a new an¯le on platforms - Old Mutual...a new an¯le on platforms why portfolio bonds may offer what you need Quarter3 2011 I E E nfo rmei E I This booklet is for the use of Royal

a newan¯le onplatformswhy portfolio bonds may offer what you need

Quarter 3 2011

INVESTMENTS

PENSIONS

informer

This booklet is for the use of Royal Skandia and Skandia Ireland professional advisers only.

takin¯ the lead inaccessible expertise

International Knowled¯e DirectThe technical plannin¯ hub

International Knowledge Direct is an online hub where you canaccess Skandia International’s technical financial planning expertiseand information.

The hub is already a must-visit site for financial advisers all over theworld. You’ll find up-to-date specialist articles, press releases and videos,covering key topics such as QROPS, trusts, tax and legal matters.

There are also three useful online calculators for IHT, retirement planningand our Spanish Collective Bond, to help you prepare accurate scenarioswhen you’re presenting and illustrating solutions for your clients.

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Be among the first to know about changes in financial regulations and newbusiness opportunities.

“The Knowledge Direct websiteis a vital tool for internationalIFAs. I operate in severaljurisdictions, and it’s practicallyimpossible to keep track ofall their regulatory changes.Fortunately I can refer toKnowledge Direct for the latestupdates and regulations withabsolute confidence.”

Michael LodhiThe Spectrum IFA Group

Visit www.skandiainternationalknowled¯edirect.com and si¯n up today.

welcome to thequarter three 2011 issue of informer

Skandia International, part of the wealth management business of Old Mutual plc, is the international group ofcompanies which provides the offshore and cross-border investment solutions for the Old Mutual Group.The views expressed by external contributors are not necessarily those of Skandia.

Calls may be monitored and recorded for training purposes and to avoid misunderstandings.

This document is based on Skandia's interpretation of the law and practice as at July 2011. While this interpretation is believed to becorrect, Skandia can give no guarantee in this respect or that tax reliefs and the tax treatment of investment funds will remain the samein the future. The value of any tax reliefs will depend on individual financial circumstances.

Royal Skandia Life Assurance Limited is registered in the Isle of Man under number 24916C. Registered and Head Office: SkandiaHouse, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. Phone: +44 (0)1624 655 555 Fax: +44 (0)1624 611 715.

Authorised and regulated by the Isle of Man Insurance & Pensions Authority. Authorised and regulated by the Financial ServicesAuthority for business conducted in the UK. Some of the FSA’s rules do not apply to non-UK based insurers. FSA register number142309. www.fsa.gov.uk/pages/register.

Skandia International is registered in Ireland as a business name of Skandia Life Ireland Limited.

Skandia Life Ireland Limited Registered No: 309649 Ireland. Registered Office: Arthur Cox Building, Earlsfort Terrace, Dublin 2, Ireland. Head Office: Iveagh Court, Block D, 6-8 Harcourt Road, Dublin 2, Ireland. Tel: + 353 (0) 1 479 3900 Fax: + 353 (0) 1 475 1020.

Skandia Life Ireland Limited is regulated by the Central Bank of Ireland.

VAT number for Skandia Life Ireland Limited is 6329649S.

When printed by Skandia this item is produced on a mixed grade material, which uses a combination of recycled wood or

paper fibre from controlled sources and virgin fibre sourced from well managed, sustainable forests.

www.skandiainternational.com

contents4 approachin¯ the platform

a look at portfolio bonds from a different angle

6 a taxin¯ decisionhelp your clients make the most of tax breaks available through portfolio bonds

8 introducin¯ Steven Levinmeet Skandia International's new CEO

12 on the shelvesintroducing our most recent new and improved brochure ware

14 the key to diversificationhow SIG can help you achieve diversification while still meeting clients’ individual needs

16 diversification in emer¯in¯marketsFranklin Templeton introduce two exciting new funds available for Skandia investors

18 diversify into emer¯in¯ marketsHSBC looks at the benefits of adding emerging markets in a diversified portfolio

19 ¯lobal opportunitiesMartin Currie introduces the Global Resources Fund that lets you make the most of emerging economies

20 timber – a lon¯-term ¯rowth opportunityPictet takes a look at the climbing prospects of trees

21 is ¯old still shinin¯?Pictet discusses the precious metal’s prospects in the current economic climate

22 the fisher kin¯s SIG introduces an acclaimed new investment adviser for the Skandia Global Emerging Markets Fund

23 fund news

24 indicator

25 fund performance statistics

Skandia International prides itself onthe service and support it gives toyou, so it is always good to hear how

well you think we are doing. In the recentProfessional Adviser International Fund &Product Awards 2011, Skandia Internationaltriumphed against other internationalcompanies to pick up the top prize in threeawards categories.

Probably the most significant award was forThe Best International Life Group. Inaddition, we won Best International LifeProduct for our Spanish CollectiveInvestment Bond, a tax efficient investmentbond for expats living in Spain. We alsopicked up the Best International Sales Teamaward for the second year in a row.

In this edition, I am delighted to introduceour new CEO. Steven Levin was appointedon 1 June 2011. By background he is anactuary. He has extensive experience indeveloping and managing financial serviceproducts as well as in asset managementand investments. He’ll make a really positive contribution to our business; I’m sure of that.

Last quarter we introduced the newPortfolio Builder. It has been designed toevaluate a clients’ attitude to risk and thenmatch it to an appropriate portfolio. We’vehad great feedback on this, as well assuggestions on how to improve it. We hopethat the simplicity of the tool means that it issomething that can enhance yourinvestment needs analysis process.

Feedback is key to us bringing informationand news that is relevant to you. So if youhave any suggestions for improvement tofuture editions of informer, do let me know.

Thank you for your support. I wish yousuccess for the second half of the year.

Michelle AndrewsCommercial Director

editorial quarter 3 2011

quarter 3 2011 informer 3

4 informer quarter 3 2011

Phil OxenhamProduct Marketing Manager,

Skandia International

Phil Oxenham looks at portfoliobonds from a different angle.

In the UK there is a successful andestablished platform market offering theability to hold assets via a range of tax and

administration wrappers. But internationallywhere tax is not necessarily such a strongdriver, what form does a platform take?

Is it an offering which conveniently lets theinvestor amalgamate a variety ofinvestments in one handy place?

Or does it provide consolidated reporting,possibly with just one online log-in ratherthan across multiple websites?

Perhaps it’s a way of simplifying andremoving the individual paperwork,dividend receipts and tax returns whichtypically come with a wide investmentportfolio.

Many might say it’s a facility that makes iteasier to move between multiple assets –with all deals being centrally co-ordinatedrather than through different fund/assetmanagers – and preferably with oneconsistent dealing process.

And of course you would probably expect aninternational platform to be able to offeraccess to a wide range of assets.

As well as all this, with scale should come theability to negotiate higher interest rates ondeposits and reduced initial charges with thefund managers.

Whatever your definition of a platform, mostof these options will help save an investorand their adviser time and effort – as well aspossibly their accountant.

But can a single international platform tocover all of the above?

It may come as a surprise that a solutionalready exists which fits the bill. However,instead of being known as an internationalplatform, it’s called a ‘Portfolio Bond’.

a wide range of benefitsAlthough they may not beenjoying the same amount offocus and press coverage atpresent, portfolio bondsenjoy a number of benefitswhich internationalplatforms will have to work hard to match. Portfolio

approachin¯the platform


bonds will generally offer access to:• offshore/mutual funds • stocks and shares • fixed-interest securities• hedge funds • structured notes • exchange-traded funds • bank accounts • and possibly some assets which may not

normally be available to direct investors.

Also, most portfolio bonds are provided bylong-established Life Offices with a strongtrack record of providing an efficient serviceto multiple customers across manycountries. These Life Offices are generallybased in well-regulated jurisdictions and areoften part of a larger organisation which canoffer additional financial security. Over theyears they have built up large books ofbusiness and this helps insulate them fromeconomic downturns as well as enablingongoing reinvestment in their proposition.

An added benefit can be that, depending onthe jurisdiction, a portfolio bond may offerpolicyholder protection. It may also be ableto offer the following advantages over someplatforms:

• the ability to hold and invest in multiplecurrencies, including multi-currency

deposits

• the option to appoint a suitablyqualified third-party specialist, such

as a discretionary manager

• the ability to choose a custodianother than the default option

• applicants can be individualinvestors, trustees (including

pension trustees) andcompanies.

making the most of trustsAs all investments are held in one clearlyidentifiable product, the portfolio bond caneasily be placed in a trust. Most internationalLife Offices have a range of ‘off the shelf’trusts available to suit common situationswhich can provide a variety of additionalbenefits. Assuming trusts are recognised inthe client’s country of residence, this couldbe useful as part of a generation-planningexercise as well as avoiding probate issues. Itmay also be helpful if the investor has acomplicated family situation and wants tosimplify probate.

In some circumstances trusts may offer adegree of privacy and asset protection whichcould be useful for the self employed or inseparation cases.

This may be complemented by aprofessional trustee service, such as RoyalSkandia Trust Company. Because theunderlying asset is a portfolio bond, it can beoffered at an extremely competitive fee.

As well as the advantages summarisedabove, portfolio bonds can offer a widerange of tax benefits.

They may not yet be able to offer the onlinefunctionality that many platforms do, but itcan be possible to get the best of bothworlds. How? By wrapping an internationalplatform within a portfolio bond. However,this does need to be balanced with aduplication of benefits and potentially costs.

So, next time you’re choosing aninternational platform, make sure youconsider the advantages of a portfolio bondas well.

Although they may not be enjoying the same amountof focus and press coverage at present, portfoliobonds enjoy a number of benefits which internationalplatforms will have to work hard to match.

””


the knowled¯e

tax in briefOne of the key reasons that single premiumoffshore life assurance bonds are popular istheir tax treatment. If you are lucky enoughto be in a low tax jurisdiction then yourclients may choose a portfolio bond becauseof the benefits described in the previouspages. However, in less generousjurisdictions the right use of a portfolio bondcan genuinely help to minimise any tax billthat may occur.

In general, offshore portfolio bonds are‘cluster policies’, ie the bond is actually acluster of structured multiple individualpolicies. This ensures that your clients canbenefit from the portfolio bond in the mosttax-efficient way.

The clearest way to explain this is byshowing an actual example.

There are, in effect, two ways in which tosurrender benefits from a portfolio bond:

partial surrender or full surrender. As ourexample, let’s consider a client who hasinvested £1,000,000 into a bond which hasgrown to £1,500,000 over more than fourpolicy years.

partial surrenderThe UK chargeable event legislation found inthe Income Tax (Trading and Other Income)Act 2005 provides the tax calculation forsuch an event as a 5% tax deferredallowance. This is cumulative and availablefor each policy year up to a maximum of 20years. Any withdrawal which exceeds thecumulative allowance will potentially beliable to UK taxation.

In our example, five years’ worth of 5% taxdeferred allowance is available, meaning thatthe client can withdraw £250,000 withoutan immediate income tax liability. This would be the same whether their portfoliobond was issued as a cluster of policies or a single policy.

However, the importance of a cluster policycan been seen more clearly where the clientwould like to withdraw more than the 5% taxdeferred allowance but does not want tosurrender the total contract.

full surrenderThe calculation for full surrenders, where noprevious withdrawals or excess events havebeen made, is Surrender Value of the Policyminus the Premium of the Policy. With anoffshore portfolio bond, the premium isallocated to a number of cluster policies –let’s use an example of 100.

Since the client’s initial investment was£1,000,000, each cluster policy has anoriginal premium value of £10,000 and thesurrender value attributable to each policy is£15,000. If the client wants to withdraw£450,000 by fully surrendering individualpolicies they would need to surrender 30policies. In terms of tax liability, eachindividual policy will have made a £5,000

Portfolio bonds can have a variety of tax benefits. Rachael Griffingives an overview of the ways in which you can help your clientstake maximum advantage of the tax breaks available.

a taxin¯decision

Rachael GriffinHead of Product Law and Financial

Planning, Skandia International


In this article we have only been able to touch on the tax benefitsof a portfolio bond. For further information please visitwww.skandiainternationalknowledgedirect.com

the right use of a portfolio bondcan genuinely help to minimiseany tax bill that may occur.

””

gain, so the overall tax liability will be £150,000.

However, if the withdrawal is taken as apartial surrender, the tax liability is£450,000 minus £250,000 (the 5% taxdeferred allowance), giving a £200,000gain.

beware of imitationsThis means it is essential that the productrecommended is robust, has a testedstructure and in particular meets the UKHMRC definition of a cluster policy. It isunderstood that HMRC may look at thespecific circumstances, and in particular theposition under contract law, in order todetermine whether cluster policies should betreated as separate for the purposes of thechargeable event legislation. The basisdescribed above is widely used in theoffshore market and has been available for anumber of years.

Unfortunately, in the tax world, if somethingseems to good to be true it generally is – soproceed with caution when considering aportfolio bond which may not meet HMRC’sdefinition of a cluster policy – for example,where there is a disconnect between thepremium and the growth on that premium.

Having considered the foundation of aportfolio bond’s tax treatment, we will now

look briefly at a number of additional taxmitigations that can be used.

top slicing• Any chargeable event gain is reduced by a

fraction which represents the number ofyears the policyholder was UK tax residentin comparison to the number of years theyhave held the policy.

• This reduced gain is added to the taxableincome in the year of surrender and maymean that UK additional rate tax (50%)and/or higher rate tax (40%) is avoided.

time apportionment relief• Any UK tax will be reduced proportionately

for time spent as non-UK resident.

• Additional top-ups are deemed to havebeen made at the start of the contract. So even if a client tops up their bond after becoming UK resident, they willbenefit from time apportionment on theextra investment.

trusts• Portfolio bonds can be assigned into a

trust for many reasons; tax planning is justone example.

• Discretionary trusts or absolute trusts can be used for outright gifting.

• Loan trusts or discounted gift trusts can be used for immediate inheritance tax planning.

gift assignments• No UK income tax or capital gains tax

charge on the assignor.

• All future UK income tax will be charged atthe new owner’s tax rate (if any).

• Therefore, where appropriate, it may bepossible to reduce any UK tax liability byassigning the portfolio bond to, forexample, a non-tax paying child to pay foruniversity fees.


Steven Levin

introducin¯

Steven Levin took over the reins as CEO of SkandiaInternational on 1 June. He took some time out of his busy schedule to answera few searching questions to give you a sense of what makes him tick.


Steven, you’ve been with the Old Mutual Groupfor 14 years, in various roles. Please tell us moreabout them.I’ve worked mostly in South Africa. I’ve dealtextensively with customers, intermediaries,the media and regulators, so I’ve seen allsides of the business and our externalrelationships. I started as an investmentanalyst covering the insurance sector andlater became portfolio manager for afinancial sector fund. I then moved to theProduct and Proposition area, managing theexisting product set and developing newproducts. I’ve spent the last few yearsheading up Old Mutual South Africa’sProduct and Proposition function.

In May 2010 I moved to London as Productand Proposition Director for the Long TermSavings division of the Old Mutual Group.This was a global role where I was responsiblefor driving product synergies across all of Old Mutual’s Long Term Savings businesses,expanding the proposition we offer tocustomers across our markets, as well asdriving innovation and customer focus.

What attracted you toSkandia International?Skandia International is an exciting businesswith a great team and a good reputationwithin the industry. I was attracted by thehigh growth potential across the variousmarkets where we operate. We have a strongproposition and a great foundation on whichto expand and grow further.

What are your firstimpressions about thedivision – what are we goodat and what areas would youlike to improve?I’m delighted to see that people here have areal passion for the business. We offersophisticated products with a lot offlexibility, backed by a very high level oftechnical knowledge and experience. We arealso fast and pro-active in embracing thechanging regulatory landscape.

At the same time, I believe there are a few areas where there is room forimprovement. We need to become morecustomer centric, by focusing on the needsof our clients and advisers, broadening ourproposition set and ensuring we offer ourcustomers good value for money. We couldalso improve operational efficiency to ensurewe reduce waste, risk and cost, as well asdeveloping the quality of relationships withour distributors.

What are your immediatepriorities for the business?We need to deliver some key enhancementsto our proposition to ensure we remain a keyplayer in our chosen markets, and ensure thesuccessful delivery of the next stage in ourSkandia International growth phase. I amalso focused on delivering the committedcost savings for Skandia International.

We offer sophisticated products with a lotof flexibility, backed by a very high level oftechnical knowledge and experience.”

”

>>


What are the biggest issuesfacing the offshoreinvestment industry?Firstly, the financial services sector has gotto work hard to win back trust. Regulation isincreasing in all markets which results inincreased costs and sometimes complexity.We all need to deal with this. We also needto continue to improve the value we offer toour customers.

Secondly, demographic needs are changing,so we must adapt our product offering andcreate new products to meet those needs.We must understand and attract the nextgeneration of investors via new media andprovide a broader customer proposition.

Finally, we need to balance the benefits of aglobal setup against local scale and synergiesplus the local benefits of culture andoperating in the same time zones. It all addsup to a very challenging proposition!

What key elements must we provide to supportfinancial advisers?We must support advisers to deliver clear,understandable, flexible and appropriatesolutions to their clients. We can betterreinforce this by improving the segmentationof our offering to ensure its suitability for each individual financial adviser’s target market.

We need to make the most of advancedtechnology by introducing innovativebenefits in every aspect of our offering,including straight-through processing.

We must continue to provide high-qualitysupport, based on our excellent technicalknowledge and industry experience, as wellas helping financial advisers throughregulatory changes.

Where do you see SkandiaInternational in five years’time?I hope we will be offering a deeper and widerproposition within our existing markets,based on a greater understanding of localcustomer needs. I believe we will haveidentified, and taken advantage of, newmarket opportunities for our wealthmanagement solutions.

I want us to make a difference to the industryand contribute to a better offshore marketfor the customer. We will continue tochallenge ourselves to be innovative and toadd value for both advisers and customers.

I want Skandia International to be theoffshore company that is most respected bycustomers, advisers and regulators. And thecompany that all our competitors fear.

When did you lastexperience excellentcustomer service?Buying and sometimes exchanging productsfrom Amazon. They are always efficient,reliable and prompt. They offer great valueand a ‘no questions asked’ policy if I am nothappy with the product and want to return it.

What values are importantto you, both professionallyand personally?Accountability, integrity, passion, focused execution and always putting thecustomer first.

What’s the best piece ofadvice you have ever beengiven?“People will forget what you said. People willforget what you did. But people will neverforget how you made them feel.”

We must supportadvisers to deliverclear, understandable,flexible andappropriate solutionsto their clients.

”

”

>>


The right brochure can make a hugedifference in helping you recommendproducts to your clients, so we have

redesigned our literature with a more premiumlook and feel, to appeal to our premium audienceof affluent and high net worth individuals.

