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Fund commentary

Market Review
After a strong first quarter, corporate bonds moved lower in April. Financials were the biggest fallers, and sterling bonds underperformed their euro-denominated counterparts. Higher-yielding credit was largely unchanged over the month.

Fund Performance
The Fund was behind the sector average during the month, due mostly to our allocation in the banking and insurance sectors. Futher to this exposure to securities such as Telefonica and HSBC dragged on performance.

Fund Positioning
We added to the holding in Everything Everywhere, the France Telecom/Deutsche Telekom joint venture. This was funded by the sale of a holding in BT. In an otherwise quiet month for trading, we reduced Dubai Holdings after its price rose.


Daniel McKernan
30 April 2012
Funds in focus


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Scottish Widows Investment Partnership Limited (SWIP) is registered in England and Wales, Company No. 794936. Registered Office is at 33 Old Broad Street, London EC2N 1HZ. Tel: 0131 655 8500. SWIP is authorised and regulated by the Financial Services Authority and is entered on their register under number 193707 (www.fsa.gov.uk).