Skip to Content Skip to Main Navigation

Fund commentary

Market Review
After a strong start to the year, March brought an end to the UK market’s three-month winning streak to leave the FTSE All Share index up 6.1% over the quarter. The banking stocks led the way, beneficiaries of the second tranche of the European Central Bank’s long term refinancing operation.

Fund Performance
The Fund was only just outside of the top quartile in the first quarter of 2012 with strong stock selection helping to drive performance. Key stock level contributions came from India focussed Indus Gas and Essar Energy where the weighting within the Fund was increased in March capturing a near 50% gain on the stock.

Fund Positioning
Fund positioning did not change dramatically over the quarter. We sold a number of holdings including Smiths Group, Ryanair and RSA Insurance, reinvesting proceeds in new positions in Aviva, Informa and BAe Systems. We also increased holdings in KSK Power Ventur and Essar Energy, both beneficiaries of the growing demand for energy in India.


Chris Fontenla and David Keir
31 March 2012
Related links


Important Information

Important Information

The pages of this website are prepared and issued in the country of domicile to which you agreed on entry to it, and are intended for the information and use by residents of that country only

Please click on the “Accept” button to confirm that you have read and understood the information given on our Legal and Privacy page and that you will accept cookies from this site. For more information about our Cookie policy and how to disable cookies on your computer please see the Privacy section on our Legal and Privacy page.

I have read the above Important Information and confirm that I accept cookies from this website and wish to continue

I have read the above Important Information and do not wish to continue using this website
How to invest

For more information on how to invest in our funds either:



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).