We have also rewritten brochures to be morebenefit led and make the sales process easier foryou. Brochures covering the Managed Savings

Over the last year we have been refreshing our main product brochures to ensure they are as clear,informative and useful as possible for you. Here weintroduce our most recent new publications andexplain their uses.

Product brochures

visions of the futureManaged Savings Account

The Managed Savings Accountis designed for premium affluentindividuals. This brochurepositions it as a disciplinedsavings product that your clientscan use to save for the futurethey want.

the future starts nowManaged Pensions Account

The Managed Pensions Accountalso targets premium affluentindividuals. This brochureeducates your clients in theneed to start saving forretirement as early as possibleand emphasises the risks ofdeferring retirement plans.

freedom andflexibilityManaged Capital Account

The Managed Capital Accountis a highly flexible investmentsolution, also aimed at premiumaffluent individuals. It allowsthem to save in the way theywant, for whatever purpose, andwithdraw their money when itsuits them*.

*early encashment charges may apply.

individual investmentfreedomExecutive WealthbuilderAccount

The Executive WealthbuilderAccount is targeted at high networth individuals. This high-quality brochure highlights theaccount’s versatility; it enablesyour clients to tailor theirinvestment to their currentsituation and their future hopesand aspirations.

on theshelves


global expertise for a local marketCorporate brochure

Our new corporate brochureintroduces Skandia Internationaland explains what we can offerand how we fit in with Skandiaand Old Mutual. It also detailsthe benefits of tax efficiencyand offshore protection for yourclients.

intelligent teamworkOur investment propositionbrochure for advisers

This brochure tells you, ouradvisers, all about ourinvestment proposition,including Skandia InvestmentGroup, the 4P process and ourrange of solutions (managedsolutions, sector solutions andself-select funds).

collective intelligenceOur investment propositionbrochure for clients

This clear, user-friendlybrochure will help you explainour investment proposition toyour clients.

General brochures

Account, the Managed Pensions Account, theManaged Capital Account and the ExecutiveWealthbuilder Account are described in more detail below. We are now reworking the clientbrochures for our Executive Investment Bond andCollective Investment Bond, which will be availableby the end of September.

As well as these individual product brochures, wehave also produced a series of generic brochures

for you and your clients. These are described indetail below, on the right.

All the items shown are available to order from theliterature library on your Skandia extranet or fromyour regional office; we hope you will find themuseful when recommending Skandia products toyour clients. If you have any feedback you would liketo share with us, please email us [email protected]

The right brochure can make a hugedifference in helping you recommendproducts to your clients.”

”


One of the most diverse aspects ininvestment is the huge differencebetween the requirements of

individual clients, thanks to variables suchas their appetite for risk, return aspirations,investment horizon and future obligations.This means that your range of investmentsolutions needs to be equally diverse, toensure that you can satisfy each individualinvestor’s needs.

In the majority of situations it is simply notpractical to create a truly bespoke solutionfor every client; in fact, the level ofindividuality is usually tied to the investableamount an investor has available. However,it is possible to categorise investors inbroader-based terms in order to offer themthe most appropriate investment solutions.

The Portfolio Builder, launched in May 2011,facilitates this categorisation, through 11carefully designed questions which you putto your client. You then match their answersto the choice of responses provided. ThePortfolio Builder scores and weights the

information and then places your client inone of five categories according to theirattitude to investing.

Once the Portfolio Builder has established aclient’s risk category, it identifies theinvestment options that suit theirinvestment profile. There are five differentManaged Solutions and five different ModelPortfolio options to choose from, eachtailored to match one of the five categories.

The old adage ‘never put all your eggs inone basket’ is the philosophy underpinningthis proposition. Spreading investmentsacross a diversified range of asset classes, orindividual sectors and styles within a singleasset class, can help protect them againstperiods of market volatility and potentiallydeliver better returns over time. This isbecause different asset classes, sectors andstyles can react in different ways tochanging market conditions, so negativereturns from one may be offset by positivereturns elsewhere.

A diversified investment portfolio can protectagainst periods of market volatility andpotentially deliver better returns over time. Dean Bowden, Chief Investment Officer forSkandia International, discusses how we can helpyou achieve diversification while still meetingclients’ individual investment needs.

the key todiversification

Dean BowdenChief Investment Officer,

Skandia International


Risk (volatility)

1 2 3 4 5

Return C

PI+

+2

+3

+5

+4

+6

Global Dynamic Bond

Defensive

Cautious

BalancedAggressive

managed solutionsThe Managed Solutions are a convenientway of achieving this diversification within aclient’s portfolio. They are our fullyoutsourced solutions, designed andmanaged on our behalf by our sistercompany, Skandia Investment Group. Bychoosing to use these portfolios you areeffectively outsourcing the asset allocation,fund choices and management decisions toSkandia. The chart below shows the rangeof Managed Solutions and where they aimto be positioned on an efficient frontiercurve plotted between CPI+ returns andvolatility.

At the two extremes, the Global DynamicBond and Aggressive funds providediversified exposure to their respectiveasset classes.

Lying in between them, the Defensive,Cautious and Balanced are multi-assetfunds. These funds typically providediversified exposure to the more traditionalasset classes of equities, bonds and cash butmay also have exposure to alternative assetssuch as property, commodities, currencies,private equity and hedge fund strategies.This helps to spread investment risk furtherand enhance potential returns.

model portfoliosThe Model Portfolios give specificpercentage allocations for a selection ofasset classes, leaving you and your client topick a selection of funds, based on yourclient’s personal requirements, with whichto populate them.

They provide a diversified asset allocationframework for a client’s portfolio accordingto their investment profile. The extent ofthe diversification within each individual’sportfolio is then dictated by the fundchoices made to achieve their specificrequirements.

a complete toolkit forselecting solutionsRecognising the diverse range of clientrequirements and the need for a broadrange of investment solutions to satisfythese requirements, Skandia offers thePortfolio Builder tool to help financialadvisers to select the appropriate solutionfor each individual client. Skandia alsorecognises the benefit of diversificationwithin investment portfolios and offers boththe Managed Solution and Model Portfolioranges to assist in delivering optimalsolutions to investors.

Many investors have recognised thehigh growth potential and strongeconomic fundamentals of

emerging markets (including high levels offoreign reserves, stronger current accountbalances and improved fiscal management).However, we believe fewer investors haveconsidered diversifying their emergingmarkets exposure beyond an allocation to a global or regional emerging marketsequity fund.

We are therefore delighted that SkandiaInternational has added two new fund linksto their platform: the Templeton FrontierMarkets Fund and the TempletonEmerging Markets Bond Fund.

Both are sub-funds of the award-winningFranklin Templeton Investment Funds – aLuxembourg-registered SICAV – and offer adifferent way to access the global growthpotential of emerging markets.

Franklin Templeton has been a pioneer inemerging market investing, entering theasset class when only a handful of marketswere available to invest in. Today, equippedwith our strong global presence and on-the-ground expertise, we are able to go furtherand deeper as the opportunity set hasexpanded, in terms of countries, asset classes and the number of instruments available for investment.

Franklin Templeton introduces two excitingnew funds available for Skandia investors.

diversification inemer¯in¯ markets


Templeton Frontier Markets Fund"Investing in a ‘younger generation’ of emerging markets.”

Dr. Mark Mobius, Portfolio Manager

The Templeton Frontier Markets Fund offers access to a carefullyselected portfolio of companies based or operating in frontiermarkets such as Vietnam, Nigeria and Qatar. In each case, the fundmanagement team’s research indicates that the company isundervalued compared to its long-term potential value.

We believe that many of these markets are in similar stages ofdevelopment to those experienced by emerging markets 15 to 20years ago. They could therefore have the potential to deliversubstantial capital growth for investors over the long term as theyevolve into the ‘emerging’ category.

Frontier markets are smaller and less developed than those oftraditional emerging markets. Their economies are in the earlystages of development, and capital markets are just beginning toopen up and expand. These markets are therefore often underresearched and can offer unique investment opportunities toinvestors over the long term.

With a large specialist team spanning 17 countries and speakingmore than 20 languages*, we have a strong local presence anddeep-rooted experience of investing in countries in the early

stages of their economic development. This givesus access to hard-to-find information and is a keyfactor when investing in these lesser-known markets. Localanalysts are able to apply their understanding of language andculture as well as visit the companies, analyse the impact ofregulations, and talk with customers and competitors.

Frontier markets offer:

• A broad opportunity set – frontier markets, backed by arobust domestic demand and government stimulus measures,are showing rapid economic expansion from a varied andgrowing range of economic drivers. For example, Botswana,among the world’s largest diamond exporters, is introducing calland data-processing centres, and Kazakhstan, rich in naturalresources, is significantly investing in infrastructure.

• Low correlations – frontier markets have historically shownlow correlation between individual countries within the frontiermarket universe and to both emerging and developed markets,helping to increase diversification.

Cumulative Fund Performance – A (acc) USD share class as at 30 June 2011**

YTD 1 year 2 years Since launchin Oct 2008

Templeton Frontier Markets Fund -4.42% 12.37% 39.52% 66.31%

MSCI Frontier Markets Index -5.39% 16.76% 17.74% -14.45%

Templeton Emerging Markets Bond Fund“Emerging markets bonds offer the potential to benefit from different interestrate and currency dynamics as well as potentially higher yields offered bydeveloping countries around the world.”

Using a proven high-alpha investment strategy, the fund manager,supported by over 100* members of the Franklin Templeton FixedIncome Group, seeks investment opportunities within emergingmarkets, from exposure to government and corporate credit,currencies and interest rate trends.

They aim to provide superior risk-adjusted returns by anticipatingchanges in the factors that determine variations in bond prices andcurrency values. The group adopts a highly active managementapproach, based on top-down, in-depth research of the economyand sectors, combined with bottom-up securities valuations.Managing and monitoring risk is key at all stages of portfolioconstruction.

Emerging markets bonds offer:

• Increased investment opportunities: Improving economicfundamentals in emerging markets has helped expand emergingmarkets debt opportunities in terms of breadth, depth andquality. Many emerging markets countries issue debt in both

local and international bond markets and have been expandingthe range of maturities and products they offer. In many casesthey have also been relaxing regulatory requirements, which maylead to increased liquidity. Emerging markets debt credit qualityhas improved, and central bankers have been increasingflexibility within their currency policy.

• Lower portfolio volatility: The addition of fixed incometypically helps to reduce the overall volatility of an equity-onlyportfolio. Emerging markets bonds provide furtherdiversification opportunities, as historically they have relativelylow correlations to both equities and developed market bonds.In addition, the asset class has offered historically resilient returnswith relatively low volatility compared to other asset classes.

• Return potential in a rising interest rate environment:Actively managing emerging markets’ fixed income in a risinginterest-rate environment can, in our view, also offer theopportunity to pursue relatively high yields without taking whatwe consider much duration or credit risk.

Cumulative Fund Performance - A (Qdis) USD share class as at 30 June 2011**

YTD 1 year 3 years 5 years

Templeton Emerging Markets Bond Fund 5.42% 14.57% 42.40% 73.93%

Custom JP Morgan EMBI / JP Morgan EMBI Global Index 5.09% 11.74% 34.69% 58.08%

Dr. Michael Hasenstab, Portfolio Manager

quarter 3 2011 informer 17* As at 31/03/11 ** Source for all performance figures: Franklin Templeton Investments and Morningstar, NAV-NAV, USD, net of management fees, netincome reinvested as at 30/06/11. Past performance is not a guide to future performance. © 2011 Morningstar, Inc. All rights reserved.

“It is the part of a wise man...not toventure all his eggs in one basket.”

Miguel de Cervantes, Don Quixote de la Mancha, (1547-1616)

You have no doubt repeatedly heardthe phrase: “Don’t put all of youreggs in one basket!” It’s often used

to typify the basics of investing. Indeed, inan era of increased market volatility, where asingle blow of wind can resonate in globalmarkets, it is essential to diversify yourclients’ portfolios accordingly.

Diversification is a term that is quite familiarto many investors, though not necessarilyunderstood by them. The reasons todiversify are obvious: not only do youincrease your chances of success but alsomore importantly you mitigate your risks.

Over the long-term, investors who have amixture of investments within theirportfolios tend to have higher returns ontheir investment by spreading out theirrisks, compared with those who invest inone thing – the single basket. The principleis simple: by investing in a number ofdifferent markets, you actually decrease your risk of

losing your basket in one single blow of thewinds of change.

To diversify your clients’ investments youneed to create blended portfolios that havedifferent kinds of stocks within variousdifferent industries, across different regionsand in different currencies. This can alsoinclude bonds, money market accounts andreal estate. Diversifying won’t guaranteethat an investor’s portfolio will not losevalue, but the main objective is to makesure that some holdings within a portfolioretain their value at any given point.

Essentially, when it comes to your clients’portfolios and their money, you need a mixof baskets full of different kinds ofinvestments. Indeed, some investors whohave followed the strategy may now berewarding their wisdom, given the recentextremes of investment market conditions.However, many would have overlooked onesuch basket that offers new opportunitiesfor diversification – within emerging marketinvestments.

Emerging markets are lesser-developedcountries, which are beginning toexperience rapid economic growth and ultimately aim to become developedmarkets. Examples of such comprise Brazil,Russia, India and China, to name a few. Inbroad terms, these countries arecharacterised by a growing populationexperiencing a substantial increase in livingstandards as well as income, leading torapid economic growth.

Emerging markets are a great way to spreadrisk away from economic reforms, theexpansion of the European Union, thechanging political climates worldwide, andthey offer a new opportunity to diversifyyour clients’ portfolios. There’s no doubtthat investing in emerging markets can alsooffer additional challenges anduncertainties but that is why they are anadditional basket and not the only basketfor your clients’ eggs.

If you have clients who are long-terminvestors, with a high tolerance for risk andthe need for added diversification, you maywant to explore the potential benefits ofmaking emerging markets a part of theirportfolio. But to reiterate: keep their eggs inseveral baskets.

Mark Newsam is Head of Third Party Distribution at HSBC Global

Asset Management.

Mark Newsam looks at the benefits of adding emerging markets as part of a diversified portfolio.

diversify intoemer¯in¯ markets



Global Resources is an importantindependent asset class that issuitable for many portfolios. For

investors looking to take advantage of thetransformative shift in the world economy –the increasing dominance of Asia, LatinAmerica and other emerging economies –global resources offer an invaluable additionto a diversified portfolio.

It is indisputable that emerging economieshave been the main drivers of worldeconomic growth in the past decade. Whatis also broadly accepted is that this trend isset to continue for some considerable time,with many referring to this as the ‘Asiancentury’.

One way of benefiting from this growth isthrough geographical allocations, withmany investors increasing the proportion oftheir assets in the developing countries thatthey believe will show the most potentialover the next few years. This is a perfectly

valid strategy, but it’s not the only path thatinvestors should follow.

We can take advantage of the growth of theresources supersector, as the increasedinfrastructure needs of developing marketslead to higher demand for commodities. Infact, emerging economies have taken upthe lion’s share of incremental globalresources demand in recent years. As globalinvestors, we are able to identify trendswhich are truly worldwide, makingconnections that region-specific strategiescan miss. In the first four months of 2011,for example, the fund has gained 9.9% inUS dollar terms*.

Some of the discussions aboutcommodities and resources oversimplify theissues involved. At Martin Currie, we havelong argued that resources are not a tacticalopportunity to benefit from any supposed‘commodity super cycle’. Our contention isthat the opportunities are much broader

and have much greater longevity. Wecreated the product because we sawperennial opportunities to make moneyfrom inefficiencies in the resourcesuniverse.

In terms of current positioning, we favourenergy companies weighted towards naturalgas over oil, and are seeing increasingopportunities in oil services. In materials, weare more positive on iron ore producers thanthose focused on copper. But other areasless readily associated with the ‘traditional’resources fund also feature prominently;these include paper and packaging,chemicals and agriculture-related equities.

Quite simply, in 2011 global resources is toolarge and diverse a sector for investors toignore.

Ruairidh Stewart is Investment Manager,Global Resources at Martin Currie InvestmentManagement Limited.

The ‘global resources’ asset class provides a new way to invest inemerging economies. Ruairidh Stewart from Martin Currie looks athow you can make the most of this challenging market.

¯lobalopportunities

* As at 30 April 2011. Source: Lipper Hindsight, bid to bid, gross income reinvested (total returns). Past performance is not a guide to future performance.


timber offers growthpotential and inflationhedge Timber as an asset class presents uniquecharacteristics. The performance of forestryassets, which is independent from themacro economy, is being driven primarily bythe natural growth rate of trees. As a treematures, its size and usefulness increase andso does the price.

In a difficult economic climate timbercompanies have no need to discount theircrops, because if simply left to grow thevalue of the asset only increases. This makestimber much less volatile in the long run andmore resilient in difficult times compared tomost other commodities, as the value of thetimber company is backed by theunderlying real asset value of timber.

Timber is recognised as both an inflationhedge and a growth asset. Furthermore,increasing investor demand for the asset

class will serve to drive prices up. Anyincrease in the underlying timber value andinvestor demand should then push up theperformance of listed timber companies.

demand for timber willcontinue to increaseThe US housing market, despite still beingfragile, is a key driver of the price of UStimber companies, as it accounts forroughly 70% of the demand for timberresources by value. Because it is currently atan all-time low, any recovery in new homeconstruction should be positive for timbercompanies.

Outside the US, demand for timber is risingfast from the emerging economies of Chinaand India. The urban population of thesetwo countries will continue to increase,which means more cities will have to beconstructed to accommodate them, puttinghuge strains on global timber prices. On thesupply side, deforestation continues across the world and international political pressure on forest

protection is increasing, which will furtherenhance timber values through supplyshortages.

Pictet-Timber fundThe Pictet-Timber fund is the first open-ended investment fund that invests in listedcompanies which are active along thetimber value chain. The fund places strongemphasis on companies that own and/ormanage forests and timberland. It offersinvestors the opportunity to capture theessential returns of the timber asset classwhile providing them with higher liquidity.

We believe that timber is a low-risk, highpotential return asset class which willcontinue to grow. It will also act as a goodinflation hedge, as timber prices are likely togrow faster than inflation. Investment intimber will also provide investmentdiversification and is less likely to beimpacted by economic cycles.

Looking for an asset that comes with its own natural growthrate? Gabriel Micheli, Investment Manager at Pictet Timber,takes a look at the climbing prospects of trees.

timber – a lon¯-term¯rowth opportunity

Timber isrecognised as bothan inflation hedgeand a growth asset.

”

”


An environment of low interest ratesand excess liquidity has benefited theworld’s favourite yellow metal.

Gold, quoted in US dollars, has beenregularly breaking new historical highsdespite the uncertain US economy and aweakening US dollar. From mid-2010 toApril 2011 the US dollar weakened 20%against the euro while gold posted 25%performance over the same time horizon*.

Gold’s sensitivity to risk aversion isparticularly apparent when viewed in euros,since every stage of price appreciation canbe linked to milestones in the Europeansovereign crisis.

