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Fund commentary

Fund Commentary
The continued uncertainty in the economies of peripheral Europe, coupled with a series of worsening global economic data, has encouraged investors to opt for “safe haven” investments. Accordingly, UK Government Bond prices have risen.
The manager increased the extent of the Fund’s overweight position in longer-dated bonds. The position in Japanese index-linked bonds was increased, and the holding in Australian government bonds was sold.
Our overall duration position added to performance as yields fell to record lows during the month. Our short duration position at 2-years also benefited the Fund as yields fell at a lesser rate at the shorter end of the curve. Our off benchmark positions in both credit and Inflation-Linked Bonds also cost the Fund.



30 September 2011
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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).