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Fund commentary

Steven Maxwell

June was a tumultuous month for equities. Positives included a successful Spanish bond issuance, the announcement that regulators would publish the results of the bank “stress tests”, and a low uptake for the European Central Bank's latest three-month tender operation. Overriding these, however, were doubts over the strength of the global economy and renewed concerns that peripheral eurozone governments would struggle to refinance their deficits.

Looking ahead, we expect markets to be volatile while the debt crisis remains. Through careful stock selection we believe our portfolios can still deliver robust returns over the long term. Turning to activity, we initiated a position in Saipem, the Italian oil & gas contractor, and Ryanair, the Irish budget airline.

The Fund failed to match the index in June with Heidelberg Cement and Grafton Group providing the key impacts. Grafton suffered from the downturn in the construction industry and a depressed housing market. Despite being promoted to the DAX index of Germany's top 30 companies, shares in Heidelberg Cement fell on the back of poor housing market data from the US raising further fears over the strength of economic recovery.

Steven Maxwell
30 June 2010

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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).