The first appreciation was observed in late2009, when Greece revised its deficit. Thegold price, quoted in euros, touched itslatest high in December 2010, beforedecreasing after the Irish bailout package

was passed. The recent renewedintensification of the sovereign crisis sentthe gold price to a new historical peak.

Investors have been seeking gold as morethan just an insurance tool. Fears of hyper-inflation, due to the excess liquidity injectedinto the system, have also motivatedinvestors to take refuge in gold. Flows intophysical gold ETFs confirm that this questamplified as the Jasmine revolution spreadto the rest of the MENA region, sending theoil price to over US$120 a barrel. China,which has been plagued by rising inflation,has been one of the world’s major goldconsumers. In 2010, China’s demand forgold grew by 32%.

Interest rates have now started to increase insome developed economies and inflationseems to have been contained for the timebeing, but the investment case for holdinggold is still intact.

The European sovereign crisis is still a longway from being resolved and theprobabilities of a Greek bailout are high.The eurozone is not the sole economy tosuffer from structural weaknesses, andmarket participants are still divided onwhether the US economy will survive theexit of its second quantitative easing. Whileit remains unclear which economy willmaster its domestic crisis first, theEUR/USD exchange rate continues to behighly volatile.

In conclusion, the effects of the economicand financial turmoil across manydeveloped economies remain and couldlead to further increases in the gold price.

Since the beginning of the financial crisis in 2008, gold hascontinued to act as a safe haven and hedge against currencyfluctuations. Economist Chloe Koos Dunand, from Pictet, discussesthe precious metal’s prospects in the current economic climate.

is ¯oldstill shinin¯?

In 2010, China’sdemand for goldgrew by 32%.”

”

* Source: Bloomberg 30 May 2011.

Skandia Investment Group (SIG) hasselected Fisher Asset Management asinvestment adviser of the Skandia

Global Emerging Markets Fund. SIGbelieves that Fisher’s team experience,background and research capabilities putthe firm in an excellent position to deliverstrong performance over the long term forthe fund.

Fisher Asset Management LLC (Fisher) wasfounded in 1979 by Ken Fisher, son of PhilFisher, who is considered a pioneer ingrowth investing. Ken followed in hisfather’s footsteps, and has been writing thehighly acclaimed Forbes ProfessionalAdvisor column in their monthly magazinefor over 25 years. The firm is 100% privatelyowned by the Fisher family and its keyemployees, and the Fisher brand is wellknown and well established in the US.

Fisher has a highly experienced portfoliomanagement team, supported by a well-resourced analytic team that is structured toexploit their perceived sources of alpha.

While most global emerging market (GEM)managers employ a bottom-up fundamentalstrategy, Fisher has a unique and compellingtop-down approach. This derives from theirbelief that the emerging market universe is

dominated by a few countries, which in turnare dominated by a few industries, which areeach driven by just a few companies.Getting the top-down country and industrycall right is therefore the most importantpart of their investment approach.

Fisher aims to minimise unintended risksand maximise intended ones by aligningstock selection with their macro views.They attempt to avoid any long-termstylistic bias and their approach is highlystructured, which should prove repeatablethroughout the market cycle.

While emerging equity markets are riskierthan developed ones, they also offer higherreturn potential, given the strong growthprospects for the underlying economies.Research by Goldman Sachs predicts thatby 2050, four out of the five biggesteconomies in the world will be markets thatare currently labelled as ‘emerging’. Most ofthese countries have financial marketswhich are already relatively developed,transparent and liquid.

Incorporating a core GEM strategy, such asFisher’s, within a broader, well-diversifiedportfolio can help spread this additional riskwhile offering significant potential toenhance overall returns.

James Millard from Skandia Investment Groupintroduces an acclaimed new investment adviserfor the Skandia Global Emerging Markets Fund.

the fisherkin¯s


For further details visit www.royalskandia.com/funds/fundnews.asp or www.skandia.ie/funds/fund_news.asp

Huet Capital European Residential Property

Close Property Investment Portfolio

HSBC Global Absolute

€/£ Until further notice -

£ Until further notice -

€ Until further notice -

Royal Skandia Skandia IrelandUnderlying Currency (US$, HK$, €, £) (€, US$, £)

fund suspensions

Gartmore Funds - Name change to Henderson

Skandia UK Fixed Interest Blend - Name change to Skandia Strategic Bond

Investec GS Global Growth Fund - Fund Merger into Investec GS GlobalDynamic Fund

BlackRock GF United Kingdom - Change to Investment Policy

BlackRock Global Equity Fund - Change to Investment Policy

other events

The following funds are currently suspended until further notice. For further information or indicative prices (where available), please visitour websites detailed below.

Royal Skandia Skandia IrelandUnderlying Currency (US$, HK$, €, £) (€, US$, £)

€/£/US$ 11 Jul 11 Jul

£ 01 Jul 01 Jul

US$ 01 Jul -

£ 31 May 31 May

£ 31 May -

fund news

fund launchesRoyal Skandia Skandia Ireland

Underlying Currency (US$, HK$, €, £) (€, US$, £)

RS US$ Global Emerging Markets

RS US$ Local Currency Emerging Market Debt

RS US$ Franklin Technology

RS US$ Franklin Strategic Income

RS US$ Templeton Frontier Markets

RS US$ Templeton Emerging Markets Bond

US$ 27 May 27 May

US$ 27 May 27 May

US$ 24 May 24 May

US$ 24 May 24 May

US$ 24 May 24 May

US$ 24 May 24 May


indicatorcate¯oriesThe outlook provided by thefund group for equities ignoresthe effect that currencymovements can have on themarket. For example, if the fundgroup believes the US outlook ispositive, but believes thestrength of Sterling will be adeterrent for UK investors, theywill still show a positive outlookfor the US market.

The outlooks for equities,bonds and property relate tothe specific indices shown in the'benchmarks and marketmovements' table below theindicator grid. The performanceinformation shown in this table iscalculated in Sterling terms.

outlook¯uidelines a positive outlook

the fund group believes theindex they are using as abenchmark will rise inexcess of 5% over the next12 months.

£ a neutral outlookthe fund group believes theindex they are using as abenchmark will have eithera positive or negative movement of between 0% and 5%.

l a negative outlookthe fund group believes the index they are using as a benchmark will fall inexcess of 5% over the next12 months.

how to use indicatorThe Indicator provides investors with a 12-month stock market outlook from a selection of fundgroups linked to Skandia. We provided the fund groups with an index as a benchmark for eachsector and asked them how they think the index will perform over the next 12 months.These views are not fund specific. We have asked the fund groups to provide anoutlook for each sector as a whole.

Past performance is not a guide to future performance.Source for all performance information: Financial Express Limited, from 31/05/2011 to 30/06/2011, bid to bid, in dollars, with gross income reinvested back into the fund.U Figures unavailable.* This is the view of Bob Yerbury, Chief Investment Officer of Invesco UK. These views may change and may differ from those of individual Invesco Perpetual fund managers.

Additionally, this 12-month outlook is a shorter term than Invesco Perpetual’s normal investment horizon when buying stock and, as such, the views may not necessarily berepresentative of Invesco Perpetual's portfolios.

This Financial Express sourced information is provided to you by Skandia UK Group and is used at your own risk. Financial Express take care to ensure that the informationprovided is correct. Neither Financial Express Limited or Skandia Group warrants, represents nor guarantees the contents of the information, nor do they accept anyresponsibility for error, inaccuracies, omissions or any inconsistencies herein.

benchmarks and market movementspercentage growth

Equities

FTSE All Share

FTSE Small Cap Index

S&P 500

Russell 2000

FTSE World Europe ex UK

FTSE All World Japan

FTSE World Pacific ex Japan

MSCI Emerging Markets Composite

BRIC

Property

UK Property

Global Property Securities

Bonds

Citi UK Government Bond Index, All Maturities

Citi WBIG UK Corporate Bond Index

Citi World Government Bond Index

2.07 34.81 -2.39 8.13 81.67

2.60 33.67 -4.43 -17.85 39.64

-0.05 29.92 8.14 11.99 23.31

-1.61 37.41 25.18 22.15 83.65

3.29 39.02 -3.26 19.40 106.48

0.35 13.07 -12.16 -17.78 15.74

0.54 37.29 22.96 68.30 260.52

-1.15 27.80 13.21 71.75 348.88

-3.45 19.26 -1.49 76.54 446.08

1.59 4.74 -2.21 -12.29 54.99

2.24 33.22 2.25 2.38 108.45

2.70 10.69 1.15 14.52 98.57

2.29 12.22 2.09 12.75 99.46

3.32 10.54 18.44 42.53 114.39

3 Months 1 Year 3 Years 5 Years 10 Years

-1.71 -2.31 -1.38 -2.37 1.63 -1.54 -1.19 -2.90 -2.85 -2.19 0.45 0.21 -3.13 -3.01Indices Monthly % Performance USD

July 2011

These are Investment House views and are not fund-specific.

Equities BondsProperty

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Allianz Global Investors

Aviva Investors

AXA Framlington

Barings

BlackRock

BNP Paribas

Fidelity

GLG

Henderson

HSBC

INVESCO PERPETUAL

Investec

JPMorgan

M&G

Martin Currie

Newton

OM Asset Managers

Pictet

Skandia Investment Group

Schroders

Threadneedle

Consensus

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July 2011

all currencies (€, £, HK$, US$) royal skandiaPerformance % over one year to end JuneAll percentage growth calculated to 30/06/11

2011 2010 2009 2008 2007

ANNUAL

SFCauthorised*

AMC

Roya

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Curr

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Fund

ID

Managed Solutions – available in different risk profiles, providing a high level of diversification across multiple asset classes

96911 RS € Aggressive -3.73 -4.98 -7.38 3.92 0.21 -10.42 3.92 27.32 -24.26 -23.78 17.28 1.50

96000 RS € Balanced -2.00 -2.47 -4.87 5.01 2.50 -6.24 5.01 26.47 -22.82 -21.61 16.68 1.45

96912 RS € Cautious -2.07 -1.89 -2.89 4.62 5.26 -1.33 4.62 21.05 -16.89 -15.83 11.37 1.10

97971 RS € Defensive -1.05 -0.74 1.50

97975 RS € Global Dynamic Bond -1.36 0.80

96909 RS £ Aggressive 96930 0.08 -2.26 -2.56 15.51 13.68 11.05 15.51 21.17 -18.77 -13.64 13.11 1.50

96013 RS £ Balanced 96468 0.79 -0.66 -1.46 13.45 12.25 8.69 13.45 22.88 -19.47 -13.15 11.48 1.45

85052 RS £ Cautious 96915 0.00 -0.70 -0.62 10.76 18.92 19.14 10.76 21.78 -11.84 -8.21 9.15 1.50

97969 RS £ Defensive -1.17 -0.96 1.50

96901 RS £ Global Dynamic Bond 96903 -1.31 0.42 3.07 7.09 23.90 21.53 7.09 22.34 -5.44 -4.04 2.21 0.80

97854 RS £ Index Cautious 97855 -0.81 0.41 0.21 8.44 8.44 0.50

96910 RS US$ Aggressive 96913 -2.28 -2.44 1.10 23.25 -3.07 6.77 23.25 10.71 -28.96 -11.65 24.69 3 1.50

96527 RS US$ Balanced 96914 -0.95 -0.78 1.41 19.42 0.35 7.68 19.42 13.70 -26.09 -10.75 20.22 3 1.45

96528 RS US$ Cautious 96916 -1.33 -0.60 1.91 15.44 6.48 13.66 15.44 12.38 -17.92 -6.23 13.83 3 1.20

97972 RS US$ Defensive -1.16 -1.06 1.50

96971 RS US$ Diversified Managed 96974 96972 96973 -1.04 -0.95 1.06 17.84 -0.61 10.12 17.84 11.62 -24.43 -7.93 20.33 3 1.45

97976 RS US$ Global Dynamic Bond -1.47 0.80

Sector Solutions

Multi-Manager – covering single asset classes and sectors

96802 RS € Euro Bond 96881 96882 -0.54 1.65 1.92 2.11 15.11 10.54 2.11 14.39 -1.45 -3.69 -0.30 0.45

97746 RS £ Global Dynamic Equity 97748 97749 97747 0.32 -2.08 -2.38 15.77 15.77 1.50

96897 RS £ Global Equity Income 96900 96899 96898 0.15 -0.61 -1.22 12.59 12.20 -0.61 12.59 21.65 -18.08 -21.41 12.72 1.25

97051 RS £ Global Fixed Interest Blend 97052 1.16 1.16 2.19 5.93 33.16 39.72 5.93 19.61 5.10 8.05 -2.89 1.25

85044 RS £ Japanese Equity 4.25 -0.21 -8.98 4.60 10.69 -10.04 4.60 12.93 -6.29 -14.52 -4.92 1.50

97105 RS £ Property 97106 97108 97107 0.25 1.02 2.33 5.18 -6.16 -21.74 5.18 14.79 -22.27 -23.20 8.60 1.35

97047 RS £ Strategic Bond 97048 97050 97049 -0.45 1.11 2.62 6.40 20.68 14.63 6.40 22.74 -7.59 -4.92 -0.10 1.25

96457 RS £ UK Equity 96460 96459 96458 -0.30 -0.10 0.31 21.93 12.07 3.14 21.93 20.81 -23.92 -19.74 14.68 1.17

85045 RS £ US Equity 96733 -0.14 -1.67 -1.80 11.15 13.10 6.63 11.15 21.80 -16.45 -14.01 9.64 1.50

97518 RS US$ Alternatives 97520 97519 97521 -1.13 -1.02 0.00 2.22 -6.21 2.22 3.00 -10.92 1.50

97053 RS US$ Global Fixed Interest Blend 97054 -1.34 0.83 5.90 12.36 6.12 21.06 12.36 6.80 -11.57 6.58 7.04 3 1.25

96545 RS US$ Pacific Equity 96548 96546 96547 -2.84 -1.13 -1.59 24.43 7.61 57.50 24.43 18.05 -26.74 -0.93 47.73 1.50

96483 RS SEK Swedish Equity (USD)1 96485 96482 96484 -5.42 -4.52 0.48 41.31 24.89 47.90 41.31 23.15 -28.23 -16.50 41.84 3 1.25

Single Manager – each fund provides access to a single, high calibre fund manager

97973 RS € Emerging Markets Debt 0.63 3.12 1.50

97414 RS € European Equity 97415 97417 97416 -4.34 -3.09 -2.16 11.80 -4.90 11.80 20.70 -29.52 1.50

97974 RS £ Emerging Markets Debt 0.32 2.26 1.50

97085 RS £ Ethical 97086 97088 97087 2.26 -0.73 -2.51 13.35 9.80 7.73 13.35 21.09 -20.00 -16.74 17.84 1.25

97093 RS £ Global Property Securities -2.24 0.43 0.43 16.11 -24.43 -34.98 16.11 28.91 -49.51 -24.86 14.51 1.50

96250 RS £ UK Index Tracker 96666 96260 96255 -0.92 -0.76 -1.09 19.64 14.65 10.57 19.64 20.63 -20.56 -16.52 15.53 3 0.40

96439 RS £ US Index Tracker 96667 96441 96440 0.38 -1.47 0.38 16.89 28.27 22.04 16.89 26.06 -12.94 -12.57 8.81 3 0.65

97422 RS US$ Emerging Markets Debt 97424 97423 97425 0.43 2.71 3.99 11.28 29.72 11.28 20.43 -3.20 1.50

97985 RS US$ Global Emerging Markets 97987 97986 97988 -1.17 1.75

97102 RS US$ Global Real Estate Securities 97103 97104 -2.25 1.37 2.49 23.75 -22.02 -27.24 23.75 26.16 -50.05 -21.83 19.37 3 1.50

97418 RS US$ Greater China Equity 97420 97419 97421 -2.08 1.21 -0.73 17.83 21.80 17.83 20.26 -14.04 1.50

97434 RS US$ Healthcare 97436 97435 97441 -0.77 7.86 10.76 21.29 -1.09 21.29 3.18 -20.96 1.75

97989 RS US$ Local Currency Emerging Market Debt 97991 97990 97992 0.75 1.75

97426 RS US$ Technology 97428 97427 97429 -3.17 -2.20 -0.71 19.27 0.82 19.27 20.06 -29.59 1.75

97430 RS US$ Total Return Bond 97432 97431 97433 -0.53 1.16 2.07 3.75 23.15 3.75 13.04 5.00 1.00

97410 RS US$ US All Cap Value 97412 97411 97413 -2.88 -1.83 1.79 23.41 0.33 23.41 17.49 -30.80 1.50

Best Ideas – highly focused, unconstrained stock picking multi-manager funds

97437 RS € European Best Ideas 97438 97440 97439 -1.46 -0.98 -1.56 20.41 13.75 20.41 21.98 -22.55 1.50

97132 RS £ Global Best Ideas 97134 97135 97133 -0.08 0.83 1.00 24.44 18.62 23.55 24.44 23.33 -22.71 -13.49 20.41 1.50

97209 RS £ UK Best Ideas 97211 97212 97210 -2.40 -1.10 -3.56 22.29 -2.40 22.29 18.78 -32.81 -25.05 1.50

97277 RS £ UK Strategic Best Ideas 97279 97280 97278 -1.25 0.00 -2.09 19.47 10.27 19.47 11.79 -17.43 1.50

3Months

1MonthHK$£€ US$

6Months

1 Year 3 Years 5 Years

CUMULATIVERe-priced currency

only available to unit-linked products

for financial advisers only

Further fund performance information available from www.royalskandia.com

July 2011

royal skandia all currencies (€, £, HK$, US$)Performance % over one year to end JuneAll percentage growth calculated to 30/06/11

2011 2010 2009 2008 2007

ANNUAL

SFCauthorised*

AMC

Roya

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Curr

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Fund

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3Months

1MonthHK$£€ US$

6Months






CASH FUNDS

DEPoSITS

96202 RS € Deposit 0.18 0.35 0.53 0.89 2.99 9.03 0.89 0.36 1.72 3.38 2.40 0.00

85012 RS £ Deposit 0.14 0.41 0.83 1.57 4.62 14.43 1.57 0.70 2.29 4.97 4.19 3 0.00

96226 RS HK$ Deposit 0.10 0.10 0.10 0.29 0.57 5.85 0.29 0.00 0.29 2.15 3.02 3 0.00

85112 RS US$ Deposit 0.00 0.11 0.22 0.51 1.30 9.22 0.51 0.17 0.62 3.21 4.46 3 0.00

MoNEY MARKET

97892 RS € HSBC GIF Global Currency2 -0.11 0.11 -1.33 2.50

96849 RS £ M&G High Interest 96852 96851 96850 -0.18 0.27 0.46 1.48 1.95 9.80 1.48 2.75 -2.23 3.56 4.00 0.50

97912 RS US$ Emirates Islamic Money Market ˜ -0.22 -0.22 -0.22 0.50

97893 RS US$ HSBC GIF Global Currency2 97894 97895 -0.23 -0.11 -1.67 3.50

FIXED INTEREST FUNDS

FIXED INTEREST – EMERgINg gLoBAL

97973 RS € Emerging Markets Debt 0.63 3.12 1.50

97974 RS £ Emerging Markets Debt 0.32 2.26 1.50

97612 RS US$ Aberdeen Global Emerging Markets Bond 97614 97613 97615 -0.09 3.40 3.67 10.51 10.51 26.45 1.50

97937 RS US$ BlackRock Local Emg Markets Short Duration 97939 97938 97940 -0.31 0.84 1.00

96931 RS US$ BNP Paribas L1 Bond Best Selection World Emg 96933 96932 96934 -2.14 -0.77 -3.83 8.10 -3.90 3.06 8.10 20.67 -26.33 -4.24 11.99 3 1.50

