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Fund commentary

After the weakness in January global markets enjoyed a strong rally in February. Returns to UK investors from the overseas markets were particularly strong due in part to the weakness of Sterling. The UK equity market finished the month higher, as reflected by the 2.9% rise in the FTSE All-Share index, with the performance being driven by mining and metals.

The S&P 500 index finished 8.1% higher. The main contributors here were dollar strength which added about 5% to performance and generally good corporate news.

European equities were disappointing in euro terms as the economic recovery lost what little momentum it had. Whilst the euro was weak sterling was even weaker, which lead to a gain of 2.7% for sterling investors.

In Japan, despite positive corporate earnings news and largely upbeat economic data Japanese markets were modestly lower in local currency terms, but yen strength saw returns for sterling based investors up 6.6%.

The majority of Asian and Emerging equity markets were higher in February, up 6.6% and 5.6% respectively. Both markets were assisted by positive economic data.

The Fund rose by 2.9% in February behind the benchmark return of 4.5%, a third quartile return.

Mark Harries
Simon Wood
28 February 2010

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Important Compliance Information for retail clients

Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.

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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).