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Fund commentary

Choppy financial markets dominated in June and sentiment toward risk was fragile. The Euro area banking sector pressures showed little signs of abating, despite news that bank stress tests would be conducted and the promise to recapitalise banks that need it.

China’s policy tightening measures also remained an issue after measures to cool its property market started to take effect. Fragile risk appetite impacted most asset classes, but notable weakness was seen in equities.

Gold continued to benefit from safe haven investment flows in June after a sharp pick up in ETF inflows in May. It is a reflection of the fragile state of risk appetite and of gold’s safe-haven qualities that it finished June as the best performer of major exchange-traded commodities in 2nd quarter 2010 and 2010 year to date.

Equity markets were hit badly with the FTSE 100 falling 5%, the S&P 500 8%, FTSE Europe ex UK 3%, MSCI Pacific ex Japan 2.2% and MSCI Emerging Markets 3.6%.

The Fund fell 1% in June which compares favourably to the benchmark return of -4.7% and the sector return of -2.5%.

Mark Harries
Simon Wood
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).