97422 RS US$ Emerging Markets Debt 97424 97423 97425 0.43 2.71 3.99 11.28 29.72 11.28 20.43 -3.20 1.50

97732 RS US$ Invesco Emerging Local Currencies Debt 97734 97733 97735 0.08 3.70 5.60 15.08 15.08 11.37 1.50

97632 RS US$ Investec Emerging Markets Local Currency Debt 97634 97633 97635 0.27 2.62 5.07 15.85 15.85 14.81 1.50

97941 RS US$ JPM Emerging Markets Bond 97943 97942 97944 0.62 3.08 1.15

97989 RS US$ Local Currency Emerging Market Debt 97991 97990 97992 0.75 1.75

97670 RS US$ Schroder ISF Emg Market Debt Absolute Return 97672 97671 97673 -0.28 0.19 -0.56 -0.56 -0.56 8.17 1.50

98005 RS US$ Templeton Emerging Markets Bond 98007 98006 98008 0.00 1.50

FIXED INTEREST – gLoBAL

97977 RS € Allianz PIMCO Bondspezial 97978 97980 97979 -0.76 1.10 1.15

96802 RS € Euro Bond 96881 96882 -0.54 1.65 1.92 2.11 15.11 10.54 2.11 14.39 -1.45 -3.69 -0.30 0.45

97975 RS € Global Dynamic Bond -1.36 0.80

97945 RS € JPM Global Convertibles 97946 97948 97947 -1.94 -2.26 1.25

85049 RS £ BlackRock GF World Bond§ 1.99 0.79 -3.47 -5.95 38.49 31.65 -5.95 17.11 25.73 1.87 -6.68 0.85

96901 RS £ Global Dynamic Bond 96903 -1.31 0.42 3.07 7.09 23.90 21.53 7.09 22.34 -5.44 -4.04 2.21 0.80

97051 RS £ Global Fixed Interest Blend 97052 1.16 1.16 2.19 5.93 33.16 39.72 5.93 19.61 5.10 8.05 -2.89 1.25

85033 RS £ Invesco Bond§ 2.48 3.43 -0.06 3.31 41.67 50.30 3.31 12.41 21.99 13.78 -6.76 0.50

96575 RS £ M&G Offshore High Yield Corporate Bond 96578 96577 96576 -1.27 -0.34 1.86 9.21 26.78 26.13 9.21 19.04 -2.48 -4.02 3.66 1.25

97245 RS £ Newton International Bond 97247 97248 97246 1.95 2.56 -0.37 2.26 36.68 2.26 12.43 18.89 10.43 1.00

96975 RS £ Threadneedle Dollar Bond 96976 96978 96977 2.07 1.56 -1.83 -3.14 36.81 27.61 -3.14 21.45 16.30 0.45 -7.14 3 1.00

96793 RS US$ Baring Global Aggregate Bond 96796 96794 96795 0.22 2.95 4.94 10.49 23.32 37.27 10.49 2.16 9.26 5.96 5.05 3 1.25

96229 RS US$ Baring High Yield Bond 96700 96244 96238 -2.10 -0.88 3.35 12.92 28.63 38.90 12.92 22.74 -7.19 -3.13 11.47 3 1.00

85154 RS US$ BlackRock GF World Bond 96727 97657 -0.63 0.64 0.72 0.48 12.59 17.89 0.48 6.95 4.77 1.37 3.30 3 0.85

97933 RS US$ BlackRock Global Inflation Linked Bond 97935 97934 97936 0.31 2.31 0.85

96841 RS US$ BNY Mellon Global Bond 96844 96842 96843 -0.27 2.95 4.19 9.31 12.66 33.94 9.31 5.09 -1.92 10.89 7.21 3 1.50

97790 RS US$ Franklin High Yield 97792 97791 97793 -1.64 -0.28 3.15 11.90 11.90 1.20

97997 RS US$ Franklin Strategic Income 97999 97998 98000 -0.86 1.25

96709 RS US$ Franklin US Government 96712 96710 96711 0.08 2.17 2.34 2.43 14.41 25.82 2.43 5.66 5.71 5.53 4.22 3 1.90

97976 RS US$ Global Dynamic Bond -1.47 0.80

97053 RS US$ Global Fixed Interest Blend 97054 -1.34 0.83 5.90 12.36 6.12 21.06 12.36 6.80 -11.57 6.58 7.04 3 1.25

97184 RS US$ HSBC Global Core Plus Bond 97186 97185 97187 0.00 2.65 4.71 9.32 6.97 9.32 3.24 -5.23 9.05 0.75

85136 RS US$ Invesco Bond 96211 96224 -0.28 3.18 4.04 9.92 14.08 33.38 9.92 2.31 1.43 13.38 3.13 3 0.50

97872 RS US$ MFS Meridian Research Bond 97874 97873 97875 -0.61 1.45 2.52 3.72 3.72 0.60

97888 RS US$ PIMCO Global Investment Grade Credit 97890 97889 97891 -1.00 1.02 2.28 5.68 5.68 1.40

97868 RS US$ Prudential IOF Asian Bond Fund 97870 97869 97871 -0.41 1.34 1.55 4.69 4.69 1.25

97674 RS US$ Schroder ISF Asian Bond Absolute Return 97676 97675 97677 -1.01 0.72 0.31 -0.91 -0.91 9.29 1.25

97953 RS US$ Schroder ISF Global Corporate Bond 97955 97954 97956 -0.95 0.75 0.75

97949 RS US$ Schroder ISF Global High Yield 97951 97950 97952 -2.01 -0.75 1.00

97536 RS US$ Templeton Global Bond 97538 97537 97539 -0.30 2.02 3.64 11.01 40.97 11.01 13.01 12.37 3 2.00

97794 RS US$ Templeton Global Total Return 97796 97795 97797 -0.53 2.10 4.98 14.55 14.55 2.00

97430 RS US$ Total Return Bond 97432 97431 97433 -0.53 1.16 2.07 3.75 23.15 3.75 13.04 5.00 1.00

FIXED INTEREST – UK

96765 RS £ Artemis High Income 96768 96767 96766 -1.04 0.92 2.97 10.84 16.00 16.09 10.84 24.22 -15.76 -7.27 7.92 1.25

85050 RS £ BlackRock UK Gilts All Stocks Tracker 96726 96218 97117 -0.68 2.02 1.31 1.47 18.72 20.02 1.47 4.27 12.21 3.66 -2.47 1.00

96935 RS £ Fidelity MoneyBuilder Income 96937 96938 96936 -0.99 1.44 2.22 3.99 25.05 21.01 3.99 16.25 3.44 -1.74 -1.52 0.80

96633 RS £ Henderson Fixed Interest Monthly Income 96636 96635 96634 -1.37 0.35 1.85 7.94 13.35 7.44 7.94 25.44 -16.29 -8.12 3.16 1.25

96888 RS £ Henderson High Yield Monthly Income 96891 96890 96889 -1.52 -0.24 2.50 7.34 16.07 9.74 7.34 34.75 -19.75 -9.50 4.47 1.00

97742 RS £ Invesco Sterling Bond 97744 97745 97743 -1.15 0.92 4.07 7.33 7.33 0.75

97156 RS £ Lloyds TSB Offshore Funds High Income 97157 97159 97158 -1.34 1.08 3.10 2.89 17.29 2.89 20.00 -5.01 -2.77 0.90

97144 RS £ Lloyds TSB Offshore Funds Sterling Bond 97145 97147 97146 -1.36 1.30 3.16 3.69 13.96 3.69 19.32 -7.88 -1.77 0.90

96609 RS £ M&G Offshore Corporate Bond 96612 96611 96610 -1.09 2.04 3.12 4.01 31.82 32.30 4.01 15.25 9.97 1.19 -0.82 0.00

96694 RS £ Premier Conservative Growth 96697 96696 96695 0.00 1.31 3.53 9.60 -0.55 -2.16 9.60 13.01 -19.71 -4.21 2.71 1.25

97047 RS £ Strategic Bond 97048 97050 97049 -0.45 1.11 2.62 6.40 20.68 14.63 6.40 22.74 -7.59 -4.92 -0.10 1.25

96983 RS £ Threadneedle Strategic Bond 96984 96986 96985 -1.56 -0.09 2.29 6.24 18.96 15.25 6.24 16.90 -4.21 -4.45 1.40 3 1.25

97758 RS £ Threadneedle UK Corporate Bond 97760 97761 97759 -1.35 0.59 2.40 3.54 3.54 0.75

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MIXED ASSET FUNDS

MIXED ASSET – AggRESSIVE

96911 RS € Aggressive -3.73 -4.98 -7.38 3.92 0.21 -10.42 3.92 27.32 -24.26 -23.78 17.28 1.50

96909 RS £ Aggressive 96930 0.08 -2.26 -2.56 15.51 13.68 11.05 15.51 21.17 -18.77 -13.64 13.11 1.50

96018 RS £ Aggressive Invesco Managed -0.87 -1.04 -2.37 10.96 17.68 10.90 10.96 17.77 -9.94 -19.23 16.66 1.45

97132 RS £ Global Best Ideas 97134 97135 97133 -0.08 0.83 1.00 24.44 18.62 23.55 24.44 23.33 -22.71 -13.49 20.41 1.50

96910 RS US$ Aggressive 96913 -2.28 -2.44 1.10 23.25 -3.07 6.77 23.25 10.71 -28.96 -11.65 24.69 3 1.50

96118 RS US$ Aggressive Invesco Managed 96281 -2.72 -1.50 1.09 15.88 -3.07 0.49 15.88 8.37 -22.82 -16.94 24.81 1.45

96971 RS US$ Diversified Managed 96974 96972 96973 -1.04 -0.95 1.06 17.84 -0.61 10.12 17.84 11.62 -24.43 -7.93 20.33 3 1.45

MIXED ASSET – BALANCED

96000 RS € Balanced -2.00 -2.47 -4.87 5.01 2.50 -6.24 5.01 26.47 -22.82 -21.61 16.68 1.45

96013 RS £ Balanced 96468 0.79 -0.66 -1.46 13.45 12.25 8.69 13.45 22.88 -19.47 -13.15 11.48 1.45

96014 RS £ Balanced Fidelity Managed -0.28 -1.78 -2.15 14.42 19.41 20.64 14.42 16.61 -10.51 -8.85 10.83 1.50

97754 RS £ CF Miton Special Situations 97756 97757 97755 1.20 1.30 -0.39 2.02 2.02 1.50

97152 RS £ Lloyds TSB Multi Strategy Growth 97153 97155 97154 -0.37 0.09 -0.09 10.61 19.17 10.61 21.19 -11.10 -8.70 1.50

96601 RS £ Sarasin GlobalSar Cautious Fund2 96604 96603 96602 -1.36 -1.36 -1.90 5.46 -3.81 10.36 5.46 10.67 -17.59 1.90 12.59 1.75

96527 RS US$ Balanced 96914 -0.95 -0.78 1.41 19.42 0.35 7.68 19.42 13.70 -26.09 -10.75 20.22 3 1.45

96116 RS US$ Balanced Fidelity Managed 96437 96283 -2.06 -2.04 1.68 21.03 -0.03 9.66 21.03 8.09 -23.58 -8.41 19.76 1.40

97908 RS US$ Emirates Active Managed ˜ -1.81 -2.84 -0.75 1.50

97909 RS US$ Emirates Balanced Managed ˜ -1.89 -0.85 0.22 1.50

97911 RS US$ Emirates Islamic Global Balanced ˜ -1.77 -0.74 0.32 1.50

97876 RS US$ MFS Meridian Total Return 97878 97877 97879 -1.27 1.02 4.23 16.29 16.29 1.05

MIXED ASSET – CAUTIoUS

96912 RS € Cautious -2.07 -1.89 -2.89 4.62 5.26 -1.33 4.62 21.05 -16.89 -15.83 11.37 1.10

97971 RS € Defensive -1.05 -0.74 1.50

96201 RS € Investec Cautious Managed -2.28 -1.97 -4.38 4.19 14.59 6.50 4.19 20.84 -8.98 -14.56 8.77 1.25

85051 RS £ Aberdeen Managed Distribution 96715 97928 -0.32 1.55 2.22 12.70 24.20 16.51 12.70 20.31 -8.40 -12.43 7.13 1.25

85052 RS £ Cautious 96915 0.00 -0.70 -0.62 10.76 18.92 19.14 10.76 21.78 -11.84 -8.21 9.15 1.50

97969 RS £ Defensive -1.17 -0.96 1.50

96884 RS £ Henderson Managed Distribution 96887 96886 96885 -1.69 -0.33 1.84 14.78 18.35 2.96 14.78 29.04 -20.10 -18.51 6.76 1.25

97854 RS £ Index Cautious 97855 -0.81 0.41 0.21 8.44 8.44 0.50

85013 RS £ Investec Cautious Managed -0.34 0.95 0.30 12.15 33.50 23.08 12.15 17.33 1.46 -13.99 7.20 1.50

97148 RS £ Lloyds TSB Multi Strategy Conservative 97149 97151 97150 -0.57 1.65 2.14 4.27 18.11 4.27 14.95 -1.46 -2.95 1.25

97098 RS £ Newton Phoenix Multi-Asset 97099 97101 97100 -0.74 0.47 0.75 9.12 6.53 9.45 9.12 15.57 -15.53 -4.80 7.93 1.50

96528 RS US$ Cautious 96916 -1.33 -0.60 1.91 15.44 6.48 13.66 15.44 12.38 -17.92 -6.23 13.83 3 1.20

97972 RS US$ Defensive -1.16 -1.06 1.50

97910 RS US$ Emirates Conservative Managed ˜ -0.75 -0.75 -0.75 1.40

97339 RS US$ Fidelity Multi Asset Strategic 97341 97340 97342 -1.20 -0.66 4.16 19.15 -4.14 19.15 1.88 -21.04 1.25

85113 RS US$ Investec Cautious Managed 96287 -1.52 -0.98 2.67 16.98 10.07 23.24 16.98 8.57 -13.33 -3.03 15.46 1.30

EQUITY FUNDS

EQUITIES – BRIC

97644 RS € Allianz RCM BRIC Equity 97645 97647 97646 -2.22 -7.40 -9.97 -2.58 -2.58 38.97 1.75

97176 RS US$ HSBC BRIC Markets Equity 97178 97177 97179 -0.67 -3.68 -1.40 15.60 -9.80 15.60 12.59 -30.70 14.39 3 1.50

97830 RS US$ Schroder BRIC 97832 97831 97833 -0.95 -2.89 -1.36 13.36 13.36 1.50

97544 RS US$ Templeton BRIC 97546 97545 97547 -0.72 -3.71 -3.04 21.52 -10.75 21.52 13.46 -35.27 3 1.90

EQUITIES – EMERgINg EURoPE

97382 RS € Jupiter New Europe 97383 97385 97384 -1.85 -8.59 -9.05 2.61 -9.69 2.61 69.42 -48.05 1.75

85027 RS £ Baring Eastern Europe§ 2.77 -6.33 -3.45 15.93 -7.54 43.42 15.93 44.66 -44.87 13.72 36.41 1.50

85130 RS US$ Baring Eastern Europe 96432 96289 0.05 -6.50 0.52 23.35 -25.79 26.72 23.35 31.29 -54.17 13.32 50.69 3 1.50

EQUITIES – EMERgINg gLoBAL

85016 RS £ Baring Global Emerging Markets 96288 0.54 -2.55 -7.54 8.69 34.19 89.30 8.69 33.59 -7.58 5.27 34.01 3 1.50

97510 RS £ Fidelity Emerging Europe, Middle East & Africa 97512 97513 97511 0.95 -4.95 -8.08 20.08 30.22 20.08 35.56 -20.00 3 1.50

96917 RS £ First State Global Emerging Markets Leaders 96919 96920 96918 2.30 1.84 -4.55 16.40 57.50 120.98 16.40 31.24 3.11 2.98 36.24 3 1.50

85021 RS £ Invesco Emerging Markets Equity§ 1.19 -2.15 -8.43 9.86 19.32 66.24 9.86 34.77 -19.40 4.68 33.09 1.50

85023 RS £ JPM Emerging Markets Investment Trust 96446 97123 97361 0.87 -0.97 -6.35 20.58 39.65 104.52 20.58 30.59 -11.32 2.41 43.00 1.00

85036 RS £ Templeton Emerging Markets§ 2.77 -0.93 -4.53 17.82 34.17 56.79 17.82 31.73 -13.55 -6.75 25.32 2.10

97838 RS US$ Aberdeen Global Emerging Markets Equity 97840 97839 97841 0.17 1.26 -0.17 20.58 20.58 1.75

85118 RS US$ Baring Global Emerging Markets 96824 -1.89 -2.85 -4.31 15.28 7.68 65.72 15.28 21.72 -23.26 4.20 47.70 3 1.50

97299 RS US$ BNP Paribas L1 Equity World Emerging 97301 97300 97302 -2.15 0.00 0.00 20.38 -16.49 20.38 22.97 -43.59 3 1.75

97564 RS US$ Franklin Middle East & Africa 97566 97565 97567 -1.61 0.00 -8.37 5.69 5.69 0.50 3 2.00

97985 RS US$ Global Emerging Markets 97987 97986 97988 -1.17 1.75

97188 RS US$ HSBC Global Emerging Markets Equity 97190 97189 97191 -1.44 -2.93 -2.36 22.62 -11.52 22.62 11.95 -35.55 2.82 3 1.50

85123 RS US$ Invesco Emerging Markets Equity 96699 -1.53 -2.32 -4.64 17.04 -3.61 48.08 17.04 22.72 -32.89 4.20 47.44 3 1.50

