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Fund commentary

Market Review
The Numis Smaller Companies index rose by an impressive 18.1% over the quarter, significantly outperforming the wider UK market.

Fund Performance
The Fund was ahead of the peer group average return in the first quarter of 2012. Sector allocation proved the main driver with an underweight position in miners the largest positive. At stock level overweight positions in international staffing firm SThree, energy firm Indus Gas and software company Anite all helped to boost performance.

Fund Positioning
The Fund remains overweight in industrials, focusing on companies with a global reach and strong balance sheets. In contrast, we maintain an underweight stance in those sectors where the austerity measures being implemented by the UK government and the pressure on consumer spending will be felt most.


Gregor MacDonald &Andrew Paisley
31 March 2012
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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).