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Fund commentary

Market Review
UK real estate shares ended the month fairly flat, despite news that the UK had slid back into recession. News in the eurozone was more upbeat, however, with the IMF revising up its estimate for global economic growth. It now thinks the world economy will grow by 3.5% in 2012.

Fund Performance
The Fund outperformed the sector average in April. The key positive impact came from a lack of exposure to the underperforming Safestore Holdings with further gains coming from LXB Property and Hammerson. The key negative impact came from not holding F&C Commercial Property Trust.

Fund Positioning
We continue to see some UK companies which offer attractive upside. We maintain a defensive slant to the portfolio and continue to avoid stocks with near-term refinancing issues.


Vicky Watson
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).