97600 RS US$ JPM Emg Europe, Middle East & Africa Equity 97602 97601 97603 -0.65 -4.16 -4.75 24.06 24.06 29.44 1.50

97608 RS US$ JPM Middle East Equity 97610 97609 97611 -1.12 -2.01 -12.57 5.98 5.98 17.52 1.50

97957 RS US$ Schroder ISF Global Emg Markets Opportunities 97959 97958 97960 -1.31 -1.41 1.50

97658 RS US$ Schroder ISF Middle East 97660 97659 97661 -0.78 0.55 -6.53 14.47 14.47 11.86 1.50

85140 RS US$ Templeton Emerging Markets 96732 0.08 -1.09 -0.57 25.44 8.15 39.17 25.44 20.05 -28.18 -7.20 38.65 3 2.10

97540 RS US$ Templeton Emerging Markets Smaller Companies 97542 97541 97543 -0.09 1.73 -5.03 23.63 13.66 23.63 31.94 -30.32 3 1.90

98001 RS US$ Templeton Frontier Markets 98003 98002 98004 -2.78 2.00

3Months

1Month

6Months


CUMULATIVE

SelfSelectHK$£€ US$

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AMC



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EQUITIES – ENERgY

97679 RS € DWS Invest Clean Tech 97680 97682 97681 -4.55 -11.56 -9.58 -4.81 -4.81 7.62 1.50

97386 RS € Jupiter Climate Change Solutions 97387 97389 97388 -3.47 -4.79 -6.08 -0.60 -11.65 -0.60 24.11 -28.39 1.50

96621 RS US$ BlackRock GF New Energy 96624 96622 96623 -3.61 -9.39 -2.67 8.24 -49.46 -22.08 8.24 -15.23 -44.92 10.15 39.98 3 1.75

97498 RS US$ BlackRock GF World Energy 97500 97499 97501 -4.91 -9.92 0.00 35.54 -21.55 35.54 0.76 -42.56 3 1.75

97446 RS US$ BNP Paribas L1 Green Future 97448 97447 97449 -2.01 -2.90 -1.11 12.40 -41.21 12.40 -10.53 -41.54 3 1.75

97568 RS US$ HSBC Climate Change 97570 97569 97571 -0.44 -3.68 -1.59 15.06 15.06 0.51 3 1.50

97460 RS US$ Investec Global Energy 97462 97461 97463 -4.01 -8.14 5.79 32.47 -17.53 32.47 2.66 -39.35 3 1.50

97662 RS US$ Schroder ISF Global Climate Change Equity 97664 97663 97665 -2.70 -3.12 1.91 22.14 22.14 4.00 1.50

EQUITIES – EURoPE

97842 RS € BlackRock European Absolute Return2 97843 97845 97844 -0.11 0.00 -1.78 2.07 2.07 1.50

97080 RS € BlackRock GF Continental European Flexible 97081 97083 97082 -2.99 -1.00 -2.68 23.24 29.00 36.82 23.24 37.86 -24.07 -15.38 25.34 3 1.50

97437 RS € European Best Ideas 97438 97440 97439 -1.46 -0.98 -1.56 20.41 13.75 20.41 21.98 -22.55 1.50

97414 RS € European Equity 97415 97417 97416 -4.34 -3.09 -2.16 11.80 -4.90 11.80 20.70 -29.52 1.50

96582 RS € Henderson Gartmore Continental European 96583 96585 96584 -1.95 0.38 0.48 13.30 0.96 1.44 13.30 17.09 -23.90 -20.76 26.80 1.50

97180 RS € HSBC Euroland Equity 97181 97183 97182 -1.32 -3.86 1.23 11.68 -6.27 11.68 16.09 -27.71 -22.32 3 1.50

97390 RS € Jupiter European Opportunities 97391 97393 97392 -3.24 -1.40 -1.30 9.19 6.14 9.19 27.36 -23.68 1.50

96755 RS € Lazard European Equity 96756 96758 96757 -1.00 -0.28 1.21 12.42 -2.43 -6.62 12.42 15.14 -24.62 -22.92 24.16 1.50

97700 RS € Pictet Europe Index 97701 97703 97702 -3.73 -2.91 -4.87 5.32 5.32 25.53 0.30

85046 RS £ Baring Europe Select 96204 96217 -0.93 -1.01 0.16 33.32 35.72 63.96 33.32 23.06 -17.28 -7.50 30.60 3 1.50

96658 RS £ Fidelity European 96661 96660 96659 1.33 1.11 5.25 26.28 1.60 18.99 26.28 10.36 -27.10 -3.35 21.18 1.50

97584 RS £ GAM Star Continental European Equity 97586 97587 97585 -0.98 0.09 1.36 20.93 20.93 18.36 3 1.50

96571 RS £ GLG Esprit Continental Europe 96574 96573 96572 2.31 2.45 7.50 35.66 30.54 36.18 35.66 14.32 -15.82 -14.48 21.98 1.50

96594 RS £ Henderson European Growth 96597 96596 96595 0.35 -0.35 1.26 24.30 21.60 35.08 24.30 20.40 -18.75 -11.46 25.47 1.50

85041 RS £ Henderson Gartmore Pan European 0.61 2.39 1.85 23.17 -4.21 1.93 23.17 9.16 -28.76 -11.03 19.61 1.50

85151 RS US$ Baring Europe Select§ -3.54 -1.19 4.29 41.83 9.05 44.64 41.83 11.75 -31.20 -7.97 44.11 1.50

96253 RS US$ BNY Mellon Continental European Equity 96728 96258 96263 -1.55 -0.63 4.10 23.90 -23.22 0.24 23.90 -2.66 -36.34 -0.18 30.78 3 2.00

85144 RS US$ Henderson Gartmore Pan European -2.05 1.42 6.01 31.12 -22.78 -9.55 31.12 -0.57 -40.77 -11.40 32.20 1.50

96759 RS US$ Investec Continental European Equity 96762 96760 96761 -1.39 -0.23 5.55 37.58 -15.52 -0.78 37.58 1.98 -39.79 -10.77 31.62 3 1.50

96483 RS SEK Swedish Equity (USD)1 96485 96482 96484 -5.42 -4.52 0.48 41.31 24.89 47.90 41.31 23.15 -28.23 -16.50 41.84 3 1.25

EQUITIES – gLoBAL

97648 RS € Allianz RCM Global Eco Trends 97649 97651 97650 -4.78 -9.04 -9.65 -2.40 -2.40 0.52 1.75

97624 RS € Credit Suisse Equity Fund (LUX) Global Prestige 97625 97627 97626 2.70 9.40 7.73 40.54 40.54 51.02 1.90

97378 RS € Jupiter Global Financials 97379 97381 97380 -3.32 -5.29 -9.17 -4.41 4.72 -4.41 22.82 -10.80 1.50

96486 RS £ Aberdeen World Equity 96488 96489 96487 0.67 1.85 -0.10 15.85 22.08 36.25 15.85 26.33 -16.59 -3.82 16.04 1.50

96551 RS £ AXA Framlington Financial 96554 96553 96552 -0.13 -4.69 -4.20 5.47 -7.16 -30.37 5.47 14.45 -23.09 -32.78 11.57 1.50

96529 RS £ AXA Framlington Global Opportunities 96532 96531 96530 0.14 -3.55 -3.55 16.12 -4.59 2.32 16.12 16.25 -29.32 -3.39 11.01 1.50

96469 RS £ BlackRock Global Equity 96472 96471 96470 1.48 0.52 0.42 20.50 21.73 41.93 20.50 18.48 -14.74 -0.13 16.74 1.50

97085 RS £ Ethical 97086 97088 97087 2.26 -0.73 -2.51 13.35 9.80 7.73 13.35 21.09 -20.00 -16.74 17.84 1.25

85025 RS £ F & C Investment Trust 97357 0.14 1.37 2.19 22.97 15.24 31.40 22.97 13.75 -17.61 -6.48 21.91 0.30

96492 RS £ Fidelity Global Financial Services 96494 96495 96493 0.49 -4.59 -5.39 11.14 10.77 -4.86 11.14 16.39 -14.36 -24.55 13.83 3 1.50

96500 RS £ Fidelity Global Industrials 96502 96503 96501 -0.39 -5.08 -2.65 26.05 23.59 61.17 26.05 26.88 -22.72 11.08 17.40 3 1.50

97172 RS £ Fidelity Global Special Situations 97174 97175 97173 -1.42 -6.10 -6.38 10.74 -3.96 10.74 23.24 -29.63 -3.07 1.50

96857 RS £ First State Global Growth 96860 96859 96858 0.31 -0.83 -1.20 14.49 6.41 12.62 14.49 16.11 -19.95 -7.43 14.33 0.51

97746 RS £ Global Dynamic Equity 97748 97749 97747 0.32 -2.08 -2.38 15.77 15.77 1.50

96897 RS £ Global Equity Income 96900 96899 96898 0.15 -0.61 -1.22 12.59 12.20 -0.61 12.59 21.65 -18.08 -21.41 12.72 1.25

97249 RS £ Henderson Global Financials 97251 97252 97250 0.13 -4.35 -5.64 13.24 0.13 13.24 13.52 -22.11 -21.93 1.50

96679 RS £ Henderson Industries of the Future 96685 96683 96681 1.58 1.14 0.00 12.89 19.30 28.87 12.89 22.05 -13.42 -8.67 18.28 1.50

85028 RS £ Invesco Global Equity 96730 97356 0.59 1.18 -0.06 14.57 21.91 23.87 14.57 25.12 -14.95 -14.88 19.37 1.50

85039 RS £ Investec Global Strategic Equity§ 2.26 1.03 1.55 22.64 12.34 12.34 22.64 18.71 -22.84 -12.91 14.82 1.50

85040 RS £ Jupiter Ecology 96210 96467 96301 1.01 -1.44 -0.76 14.22 5.94 22.62 14.22 16.34 -20.28 -9.64 28.09 1.50

97241 RS £ Newton International Growth 97243 97244 97242 -0.37 -0.93 -0.19 14.76 8.67 14.76 20.83 -21.63 -1.21 1.50

85037 RS £ Newton Real Return 96729 96225 97355 -1.38 0.27 0.40 9.22 26.58 47.40 9.22 13.98 1.68 4.12 11.85 1.50

96605 RS £ Sarasin EquiSar Global Thematic 96608 96607 96606 0.87 -1.86 -3.94 13.61 8.00 25.27 13.61 18.58 -19.83 0.51 15.40 1.50

85035 RS £ Templeton Global Fund§ 0.64 -0.48 2.70 21.04 17.64 12.06 21.04 16.80 -16.79 -17.49 15.46 1.50

97616 RS US$ Aberdeen Global Infrastructure 97618 97617 97619 -0.73 -0.28 -0.46 21.39 21.39 15.67 1.90

97076 RS US$ Aberdeen Global World Equity 97078 97077 97079 -2.26 1.54 3.38 22.84 1.29 25.43 22.84 15.25 -28.46 -5.43 30.93 1.50

96541 RS US$ Baring Global Select 96544 96542 96543 -1.76 -1.10 2.98 22.55 -12.39 30.16 22.55 7.04 -33.21 3.40 43.68 3 1.50

97486 RS US$ BlackRock GF Global Allocation 97488 97487 97489 -1.79 -1.27 1.64 14.50 3.67 14.50 8.39 -16.46 3 1.50

97798 RS US$ Franklin Mutual Global Discovery 97800 97799 97801 -1.49 0.86 5.99 26.46 26.46 1.50

97140 RS US$ HSBC Amanah Global Equity 97142 97141 97143 -1.97 -0.30 3.11 25.16 -4.78 7.80 25.16 2.32 -25.65 -7.11 21.89 0.75

96442 RS US$ Investec Global Growth 96445 96443 96444 -1.57 -0.29 6.48 32.69 -3.09 10.58 32.69 9.01 -33.01 -12.21 29.97 3 1.00

85143 RS US$ Investec Global Strategic Equity 96720 96703 -0.40 0.81 5.74 30.42 -9.70 -0.86 30.42 8.06 -35.92 -13.41 26.79 3 1.50

97900 RS US$ M&G Global Basics 97901 97902 97903 -3.24 -3.15 -0.54 1.75

97666 RS US$ Schroder ISF QEP Global Active Value 97668 97667 97669 -2.11 -1.20 2.49 23.46 23.46 15.02 1.25

85139 RS US$ Templeton Global Fund 96209 96222 -1.97 -0.64 7.06 28.94 -5.40 -0.88 28.94 6.28 -30.97 -17.93 27.67 3 1.50

EQUITIES – HEALTH

96496 RS £ Fidelity Global Health Care 96498 96499 96497 1.21 6.12 5.01 14.58 41.89 39.14 14.58 21.78 1.69 -5.97 4.29 3 1.50

96509 RS £ Schroder Medical Discovery 96511 96512 96510 1.08 5.96 6.51 15.45 45.83 35.84 15.45 17.65 7.36 -10.84 4.48 1.50

96533 RS US$ AXA World Funds Framlington Health 96536 96534 96535 -2.00 4.06 11.02 26.10 16.96 21.55 26.10 11.98 -17.16 -9.35 14.64 3 1.75

97490 RS US$ BlackRock GF World Health Science 97492 97491 97493 -1.07 4.22 13.47 26.65 21.13 26.65 6.42 -10.13 3 1.50

97434 RS US$ Healthcare 97436 97435 97441 -0.77 7.86 10.76 21.29 -1.09 21.29 3.18 -20.96 1.75

96232 RS US$ Invesco Global Healthcare 96719 96247 96241 -2.05 5.90 11.78 22.52 12.11 21.10 22.52 7.21 -14.65 -6.99 16.14 3 1.50

3Months

1Month

6Months


CUMULATIVE



AMC

July 2011


2011 2010 2009 2008 2007

ANNUAL

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EQUITIES – HoNg KoNg & CHINA

85030 RS £ JF Greater China§ -1.77 -0.56 -5.27 14.93 51.44 111.56 14.93 22.32 7.73 -4.19 45.80 1.50

96797 RS US$ Aberdeen Global Chinese Equity 96800 96798 96799 -2.15 0.21 -3.11 20.53 19.97 74.07 20.53 20.36 -17.30 1.12 43.49 3 1.75

97450 RS US$ Baring China Select 97452 97451 97453 -3.27 -2.97 -0.22 16.69 17.89 16.69 6.37 -5.02 3 1.50

97128 RS US$ Baring Hong Kong & China 97130 97129 97131 -3.55 -1.99 0.44 12.19 11.30 93.42 12.19 5.80 -6.23 -12.08 97.66 3 1.25

97213 RS US$ Fidelity China Focus 97215 97214 97216 -3.25 -1.26 -0.69 12.02 18.41 12.02 9.62 -3.57 -2.08 3 1.50

97904 RS US$ First State China Growth 97906 97905 97907 -1.50 0.31 -0.40 2.00

97124 RS US$ First State Hong Kong Growth 97126 97125 97127 -1.29 0.79 -0.21 22.22 34.03 108.04 22.22 27.11 -13.73 0.00 55.22 3 1.50

97418 RS US$ Greater China Equity 97420 97419 97421 -2.08 1.21 -0.73 17.83 21.80 17.83 20.26 -14.04 1.50

97913 RS US$ Henderson Horizon China2 97915 97914 97916 -4.70 -2.14 3.05 1.20

96227 RS US$ HSBC Chinese Equity 96698 96242 96236 -3.69 -3.25 -0.41 10.76 1.66 61.15 10.76 2.47 -10.43 -10.16 76.46 3 1.50

96228 RS US$ HSBC Hong Kong Equity 96243 96237 -3.55 -4.24 -4.29 12.20 6.53 50.32 12.20 8.71 -12.66 -4.50 47.76 3 1.00

85133 RS US$ JF Greater China 96722 96293 -4.36 -0.75 -1.20 22.52 22.44 88.45 22.52 11.25 -10.17 -4.39 60.97 3 1.50

85148 RS US$ JF Hong Kong 96723 96292 -4.80 -4.45 -4.41 11.40 8.74 55.50 11.40 8.10 -9.70 -1.07 44.54 3 1.50

97884 RS US$ Martin Currie GF Greater China 97886 97885 97887 -4.89 -3.17 -1.74 19.82 19.82 1.50

EQUITIES – INDIA

97217 RS £ Fidelity India Focus 97219 97220 97218 5.48 -2.53 -10.58 4.92 39.72 4.92 44.69 -7.96 -15.79 3 1.50

97502 RS US$ BlackRock GF India 97504 97503 97505 1.96 -2.27 -8.34 4.22 24.25 4.22 31.99 -9.67 3 1.50

97596 RS US$ Henderson India Equity 97598 97597 97599 4.38 1.28 -5.46 9.45 9.45 26.40 1.50

96947 RS US$ HSBC India Equity 96949 96948 96950 -1.57 -6.32 -13.27 -2.78 -1.37 58.60 -2.78 33.58 -24.05 1.68 58.14 3 1.50

97604 RS US$ JF India 97606 97605 97607 2.80 -3.29 -7.69 11.20 11.20 26.38 1.50

97532 RS US$ Jupiter India 97534 97533 97535 3.29 2.63 -3.31 9.63 38.28 9.63 38.65 -9.03 1.75

97402 RS US$ Kotak India Growth 97404 97403 97405 2.39 -1.95 -9.22 5.54 19.36 5.54 23.59 -8.50 2.00

97398 RS US$ Kotak India Infrastructure & Realty 97400 97399 97401 1.10 -5.32 -15.60 -12.52 -16.74 -12.52 10.12 -13.57 2.00

97394 RS US$ Kotak India Mid Cap 97396 97395 97397 1.18 -0.64 -11.25 -2.89 10.43 -2.89 47.68 -23.00 2.00

97506 RS US$ Kotak India Multicap 97508 97507 97509 2.58 -1.72 -9.84 2.92 11.98 2.92 25.88 -13.57 1.50

EQUITIES – JAPAN

96625 RS £ Fidelity Japan Smaller Companies 96628 96627 96626 5.74 2.26 -3.98 7.41 35.20 -9.94 7.41 12.57 11.82 -15.37 -21.29 1.50

85044 RS £ Japanese Equity 4.25 -0.21 -8.98 4.60 10.69 -10.04 4.60 12.93 -6.29 -14.52 -4.92 1.50

96071 RS £ Schroder Tokyo 96207 96220 97358 3.84 0.34 -5.51 5.31 16.15 -2.51 5.31 14.93 -4.04 -12.53 -4.04 1.50

97261 RS JPY Aberdeen Global Japanese Smaller Cos (USD)1 97263 97262 97264 2.43 0.56 -0.83 12.72 12.19 12.72 18.18 -15.78 -16.67 1.50

97119 RS US$ Franklin Templeton Japan 97121 97120 97122 1.89 2.10 -2.41 12.50 -27.68 -40.04 12.50 0.00 -35.71 -22.40 6.83 3 1.50

EQUITIES – LATIN AMERICA

97089 RS £ Threadneedle Latin America 97090 97092 97091 3.31 -1.28 -7.75 12.20 21.73 120.88 12.20 50.17 -27.75 22.36 48.30 3 1.50

