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Fund commentary

Market Review
The FTSE All Share index fell by 0.3% as the positive impetus provided by the European Central Bank’s long term refinancing operation began to fade. Preliminary gross domestic product estimates also confirmed that the UK economy had fallen back into recession, with a second consecutive quarter of negative growth.

Fund Performance
The Fund performed behind the peer group average in April with stock selection offsetting a positive contribution from sector allocation. At stock level off benchmark positions in Nandan Cleantec, Indus Gas and KSK Power came under pressure while miner Glencore helped boost performance.

Fund Positioning
We again took profits in SABMiller after a period of strong share price performance. Proceeds were reinvested in an increased holding in Informa and a new position in RSA Insurance.


James Clunie
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).