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Fund commentary

Market Review
April brought official confirmation that the UK economy has finally succumbed to a double-dip recession. Preliminary figures showed that the economy shrank by 0.2% in the first three months of this year. Despite these gloomy tidings the FTSE All Share index fell by just 0.3% on the month, outperforming many of its global peers.

Fund Performance
See above for the main factors driving the performance of the Fund.

Fund Positioning
The aim of the Fund is to produce a return that, before charges and expenses, matches the total return of the FTSE All Share index.


Caroline Silander
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).