97494 RS US$ BlackRock GF Latin American 97496 97495 97497 -0.81 -2.18 -6.26 19.97 -0.70 19.97 31.67 -37.14 3 1.75

97323 RS US$ Fidelity Latin America 97325 97324 97326 -0.19 -0.38 -2.87 23.07 9.82 23.07 33.44 -33.12 3 1.50

97572 RS US$ HSBC Brazil Equity 97574 97573 97575 -2.87 -1.46 -4.66 18.15 18.15 40.64 3 1.75

97287 RS US$ Parvest Equity Brazil 97289 97288 97290 -1.09 -1.41 -2.68 10.99 -10.79 10.99 31.67 -38.96 3 1.75

EQUITIES – NoRTH AMERICA

96613 RS £ Fidelity American Special Situations 96616 96615 96614 -0.43 -3.43 -2.21 15.10 16.54 6.90 15.10 25.47 -19.30 -8.17 -0.11 1.50

85018 RS £ JPM America Equity§ 1.14 -0.76 -1.17 14.55 27.48 19.73 14.55 25.15 -11.07 -17.10 13.30 1.50

96617 RS £ Schroder US Smaller Companies 96620 96619 96618 1.00 -1.52 -1.46 14.20 34.78 47.04 14.20 33.36 -11.51 -5.22 15.10 3 1.50

96979 RS £ Threadneedle American 96980 96982 96981 1.54 0.00 2.45 19.45 36.16 34.17 19.45 29.27 -11.82 -10.02 9.51 3 1.50

85045 RS £ US Equity 96733 -0.14 -1.67 -1.80 11.15 13.10 6.63 11.15 21.80 -16.45 -14.01 9.64 1.50

96439 RS £ US Index Tracker 96667 96441 96440 0.38 -1.47 0.38 16.89 28.27 22.04 16.89 26.06 -12.94 -12.57 8.81 3 0.65

97221 RS US$ BlackRock GF US Flexible 97223 97222 97224 -2.74 0.00 7.71 22.94 -1.50 22.94 12.32 -28.67 -15.44 3 1.50

96252 RS US$ Fidelity American Growth 96701 96257 96262 -2.22 -4.59 0.64 25.23 -12.40 -12.95 25.23 7.19 -34.74 -9.30 9.56 1.50

96828 RS US$ Franklin Mutual Beacon 96831 96829 96830 -2.28 -1.08 3.62 19.48 1.02 -5.78 19.48 15.05 -26.51 -22.11 19.75 3 1.90

97056 RS US$ Franklin US Equity 97055 97057 97058 -2.65 -2.19 0.78 18.28 4.04 8.20 18.28 9.02 -19.31 -13.93 20.82 3 1.50

97588 RS US$ GAM Star US All Cap Equity 97590 97589 97591 -4.63 -3.97 -0.92 18.92 18.92 13.37 3 1.60

85120 RS US$ JPM America Equity 96206 96219 -1.55 -1.04 2.86 21.98 2.58 6.23 21.98 13.82 -26.12 -17.47 25.49 3 1.50

97307 RS US$ Lazard North American Equity 97309 97308 97310 -3.25 -3.37 1.18 18.71 -2.52 18.71 13.39 -27.58 1.50

97880 RS US$ MFS Meridian US Value 97882 97881 97883 -2.14 -2.14 2.91 20.79 20.79 1.05

97822 RS US$ Neptune US Opportunities 97824 97823 97825 -2.33 -4.08 -4.46 13.15 13.15 1.60

97708 RS US$ Pictet USA Index 97710 97709 97711 -3.02 -2.15 2.69 19.26 19.26 17.11 0.30

97410 RS US$ US All Cap Value 97412 97411 97413 -2.88 -1.83 1.79 23.41 0.33 23.41 17.49 -30.80 1.50

EQUITIES – PACIFIC

97687 RS € DWS Invest Top 50 Asia 97688 97690 97689 -2.93 -3.83 -11.69 -2.93 -2.93 27.83 1.50

96230 RS £ Baring Korea 96714 96239 96245 0.81 1.34 5.67 31.48 40.16 53.83 31.48 46.15 -27.06 -19.03 35.55 3 1.50

96921 RS £ First State Asia Pacific Leaders 96923 96924 96922 -0.07 0.64 -3.66 17.84 50.48 121.63 17.84 27.50 0.15 6.81 37.88 3 1.50

85022 RS £ Invesco Asean Equity§ 1.18 1.61 -3.23 18.58 61.94 117.79 18.58 49.93 -8.91 -12.41 53.54 1.00

85043 RS £ Invesco Asia Opportunities Equity§ 0.48 -0.22 -1.71 19.37 42.37 92.25 19.37 26.66 -5.84 -7.59 46.13 1.00

85031 RS £ JF Eastern Smaller Companies§ 1.01 0.20 -6.58 12.67 51.91 58.16 12.67 34.83 0.00 -26.07 40.82 1.50

85015 RS £ JF Pacific Securities§ 1.17 -1.49 -5.86 13.56 40.70 58.20 13.56 22.13 1.45 -4.73 18.03 1.50

85032 RS £ JF Thailand§ -2.80 -4.99 -8.89 28.18 90.43 169.40 28.18 63.62 -9.20 9.91 28.71 1.50

97442 RS £ Old Mutual Asian Select 97444 97445 97443 0.09 -1.74 -5.89 13.94 29.50 13.94 26.17 -9.92 1.50

97834 RS US$ Aberdeen Global Asia Pacific Equity 97836 97835 97837 -1.25 0.17 -2.70 20.24 20.24 1.75

97636 RS US$ Allianz RCM Oriental Income 97638 97637 97639 -1.26 -0.47 2.34 19.81 19.81 5.88 1.50

97196 RS US$ BNY Mellon Asian Equity 97198 97197 97199 -3.48 -2.46 -2.19 25.41 11.14 25.41 18.92 -25.48 0.97 3 2.00

97514 RS US$ Fidelity Asian Aggressive 97516 97515 97517 -1.90 -1.06 -0.53 24.97 3.56 24.97 20.75 -31.37 3 1.50

97576 RS US$ HSBC Korean Equity 97578 97577 97579 -1.70 0.18 8.30 37.52 37.52 27.72 3 1.50

97192 RS US$ HSBC Singapore Equity 97194 97193 97195 -1.77 3.30 1.67 21.39 5.54 21.39 26.73 -31.40 -27.11 3 1.00

97136 RS US$ HSBC Thai Equity 97138 97137 97139 -6.43 -4.22 -3.44 31.79 28.61 67.97 31.79 30.87 -25.44 -5.22 37.80 3 1.50

85124 RS US$ Invesco Asean Equity 96718 96223 -1.45 1.40 0.70 26.34 30.18 91.71 26.34 35.96 -24.21 -12.94 69.15 3 1.00

97716 RS US$ Invesco Asia Balanced 97718 97717 97719 -1.60 -0.54 -1.60 15.64 15.64 19.42 1.25

97724 RS US$ Invesco Asia Consumer Demand 97726 97725 97727 -1.23 2.19 -1.56 22.11 22.11 25.40 1.50

97728 RS US$ Invesco Asia Infrastructure Fund 97730 97729 97731 -2.06 -1.46 -0.31 25.10 25.10 9.25 1.50

3Months

1Month

6Months


CUMULATIVE

SelfSelect



HK$£€ US$


AMC



July 2011


2011 2010 2009 2008 2007

ANNUAL

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EQUITIES – PACIFIC (continued)

85146 RS US$ Invesco Asia Opportunities Equity 96208 96221 -2.21 -0.45 1.92 26.57 14.03 69.41 26.57 15.32 -21.88 -8.01 61.50 3 1.00

97720 RS US$ Invesco PRC Equity 97722 97721 97723 -3.12 -2.27 -1.67 11.02 11.02 5.33 2.00

97548 RS US$ JF Asean 97550 97549 97551 -2.72 -1.12 -1.97 26.69 26.69 34.58 3 1.50

97552 RS US$ JF Australia 97554 97553 97555 -2.63 -2.44 0.52 30.22 30.22 18.46 3 1.50

85134 RS US$ JF Eastern Smaller Companies 96721 96291 -1.67 0.08 -2.63 19.86 20.86 39.25 19.86 22.35 -17.59 -25.92 55.53 3 1.50

97560 RS US$ JF Korea 97562 97561 97563 0.33 0.42 1.35 38.96 38.96 24.28 3 1.50

85116 RS US$ JF Pacific Securities 96431 96216 -1.46 -1.66 -1.96 20.66 13.70 39.83 20.66 11.06 -15.15 -5.68 30.40 3 1.50

97556 RS US$ JF Taiwan 97558 97557 97559 -3.38 4.99 1.00 37.82 37.82 10.52 3 1.50

85135 RS US$ JF Thailand 96724 96294 -5.81 -5.06 -4.87 36.77 53.43 141.03 36.77 48.86 -24.64 9.99 42.83 3 1.50

96545 RS US$ Pacific Equity 96548 96546 96547 -2.84 -1.13 -1.59 24.43 7.61 57.50 24.43 18.05 -26.74 -0.93 47.73 1.50

97704 RS US$ Pictet Pacific (ex Japan) Index 97706 97705 97707 -3.34 -3.06 -1.24 26.81 26.81 19.93 0.30

97864 RS US$ Prudential IOF Asian Infrastructure Equity Fund 97866 97865 97867 -1.01 -2.45 -1.28 16.56 16.56 1.50

97109 RS US$ Templeton Asian Growth 97111 97110 97112 -1.60 -2.17 0.15 27.20 41.12 105.79 27.20 34.57 -17.56 -11.96 65.65 3 1.85

EQUITIES – RUSSIA

97291 RS € BNP Paribas L1 Equity Russia 97292 97294 97293 -1.26 -8.29 -8.61 15.78 -11.30 15.78 58.41 -51.64 3 1.75

97850 RS US$ Baring Russia2 97852 97851 97853 -0.59 -7.50 -1.08 28.75 28.75 1.50

97580 RS US$ HSBC Russia Equity 97582 97581 97583 0.88 -6.62 4.20 36.87 36.87 37.58 3 1.75

97762 RS US$ Neptune Russia & Greater Russia 97764 97763 97765 -0.32 -7.16 -0.64 33.59 33.59 1.75

EQUITIES – TECHNoLogY

96705 RS £ AXA Framlington Biotech 96708 96707 96706 0.70 7.25 5.15 17.86 43.72 40.89 17.86 2.97 18.43 -11.29 10.51 1.75

96559 RS £ GLG Technology Equity 96562 96561 96560 -0.13 -2.24 1.29 16.96 52.92 43.17 16.96 36.59 -4.28 -17.10 12.93 1.75

85038 RS £ Henderson Global Technology 96429 96295 97360 0.07 -2.91 -3.05 13.35 44.96 57.13 13.35 31.66 -2.86 -8.36 18.28 1.50

96462 RS US$ Aberdeen Global Technology 96465 96463 96464 -1.40 0.86 2.03 24.82 13.18 35.38 24.82 19.49 -24.12 -7.44 29.23 3 1.75

97993 RS US$ Franklin Technology 97995 97994 97996 -2.32 1.50

97426 RS US$ Technology 97428 97427 97429 -3.17 -2.20 -0.71 19.27 0.82 19.27 20.06 -29.59 1.75

EQUITIES – UK

97068 RS £ Aberdeen UK Equity 97069 97071 97070 -1.02 0.60 0.26 23.10 23.36 14.19 23.10 25.90 -20.40 -23.09 20.35 1.50

96751 RS £ Artemis Income 96754 96753 96752 -0.98 1.06 1.51 16.65 19.50 17.33 16.65 17.94 -13.15 -18.43 20.38 1.50

96747 RS £ Artemis UK Special Situations 96750 96749 96748 -1.79 -0.16 1.30 23.30 20.52 21.46 23.30 10.91 -11.87 -18.25 23.28 1.50

96845 RS £ AXA Framlington UK Select Opportunities 96848 96847 96846 -0.66 1.76 1.76 29.20 28.84 34.90 29.20 25.88 -20.79 -11.04 17.70 1.50

85048 RS £ BlackRock United Kingdom 96203 96296 97084 -1.91 -2.72 -3.46 21.50 10.58 15.29 21.50 18.18 -22.99 -11.21 17.41 3 1.50

97168 RS £ Fidelity UK Special Situations 97170 97171 97169 -1.51 -1.51 -1.51 10.88 21.69 10.88 21.31 -9.53 -16.92 1.50

96671 RS £ Gartmore UK Alpha 96677 96675 96673 -1.22 -0.61 0.62 29.50 -10.75 -23.54 29.50 11.14 -37.99 -27.03 17.42 1.25

96563 RS £ GLG UK Growth 96566 96565 96564 -1.31 -1.73 -1.31 19.03 5.96 -13.37 19.03 22.12 -27.10 -28.31 14.04 1.50

96567 RS £ GLG UK Income 96570 96569 96568 -1.39 -1.78 -1.49 18.66 9.98 -7.98 18.66 19.94 -22.73 -25.70 12.62 1.50

96734 RS £ Henderson Higher Income 96746 96737 96736 -1.20 0.61 -0.40 19.64 4.44 -23.67 19.64 10.44 -20.95 -35.23 12.84 1.50

96555 RS £ Henderson UK & Irish Smaller Companies 96558 96557 96556 -0.64 0.37 0.92 27.12 12.00 5.61 27.12 14.23 -22.87 -21.62 20.31 1.50

96687 RS £ Henderson UK Alpha 96693 96691 96689 -3.34 -6.24 -7.68 19.31 -2.74 6.84 19.31 24.17 -34.35 -11.31 23.86 1.50

96637 RS £ HSBC UK Freestyle 96640 96639 96638 -2.22 0.38 1.61 23.09 6.18 10.44 23.09 14.13 -24.42 -12.08 18.30 1.50

96641 RS £ HSBC UK Growth & Income 96644 96643 96642 -1.70 -1.28 0.14 19.13 16.04 7.34 19.13 17.30 -16.96 -16.53 10.82 1.50

96645 RS £ Invesco High Income 96648 96647 96646 -1.61 4.10 3.90 17.63 19.05 25.88 17.63 15.50 -12.37 -16.81 27.10 1.50

85017 RS £ Invesco UK Equity 96731 97359 -2.54 1.07 1.69 16.72 10.39 -4.96 16.72 15.60 -18.19 -28.94 21.16 1.50

96649 RS £ Invesco UK Smaller Companies 96652 96651 96650 -0.34 2.27 3.81 26.13 20.00 30.70 26.13 24.75 -23.73 -13.84 26.41 1.50

96249 RS £ Jupiter Income Trust 96725 96259 96254 -1.77 -0.96 0.21 15.92 8.75 -1.50 15.92 11.27 -15.69 -22.23 16.46 1.50

96778 RS £ Liontrust Income 96781 96780 96779 -0.84 1.90 1.64 19.82 12.93 -7.02 19.82 19.71 -21.26 -28.54 15.22 1.50

96782 RS £ Liontrust UK Growth 96785 96784 96783 -1.58 2.24 5.42 28.09 8.06 36.16 28.09 26.99 -33.56 1.12 24.61 1.50

96786 RS £ Liontrust UK Smaller Companies 96789 96788 96787 2.12 5.35 13.88 33.36 58.24 46.46 33.36 34.28 -11.63 -25.95 25.00 1.50

96629 RS £ M&G Recovery 96632 96631 96630 -0.54 -0.66 0.24 23.91 23.63 44.06 23.91 19.39 -16.43 -8.82 27.80 1.50

96803 RS £ Schroder UK Alpha Plus 96806 96805 96804 -0.40 0.00 0.31 22.28 28.11 32.01 22.28 26.20 -16.98 -15.66 22.18 1.50

96513 RS £ Schroder UK Mid 250 96516 96515 96514 -3.13 -0.15 -1.13 19.05 13.74 4.90 19.05 21.58 -21.42 -25.36 23.57 1.50

97209 RS £ UK Best Ideas 97211 97212 97210 -2.40 -1.10 -3.56 22.29 -2.40 22.29 18.78 -32.81 -25.05 1.50

96457 RS £ UK Equity 96460 96459 96458 -0.30 -0.10 0.31 21.93 12.07 3.14 21.93 20.81 -23.92 -19.74 14.68 1.17

96250 RS £ UK Index Tracker 96666 96260 96255 -0.92 -0.76 -1.09 19.64 14.65 10.57 19.64 20.63 -20.56 -16.52 15.53 3 0.40

97277 RS £ UK Strategic Best Ideas 97279 97280 97278 -1.25 0.00 -2.09 19.47 10.27 19.47 11.79 -17.43 1.50

ALTERNATIVES

97691 RS € DWS Best Global FX Selection Plus -1.35 -2.02 -3.31 -3.74 -3.74 -1.41 1.50

97518 RS US$ Alternatives 97520 97519 97521 -1.13 -1.02 0.00 2.22 -6.21 2.22 3.00 -10.92 1.50

97750 RS US$ Aviva Investors Global Convertibles 97752 97751 97753 -1.15 0.00 3.70 17.12 17.12 1.20

97826 RS US$ Fulcrum Alternative Beta Daily Plus 97828 97827 97829 -2.83 -3.24 -4.63 -0.43 -0.43 1.90

97652 RS US$ JPM Highbridge Statistical Market Neutral2 97654 97653 97655 -0.62 -1.03 0.10 -0.10 -0.10 -5.78 1.50

CoMMoDITIES

97283 RS € BNP Paribas L1 Equity World Materials 97284 97286 97285 -2.87 -3.42 -9.25 14.55 -30.42 14.55 29.04 -52.93 3 1.50

97295 RS € BNP Paribas L1 Equity World Utilities 97296 97298 97297 -2.12 -2.81 -10.65 -8.43 -31.01 -8.43 11.62 -32.50 3 1.50

97683 RS € DWS Global Agribusiness 97684 97686 97685 -4.74 -3.87 -4.59 14.32 14.32 26.54 1.50

97896 RS £ Baring Global Agriculture2 97898 97899 97897 -2.37 -6.36 -8.53 1.50

96662 RS £ BlackRock Gold & General 96665 96664 96663 -2.62 -6.49 -14.63 3.49 31.08 96.22 3.49 42.67 -11.22 35.52 10.46 1.75

96943 RS £ JPM Natural Resources 96945 96946 96944 -3.14 -9.26 -14.75 20.27 13.25 78.39 20.27 43.52 -34.39 14.09 38.06 1.50

