.9%
- Real Estate
- 4.2%
- Consumer Staples
- 3.7%
- Energy
- 3.6%
- Communication Services
- 2.1%
- Cash
- 1.9%
- Utilities
- 1.1%
- Other
- 0.5%
- Government
- 0.2%
How it has done
RTSSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 13.34%. 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 |
|---|---|---|---|---|---|
| 1.21% | +30.24% | +52.39% | +24.31% | -19.02% | |
| 2.21% | +28.94% | +47.85% | +18.24% | -19.38% | |
| 1.49% | +29.89% | +51.21% | +22.61% | -19.15% | |
| 1.11% | +30.38% | +52.86% | +24.92% | -19.00% |
These classes hold the same portfolio, so the 6.68pp spread over 5 years is the cost difference between them — roughly 1.34pp a year — not a difference in what they own.
Fees & fund details
Tax-Managed U.S. Mid & Small Cap Fund is an actively managed U.S. equity fund. 23% of RTSSX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 86% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 1.11% – 2.21%· RTSSX 1.21%
- Portfolio turnover
- 55.00% 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.
32 new· the largest 8
122 exited· the largest 8
Understand how this fund fits with the rest.
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