97468 RS £ Sarasin AgriSar2 97470 97471 97469 -0.63 -2.37 -5.78 15.37 10.26 15.37 16.98 -18.30 1.50

97640 RS US$ Allianz RCM Global Agricultural Trends 97642 97641 97643 -2.62 -3.28 -1.38 43.10 43.10 12.21 1.75

97406 RS US$ Baring Global Resources 97408 97407 97409 -3.03 -5.33 -6.43 28.77 -39.68 28.77 8.99 -57.02 3 1.50

97225 RS US$ BlackRock GF World Mining 97227 97226 97228 -4.13 -5.91 -8.13 35.31 -22.74 35.31 25.10 -54.35 32.43 3 1.75

97592 RS US$ Castlestone Aliquot Commodity 97594 97593 97595 -4.79 -8.33 -3.36 10.94 10.94 -5.09 1.75

97456 RS US$ Investec Global Dynamic Resources 97458 97457 97459 -3.38 -5.03 -1.67 37.36 6.95 37.36 13.04 -31.12 3 1.50

97464 RS US$ Investec Global Gold 97466 97465 97467 -5.00 -7.97 -13.19 13.23 6.20 13.23 32.41 -29.16 3 1.50

97856 RS US$ JPM Global Natural Resources 97858 97857 97859 -6.22 -9.16 -10.45 30.77 30.77 1.50

97860 RS US$ Martin Currie GF Global Resources 97862 97861 97863 -11.05 -6.47 -0.80 28.77 28.77 1.50

97846 RS US$ Pictet (CH) Precious Metals Fund - Physical Gold 97848 97847 97849 -2.27 5.59 5.33 16.78 16.78 0.30

97692 RS US$ Pictet Timber 97694 97693 97695 -6.65 -9.41 -1.15 13.44 13.44 32.34 1.60

97696 RS US$ Pictet Water 97698 97697 97699 -3.00 -1.85 -6.07 2.56 2.56 24.51 1.60

3Months

1Month

6Months


CUMULATIVE



AMC

July 2011


2011 2010 2009 2008 2007

ANNUAL

Roya

l Ska

nd

ia B

ase

Curr

ency

Fund

ID

PRoPERTY

PRoPERTY – gLoBAL

97930 RS € Aviva Investors Asia Pacific Property 0.00 4.59 1.60

97270 RS € Aviva Investors European Property 0.15 -0.29 1.50

97929 RS £ Aviva Investors Asia Pacific Property 97932 4.31 7.68 1.60

97269 RS £ Aviva Investors European Property 4.64 2.60 8.03 17.04 -28.18 17.04 -13.18 -29.32 1.50

97093 RS £ Global Property Securities -2.24 0.43 0.43 16.11 -24.43 -34.98 16.11 28.91 -49.51 -24.86 14.51 1.50

97931 RS US$ Aviva Investors Asia Pacific Property 1.53 7.06 1.60

97271 RS US$ Aviva Investors European Property 97272 1.43 1.75 1.50

97102 RS US$ Global Real Estate Securities 97103 97104 -2.25 1.37 2.49 23.75 -22.02 -27.24 23.75 26.16 -50.05 -21.83 19.37 3 1.50

PRoPERTY – UK

96521 RS £ Aberdeen Property Share 96524 96523 96522 1.97 6.33 11.29 30.10 -3.24 -38.85 30.10 20.18 -38.12 -45.42 15.79 1.50

96774 RS £ Aviva Investors Property 96777 96776 96775 -0.19 5.18 0.98 3.40 -14.46 -26.96 3.40 19.17 -30.58 -22.58 10.30 1.25

96955 RS £ Henderson Property 96957 96958 96956 0.79 1.37 -0.89 1.37 -10.36 -25.44 1.37 21.58 -27.26 -23.12 8.20 1.50

96951 RS £ M&G Property 96953 96954 96952 -0.13 0.13 1.33 -2.68 -14.56 -33.01 -2.68 20.99 -27.44 -26.74 7.02 1.25

97105 RS £ Property 97106 97108 97107 0.25 1.02 2.33 5.18 -6.16 -21.74 5.18 14.79 -22.27 -23.20 8.60 1.35

3Months

1Month

6Months


CUMULATIVE

SelfSelect

Source for all performance information: Financial Express Limited, bid to bid with gross income reinvested back into the fund.

Ethical profile.

* Funds marked with 3 are authorised by the Hong Kong Securities and Futures Commission (SFC), and can therefore be promoted to Hong Kong investors.

§ Royal Skandia funds closed to new Personal Portfolio Bond business.1 The funds show USD performance rather than the performance of the underlying currency of the Fund.2 The fund manager may apply a Performance Related Fee (PRF). The AMC shown is illustrative as it would need to be adjusted to take account of the PRF. For further

information on how the PRF for this fund is calculated please refer to the fund factsheet, which can be found at: http://www.royalskandia.com/funds/index.asp.

˜ This fund is available for distribution by selected third parties in the Middle East region only.

Investors should be aware that unit prices and the income from units may fall as well as rise and that past performance is not a guide to the future.

Where a fund invests in securities designated in a different currency to the fund or where an underlying fund is denominated in a different currency, investments may rise and fallpurely as a result of exchange rate fluctuations.

Sector classifications are proprietary to Skandia International.

The performance figures shown are inclusive of all external fund management fees and Royal Skandia's Annual Management Charge; however, they exclude product charges.

The currency that features at the beginning of the Royal Skandia fund names indicates the currency that the funds are denominated in (the base currency). For example, theRoyal Skandia £ Balanced Portfolio is denominated in Sterling.

Royal Skandia's Multi-currency pricing system allows Royal Skandia to take the price of a fund and, by applying an exchange rate to it, produce equivalent prices in othercurrencies. The fund codes shown under the heading ‘additional re-priced currencies’ indicate the availability of multi-currency priced funds.

Royal Skandia Portfolio Bond products must invest directly into the base currency funds.

This Financial Express sourced information is provided to you by Skandia International and is used at your own risk. Financial Express take care to ensure that the informationprovided is correct.

Financial Express or Skandia International neither warrants, represents nor guarantees the contents of the information, nor do they accept any responsibility for error,inaccuracies, omissions or any inconsistencies herein.

Investors should be aware of the risks when investing in Emerging Market Funds as they may be subject to considerable fluctuations in value. They are additional to the normalrisks inherent in securities. Local dealing restrictions may make certain securities illiquid. Investment in these Funds should be regarded as long-term in nature and is onlysuitable for sophisticated investors who understand the risks involved.



SFCauthorised*HK$£€ US$


AMC

£1 month 3 months 6 months 1 year 3 years 5 years 10 years

US$ 2.55 -0.17 -2.49 -6.80 23.98 15.21 -11.85

€ 3.41 2.06 5.43 10.26 14.09 30.66 49.77

HK$ 2.57 -0.16 -2.56 -6.78 24.29 14.96 -11.61

US$1 month 3 months 6 months 1 year 3 years 5 years 10 years

£ -2.49 0.17 2.55 7.29 -19.34 -13.20 13.44

€ 0.85 2.21 8.06 18.32 -7.98 13.40 70.97

HK$ -0.04 -0.03 -0.10 0.07 0.21 -0.20 0.24

€

1 month 3 months 6 months 1 year 3 years 5 years 10 years

£ -3.29 -2.02 -5.15 -9.31 -12.35 -23.46 -33.23

US$ -0.84 -2.17 -7.46 -15.48 8.68 -11.81 -41.51

HK$ -0.82 -2.11 -7.47 -15.36 9.00 -11.88 -40.94

HK$1 month 3 months 6 months 1 year 3 years 5 years 10 years

£ -2.51 0.16 2.62 7.27 -19.54 -13.01 13.13

US$ 0.04 0.03 0.10 -0.07 -0.21 0.20 -0.24

€ 0.83 2.16 8.08 18.14 -8.25 13.48 69.32

currency converterThe tables below show the relative performance (%) of each currency against the currencies shown.



July 2011

skandia ireland all currencies (€, £, US$)Performance % over one year to end JuneAll percentage growth calculated to 30/06/11

2011 2010 2009

ANNUAL

Spanishauthorised*

Roya

l Ska

nd

ia B

ase

Curr

ency

Fund

ID

Managed Solutions – available in different risk profiles, providing a high level of diversification across multiple asset classes

10143 Skandia € Aggressive -3.74 -5.01 -7.47 3.72 5.57 3.72 27.70 -20.2910002 Skandia € Balanced -2.03 -2.44 -4.85 5.08 6.83 5.08 27.10 -20.0210005 Skandia € Cautious -2.07 -1.98 -2.98 4.69 9.74 4.69 22.00 -14.0810630 Skandia € Defensive -1.05 -0.85 3

10633 Skandia € Global Dynamic Bond -1.36 3

10141 Skandia £ Aggressive 0.15 -2.19 -2.56 14.42 18.84 14.42 23.77 -16.0810001 Skandia £ Balanced 0.76 -0.67 -1.34 12.91 18.45 12.91 24.42 -15.6910004 Skandia £ Cautious 0.08 -0.55 -0.47 13.52 22.11 13.52 20.34 -10.6210628 Skandia £ Defensive -1.17 -0.96 3

10634 Skandia £ Global Dynamic Bond -1.37 3

10142 Skandia US$ Aggressive -2.21 -2.46 1.19 21.88 0.51 21.88 13.19 -27.1510003 Skandia US$ Balanced -0.97 -0.81 1.32 18.17 4.33 18.17 15.04 -23.2610006 Skandia US$ Cautious -1.28 -0.69 1.76 14.47 9.07 14.47 13.12 -15.7710629 Skandia US$ Defensive -1.18 -1.07 3

10635 Skandia US$ Global Dynamic Bond -1.47 3

Sector Solutions

Multi-Manager – covering single asset classes and sectors

10035 Skandia € Biased Global Bond 10037 10036 -0.94 0.42 -2.47 -3.67 21.59 -3.67 18.60 6.43 3

10029 Skandia € Euro Bond 10031 10030 -0.48 1.65 1.85 2.05 14.80 2.05 14.13 -1.43 3

10385 Skandia € European Equity 10386 10387 -4.42 -2.96 -2.38 11.70 -4.20 11.70 20.89 -29.05 3

10546 Skandia £ Global Dynamic Equity 10548 10547 0.08 -2.31 -2.61 16.07 16.07 3

10247 Skandia £ Global Fixed Interest Blend 10248 10249 1.17 1.17 2.12 5.02 31.51 5.02 18.62 5.57 3

10265 Skandia £ Global Property Securities -2.06 0.42 0.42 14.47 -23.44 14.47 29.85 -48.49 3

10022 Skandia £ Japanese Equity 10024 10023 4.36 -0.10 -8.85 4.67 10.63 4.67 12.59 -6.12 3

10244 Skandia £ Strategic Bond 10245 10246 -0.45 1.11 2.33 5.08 19.11 5.08 21.96 -7.06 3

10007 Skandia £ UK Equity 10009 10008 -0.94 -0.80 -0.22 19.23 11.75 19.23 21.20 -22.68 3

10014 Skandia £ US Equity 10015 10013 -0.50 -1.82 -1.33 10.97 21.44 10.97 23.78 -11.59 3

10026 Skandia US$ Pacific Equity 10028 10027 -2.83 -0.92 -1.44 21.71 15.35 21.71 20.46 -21.33 3

Single Manager – each fund provides access to a single, high calibre fund manager

10631 Skandia € Emerging Markets Debt 0.53 2.90 3

10019 Skandia £ Continental European 10020 10021 0.90 1.76 4.91 23.27 12.46 23.27 17.59 -22.42 3

10632 Skandia £ Emerging Markets Debt 0.53 2.58 3

10010 Skandia £ UK Index Tracker 10012 10011 -0.92 -0.79 -1.18 17.64 14.60 17.64 23.05 -20.84 3

10379 Skandia US$ Emerging Markets Debt 10381 10380 0.51 2.71 3.98 11.37 29.83 11.37 20.30 -3.09 3

10642 Skandia US$ Global Emerging Markets 10644 10643 Launched: 27/05/11 3

10266 Skandia US$ Global Real Estate Securities 10267 -2.23 1.36 2.33 21.70 -21.39 21.70 29.60 -50.16 3

10382 Skandia US$ Greater China Equity 10384 10383 -2.15 1.11 -0.82 18.16 22.81 18.16 20.76 -13.93 3

10391 Skandia US$ Healthcare 10394 10392 -0.77 7.97 10.73 21.55 -0.77 21.55 3.32 -20.98 3

10645 Skandia US$ Local Currency Emerging Market Debt 10647 10646 Launched: 27/05/11 3

10376 Skandia US$ Technology 10378 10377 -2.81 -1.86 -0.10 21.70 3.51 21.70 20.79 -29.59 3

10373 Skandia US$ Total Return Bond 10398 10374 -0.61 1.15 2.15 3.92 24.02 3.92 13.31 5.33 3

10388 Skandia US$ US All Cap Value 10390 10389 -2.75 -1.71 2.00 23.69 1.10 23.69 18.31 -30.91 3

Best Ideas – highly focused, unconstrained stock picking multi-manager funds

10370 Skandia € European Best Ideas 10371 10372 -1.37 -0.99 -1.66 18.51 13.56 18.51 23.26 -22.26 3

10277 Skandia £ Global Best Ideas 10279 10278 -0.09 0.77 0.86 23.45 18.45 23.45 24.16 -22.72 3

10280 Skandia £ UK Best Ideas 10282 10281 -2.38 -1.14 -3.58 20.18 -2.01 20.18 20.86 -32.54 3

10319 Skandia £ UK Strategic Best Ideas 10321 10320 -1.15 0.10 -2.08 18.26 10.68 18.26 13.03 -17.20 3

CASH FUNDS

CASH FUNDS – DEPoSITS10043 Skandia € Deposit 0.10 0.59 0.29 0.39 1.09 0.39 0.00 0.69 3

10041 Skandia £ Deposit 0.09 0.72 0.45 0.63 1.72 0.63 0.00 1.09 3

10042 Skandia US$ Deposit 0.00 0.37 0.00 0.09 4.87 0.09 2.19 2.53 3

FIXED INTEREST FUNDS

FIXED INTEREST – EMERgINg gLoBAL10631 Skandia € Emerging Markets Debt 0.53 2.90 3

10632 Skandia £ Emerging Markets Debt 0.53 2.58 3

10607 Skandia US$ Blackrock Local Emg Markets Short Duration 10609 10608 -0.31 0.95 3

10379 Skandia US$ Emerging Markets Debt 10381 10380 0.51 2.71 3.98 11.37 29.83 11.37 20.30 -3.09 3

10604 Skandia US$ JPM Emerging Markets Bond 10606 10605 0.62 3.18 3

10645 Skandia US$ Local Currency Emerging Market Debt 10647 10646 Launched: 27/05/11 3

10511 Skandia US$ Schroder ISF Emg Mkt Debt Absolute Return 10513 10512 -0.28 0.19 -0.65 -0.46 -0.46 8.67 3

10657 Skandia US$ Templeton Emerging Markets Bond 10659 10658 0.00 3

FIXED INTEREST – gLoBAL10256 Skandia € Allianz PIMCO Bondspezial 10257 10258 -0.91 0.92 -4.87 -5.86 33.46 -5.86 22.99 15.26 3

10259 Skandia € Allianz PIMCO Euro Bond Total Return 10260 10261 -0.80 1.43 1.75 2.27 13.52 2.27 13.07 -1.83 3

10035 Skandia € Biased Global Bond 10037 10036 -0.94 0.42 -2.47 -3.67 21.59 -3.67 18.60 6.43 3

10594 Skandia € BlackRock BSF European Absolute Return 10596 10595 -0.11 0.00 -1.88 3

10029 Skandia € Euro Bond 10031 10030 -0.48 1.65 1.85 2.05 14.80 2.05 14.13 -1.43 3

10633 Skandia € Global Dynamic Bond -1.36 3

10268 Skandia € HSBC Euro High Yield Bond 10269 10270 -1.27 0.00 3.83 11.91 31.49 11.91 22.76 -4.29 3

10585 Skandia € HSBC GIF Global Currency -0.11 0.11 -1.33 3

10089 Skandia € Invesco European Bond 10090 10091 -0.93 1.63 0.38 -0.93 13.37 -0.93 7.86 6.10 3

10601 Skandia € JPM Global Convertibles 10603 10602 -1.95 -2.26 3

10181 Skandia € Parvest Bond Euro 10182 10183 -0.78 0.00 -0.39 -1.55 11.18 -1.55 6.52 6.03 3

3Months

1Month

6Months

1 Year 3 Years

CUMULATIVE

SelfSelect

US$£€


July 2011

all currencies (€, £, US$) skandia ireland

2011 2010 2009

ANNUAL

Spanishauthorised*

Roya

l Ska

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Curr

ency

Fund

ID

FIXED INTEREST – gLoBAL (continued)10634 Skandia £ Global Dynamic Bond -1.37 3

10247 Skandia £ Global Fixed Interest Blend 10248 10249 1.17 1.17 2.12 5.02 31.51 5.02 18.62 5.57 3

10636 Skandia £ M&G Offshore High Yield Corporate Bond 10637 10638 -1.29 -1.40

10610 Skandia US$ BlackRock Global Inflation Linked Bond 10612 10611 0.31 2.41 3

10639 Skandia US$ Franklin High Yield 10641 10640 -1.58 -0.21 3

10651 Skandia US$ Franklin Strategic Income 10653 10652 -0.86 3

10635 Skandia US$ Global Dynamic Bond -1.47 3

10301 Skandia £ Henderson Horizon Euro Corporate Bond 10303 10302 -0.60 2.08 2.45 10.30 -2.22 10.30 16.46 -23.89 3

10586 Skandia US$ HSBC GIF Global Currency 10587 -0.34 -0.11 -1.55 3

10095 Skandia US$ Invesco Bond 10097 10096 -1.32 2.00 2.75 6.27 10.71 6.27 2.92 1.22 3

10573 Skandia US$ Prudential IOF Asian Bond 10575 10574 -0.30 1.34 1.55 5.02 5.02 3

10514 Skandia US$ Schroder ISF Asian Bond Absolute Return 10516 10515 -1.01 0.72 0.20 -0.91 -0.91 9.38 3

10616 Skandia US$ Schroder ISF Global Corporate Bond 10618 10617 -0.85 0.75 3

10613 Skandia US$ Schroder ISF Global High Yield 10615 10614 -2.12 -0.86 3

10423 Skandia US$ Templeton Global Bond 10422 10421 -0.30 1.86 3.47 9.71 40.97 9.71 14.24 12.47 3

10373 Skandia US$ Total Return Bond 10398 10374 -0.61 1.15 2.15 3.92 24.02 3.92 13.31 5.33 3

FIXED INTEREST – UK10092 Skandia £ Invesco Sterling Bond 10094 10093 -1.18 0.93 4.04 7.18 32.90 7.18 20.16 3.19 3

10244 Skandia £ Strategic Bond 10245 10246 -0.45 1.11 2.33 5.08 19.11 5.08 21.96 -7.06 3

MIXED ASSET FUNDS

MIXED ASSET – AggRESSIVE10143 Skandia € Aggressive -3.74 -5.01 -7.47 3.72 5.57 3.72 27.70 -20.29

10141 Skandia £ Aggressive 0.15 -2.19 -2.56 14.42 18.84 14.42 23.77 -16.0810277 Skandia £ Global Best Ideas 10279 10278 -0.09 0.77 0.86 23.45 18.45 23.45 24.16 -22.72 3

10142 Skandia US$ Aggressive -2.21 -2.46 1.19 21.88 0.51 21.88 13.19 -27.15

MIXED ASSET – BALANCED10002 Skandia € Balanced -2.03 -2.44 -4.85 5.08 6.83 5.08 27.10 -20.0210047 Skandia € JPM Europe Balanced 10049 10048 -1.40 0.00 -0.66 6.88 6.12 6.88 13.36 -12.41 3

10001 Skandia £ Balanced 0.76 -0.67 -1.34 12.91 18.45 12.91 24.42 -15.6910552 Skandia £ CF Miton Special Situations 10554 10553 1.30 1.40 -0.39 1.92 1.92 3

10003 Skandia US$ Balanced -0.97 -0.81 1.32 18.17 4.33 18.17 15.04 -23.2610053 Skandia US$ Templeton Global Balanced 10055 10054 -1.10 0.37 5.88 19.98 2.89 19.98 8.17 -20.72 3

MIXED ASSET – CAUTIoUS10005 Skandia € Cautious -2.07 -1.98 -2.98 4.69 9.74 4.69 22.00 -14.0810630 Skandia € Defensive -1.05 -0.85 3

10044 Skandia € JPM Global Capital Preservation 10046 10045 -1.61 -1.98 -3.53 -0.38 -2.72 -0.38 3.48 -5.62 3

10004 Skandia £ Cautious 0.08 -0.55 -0.47 13.52 22.11 13.52 20.34 -10.6210628 Skandia £ Defensive -1.17 -0.96 3

10006 Skandia US$ Cautious -1.28 -0.69 1.76 14.47 9.07 14.47 13.12 -15.7710629 Skandia US$ Defensive -1.18 -1.07 3

10355 Skandia US$ Fidelity Multi Asset Strategic 10357 10356 -1.21 -0.66 4.05 19.07 -4.56 19.07 1.89 -21.34 3

EQUITY FUNDS

EQUITIES – BRIC10493 Skandia € Allianz RCM BRIC Equity 10494 10495 -2.21 -7.25 -9.91 -2.85 -2.85 39.26 3

10427 Skandia US$ Templeton BRIC 10429 10428 -0.71 -3.58 -2.91 16.81 -10.32 16.81 18.21 -35.05 3

EQUITIES – EMERgINg EURoPE10361 Skandia € Jupiter New Europe 10362 10363 -1.84 -8.74 -9.20 2.25 -9.47 2.25 70.44 -48.06 3

EQUITIES – EMERgINg gLoBAL10202 Skandia € Henderson Gartmore Emerging Markets 10203 10204 -2.96 -4.35 -10.58 3.50 -6.44 3.50 37.05 -34.04 3

10567 Skandia £ Aberdeen Global Emerging Markets Equity 10569 10568 0.25 1.50 -0.25 21.56 21.56 3

10178 Skandia £ BNP Paribas L1 Equity World Emerging 10180 10179 -2.23 0.31 0.68 20.86 -15.39 20.86 23.92 -43.51 3

10433 Skandia US$ Franklin Middle East & Africa 10435 10434 -1.38 0.23 -7.94 6.19 6.19 1.00 3

10642 Skandia US$ Global Emerging Markets 10644 10643 Launched: 27/05/11 3

10154 Skandia US$ JPM Emg Europe, Middle East & Africa Equity 10156 10155 -0.69 -4.11 -4.86 21.31 -15.93 21.31 32.66 -47.76 3

10457 Skandia US$ JPM Middle East Equity 10459 10458 -1.11 -1.90 -12.39 6.39 6.39 18.01 3

10619 Skandia US$ Schroder ISF Global Emg Markets Opps 10621 16020 -1.31 -1.61 3

10502 Skandia US$ Schroder ISF Middle East 10504 10503 -0.77 0.55 -6.62 14.45 14.45 12.55 3

10160 Skandia US$ Templeton Emerging Markets 10162 10161 0.10 -1.11 -0.63 21.27 8.59 21.27 24.12 -27.85 3

10426 Skandia US$ Templeton Emg Markets Smaller Companies 10425 10424 -0.10 1.64 -5.23 21.08 13.01 21.08 34.16 -30.43 3

10654 Skandia US$ Templeton Frontier Markets 10656 10655 -2.78 3

EQUITIES – ENERgY10331 Skandia € BNP Paribas L1 Equity World Utilities 10332 10333 -2.11 -2.96 -10.45 -8.09 -30.29 -8.09 11.40 -31.91 3

10517 Skandia € DWS Invest Clean Tech 10518 10519 -4.53 -11.59 -9.54 -4.53 -4.53 7.82 3

10286 Skandia US$ BlackRock GF World Energy 10288 10287 -4.96 -10.15 0.00 31.95 -21.18 31.95 3.91 -42.52 3

10445 Skandia US$ HSBC Climate Change 10447 10446 -0.29 -3.80 -1.59 15.37 15.37 0.51 3

10505 Skandia US$ Schroder ISF Global Climate Change Equity 10507 10506 -2.68 -3.17 1.90 21.96 21.96 4.75 3

EQUITIES – EURoPE10250 Skandia € AXA Europe ex-UK Alpha 10251 10252 -2.73 -1.43 0.00 9.69 -14.34 9.69 23.52 -36.78 3

10262 Skandia € BlackRock GF Continental European Flexible 10263 10264 -3.19 -1.33 -3.13 20.88 28.50 20.88 40.21 -24.18 3

10184 Skandia € BNP Paribas L1 Equity Europe 10185 10186 -4.49 -2.74 -3.91 10.37 -6.99 10.37 21.06 -30.39 3

10370 Skandia € European Best Ideas 10371 10372 -1.37 -0.99 -1.66 18.51 13.56 18.51 23.26 -22.26 3

10385 Skandia € European Equity 10386 10387 -4.42 -2.96 -2.38 11.70 -4.20 11.70 20.89 -29.05 3

10199 Skandia € Henderson Gartmore Continental European 10200 10201 -1.95 0.33 0.42 9.62 1.17 9.62 20.70 -23.53 3

10205 Skandia € Henderson Gartmore European Smaller Companies 10206 10207 -4.62 -2.78 0.34 26.25 30.52 26.25 34.03 -22.86 3

10080 Skandia € JPM Euroland Equity 10081 10082 -1.67 -2.60 0.49 12.16 -15.46 12.16 15.88 -34.95 3

10166 Skandia € JPM European Small Cap 10167 10168 -4.89 -3.66 -4.82 18.22 -4.41 18.22 29.98 -37.79 3

10367 Skandia € Jupiter European Opportunities 10368 10369 -2.78 -1.51 -1.41 7.34 5.49 7.34 28.77 -23.68 3

10534 Skandia € Pictet Europe Index 10535 10536 -4.02 -3.01 -4.22 6.87 6.87 25.34 3

10273 Skandia € Schroder ISF Euro Equity 10271 10272 -1.10 -1.50 3.30 13.19 -7.80 13.19 11.56 -26.98 3

10019 Skandia £ Continental European 10020 10021 0.90 1.76 4.91 23.27 12.46 23.27 17.59 -22.42 3

10448 Skandia £ GAM Star Continental European Equity 10450 10449 -0.87 0.35 2.06 21.62 21.62 18.26 3

10068 Skandia £ Invesco UK Smaller Companies Europe 10069 10070 -0.29 2.29 3.82 24.78 19.71 24.78 25.86 -23.77 3

3Months

1Month

6Months

1 Year 3 Years



SelfSelect

Performance % over one year to end JuneAll percentage growth calculated to 30/06/11



US$£€



July 2011

skandia ireland all currencies (€, £, US$)

2011 2010 2009

ANNUAL

Spanishauthorised*

Roya

l Ska

nd

ia B

ase

Curr

ency

Fund

ID

EQUITIES – gLoBAL

10496 Skandia € Allianz RCM Global Eco Trends 10497 10498 -4.80 -9.07 -9.69 -2.51 -2.51 0.63 3

10472 Skandia € Credit Suisse Equity Fund (Lux) Global Prestige 10473 10474 2.63 9.22 7.20 40.43 40.43 51.02 3

10364 Skandia € Jupiter Climate Change Solutions 10365 10366 -3.33 -4.64 -5.92 -0.82 -10.71 -0.82 24.85 -27.89 3

10358 Skandia € Jupiter Global Financials 10359 10360 -3.32 -5.38 -9.34 -4.31 4.72 -4.31 22.52 -10.67 3

10546 Skandia £ Global Dynamic Equity 10548 10547 0.08 -2.31 -2.61 16.07 16.07 3

10481 Skandia £ Henderson Global Financials 10483 10482 0.09 -4.44 -5.76 13.21 13.21 13.73 3

10466 Skandia US$ Aberdeen Global Infrastructure 10468 10467 -0.72 -0.18 -0.36 21.91 21.91 16.60 3

10313 Skandia US$ Aberdeen Global World Equity 10315 10314 -2.19 1.62 3.76 23.55 1.73 23.55 14.98 -28.39 3

10056 Skandia US$ BlackRock GF Global Allocation 10058 10057 -1.78 -1.34 1.38 13.03 4.47 13.03 9.63 -15.70 3

10405 Skandia US$ BNP Paribas L1 Green Future 10407 10406 -2.18 -2.88 -0.92 12.76 -40.70 12.76 -10.65 -41.14

10298 Skandia US$ JPM Global Dynamic 10300 10299 -1.67 -1.56 2.88 23.95 -7.84 23.95 12.54 -33.93 3

10591 Skandia US$ M&G Global Basics 10592 10593 -3.15 -3.06 -0.54 3

10508 Skandia US$ Schroder ISF QEP Global Active Value 10510 10509 -2.23 -1.26 2.55 23.96 23.96 14.91

10086 Skandia US$ Templeton Global Fund 10088 10087 -1.98 -0.64 7.02 24.48 -5.51 24.48 9.96 -30.97 3

EQUITIES – HEALTH

10414 Skandia US$ BlackRock GF World Health Science 10416 10415 -0.97 4.38 13.84 26.73 21.90 26.73 7.03 -10.13 3

10391 Skandia US$ Healthcare 10394 10392 -0.77 7.97 10.73 21.55 -0.77 21.55 3.32 -20.98 3

EQUITIES – HoNg KoNg & CHINA

10402 Skandia US$ Baring China Select 10404 10403 -3.26 -2.95 -0.11 16.75 17.95 16.75 6.34 -5.00 3

10382 Skandia US$ Greater China Equity 10384 10383 -2.15 1.11 -0.82 18.16 22.81 18.16 20.76 -13.93 3

10597 Skandia US$ Henderson Horizon China 10600 10598 -4.87 -2.39 3.10 3

10310 Skandia US$ HSBC Chinese Equity 10312 10311 -3.67 -3.26 -0.44 7.94 1.16 7.94 5.02 -10.75 3

10148 Skandia US$ JF Greater China 10150 10149 -4.36 -0.73 -1.18 19.89 22.60 19.89 13.76 -10.11 3

10579 Skandia US$ Martin Currie GF Greater China 10581 10580 -4.97 -3.26 -1.83 19.82 19.82 3

EQUITIES – INDIA

10417 Skandia US$ BlackRock GF India 10413 10412 1.96 -2.37 -8.43 2.70 24.25 2.70 33.56 -9.42 3

10454 Skandia US$ Henderson India Equity 10456 10455 4.44 1.28 -5.58 9.59 9.59 26.56 3

10307 Skandia US$ HSBC Indian Equity 10309 10308 -1.56 -6.20 -13.09 -4.54 -1.05 -4.54 36.04 -23.80 3

10460 Skandia US$ JF India 10462 10461 2.66 -3.39 -7.87 10.82 10.82 25.45 3

10420 Skandia US$ Jupiter India 10419 10418 3.38 2.80 -3.53 8.09 37.96 8.09 40.47 -9.14 3

EQUITIES – JAPAN

10022 Skandia £ Japanese Equity 10024 10023 4.36 -0.10 -8.85 4.67 10.63 4.67 12.59 -6.12 3

10228 Skandia JPY Aberdeen Global Japanese Equity1 10227 10226 1.74 2.85 -1.06 15.39 -1.88 15.39 11.23 -23.56 3

10083 Skandia US$ BlackRock GF Japan 10085 10084 1.88 0.82 -6.08 6.27 -25.37 6.27 1.12 -30.54 3

10169 Skandia US$ JF Japan Equity 10171 10170 2.02 1.58 -3.02 11.51 -24.14 11.51 0.48 -32.30 3

EQUITIES – LATIN AMERICA

10283 Skandia US$ BlackRock GF Latin American 10285 10284 -0.70 -2.08 -6.24 15.83 -0.63 15.83 35.60 -36.73 3

10343 Skandia US$ Fidelity Latin America 10345 10344 -0.19 -0.38 -2.93 18.13 10.28 18.13 39.60 -33.13 3

10436 Skandia US$ HSBC Brazil Equity 10438 10437 -2.80 -1.64 -4.85 18.06 18.06 42.54 3

10325 Skandia US$ Parvest Equity Brazil 10327 10326 -1.06 -0.85 -2.11 12.18 -8.73 12.18 32.43 -38.57 3

EQUITIES – NoRTH AMERICA

10561 Skandia € Neptune US Opportunities 10562 10563 -3.59 -6.48 -12.41 -4.45 -4.45 3

10014 Skandia £ US Equity 10015 10013 -0.50 -1.82 -1.33 10.97 21.44 10.97 23.78 -11.59 3

10190 Skandia US$ BNP Paribas Equity USA Growth 10192 10191 -2.26 -0.08 3.85 23.78 14.19 23.78 13.56 -18.77 3

10071 Skandia US$ Franklin US Equity 10073 10072 -2.65 -2.23 0.71 14.79 3.63 14.79 11.81 -19.26 3

10451 Skandia US$ GAM Star US All Cap Equity 10453 10452 -4.60 -3.85 -0.81 18.93 18.93 13.75 3

10074 Skandia US$ JPM America Equity 10076 10075 -1.52 -0.93 2.91 19.22 2.46 19.22 16.57 -26.27 3

10540 Skandia US$ Pictet USA Index 10542 10541 -3.08 -2.34 2.76 19.78 19.78 17.01 3

10388 Skandia US$ US All Cap Value 10390 10389 -2.75 -1.71 2.00 23.69 1.10 23.69 18.31 -30.91 3

EQUITIES – PACIFIC

10523 Skandia € DWS Invest Top 50 Asia 10524 10525 -2.93 -3.76 -11.86 -3.25 -3.25 28.06 3

10399 Skandia £ Old Mutual Asian Select 10401 10400 0.19 -1.59 -5.74 13.99 27.09 13.99 24.09 -10.16 3

10564 Skandia US$ Aberdeen Global Asia Pacific Equity 10566 10565 -1.08 0.42 -2.37 20.93 20.93 3

10487 Skandia US$ Allianz RCM Oriental Income 10489 10488 -1.29 -0.59 2.35 19.51 19.51 6.33 3

10439 Skandia US$ HSBC Korean 10441 10440 -1.50 0.72 9.21 38.17 38.17 29.53 3

10430 Skandia US$ JF Taiwan 10432 10431 -3.36 4.86 0.90 38.01 38.01 10.31 3

10098 Skandia US$ JPM Pacific Equity 10100 10099 -1.12 0.32 -0.56 21.61 4.34 21.61 10.41 -22.29 3

10026 Skandia US$ Pacific Equity 10028 10027 -2.83 -0.92 -1.44 21.71 15.35 21.71 20.46 -21.33 3

10537 Skandia US$ Pictet Pacific (ex Japan) Index 10539 10538 -3.21 -2.77 -0.88 27.32 27.32 20.02 3

10576 Skandia US$ Prudential IOF Asian Infrastructure Eqty Fund 10578 10577 -1.01 -2.35 -1.37 17.23 17.23 3

10163 Skandia US$ Templeton Asian Growth 10165 10164 -1.53 -2.12 0.18 24.53 40.94 24.53 36.81 -17.27 3

EQUITIES – RUSSIA

10328 Skandia € BNP Paribas L1 Equity Russia 10329 10330 -1.22 -8.05 -7.84 10.49 -8.05 10.49 67.96 -50.45 3

10582 Skandia US$ Baring Russia 10584 10583 -0.62 -6.58 0.00 30.65 30.65 3

10442 Skandia US$ HSBC Russia Equity 10444 10443 0.78 -6.86 3.88 36.43 36.43 37.24 3

10187 Skandia US$ Parvest Equity Latin America 10189 10188 -1.32 -1.45 -4.10 12.16 -11.05 12.16 35.50 -41.47 3

EQUITIES – TECHNoLogY

10648 Skandia US$ Franklin Technology 10650 10649 -2.32 3

10376 Skandia US$ Technology 10378 10377 -2.81 -1.86 -0.10 21.70 3.51 21.70 20.79 -29.59 3

EQUITIES – UK

10059 Skandia £ Aberdeen UK Equity 10061 10060 -0.80 0.74 0.27 21.73 23.94 21.73 27.89 -20.38 3

10062 Skandia £ BlackRock United Kingdom 10064 10063 -1.84 -2.68 -3.50 19.10 11.69 19.10 20.75 -22.34 3

10065 Skandia £ Invesco UK Equity 10066 10067 -2.53 0.79 -0.24 12.65 8.62 12.65 16.62 -17.32 3

10295 Skandia £ JPM UK Equity 10297 10296 -1.45 -1.71 -1.19 19.11 -5.56 19.11 19.39 -33.59 3

10280 Skandia £ UK Best Ideas 10282 10281 -2.38 -1.14 -3.58 20.18 -2.01 20.18 20.86 -32.54 3

10007 Skandia £ UK Equity 10009 10008 -0.94 -0.80 -0.22 19.23 11.75 19.23 21.20 -22.68 3

10010 Skandia £ UK Index Tracker 10012 10011 -0.92 -0.79 -1.18 17.64 14.60 17.64 23.05 -20.84 3

10319 Skandia £ UK Strategic Best Ideas 10321 10320 -1.15 0.10 -2.08 18.26 10.68 18.26 13.03 -17.20 3

3Months

1Month

6Months

1 Year 3 Years



SelfSelect


US$£€

July 2011

all currencies (€, £, US$) skandia ireland

2011 2010 2009

ANNUAL

Spanishauthorised*

Roya

l Ska

nd

ia B

ase

Curr

ency

Fund

ID

ALTERNATIVES

10526 Skandia € DWS Best Global FX Selection Plus -1.34 -1.45 -2.65 -2.97 -2.97 -1.63 3

10558 Skandia € Fulcrum Alternative Beta Plus 10559 10560 -2.63 -3.04 -4.54 -0.43 -0.43

10549 Skandia US$ Aviva Investors Global Convertibles 10551 10550 -1.22 -0.09 3.67 16.86 16.86 3

10499 Skandia US$ JPM Highbridge Statistical Market Neutral 10501 10500 -0.63 -0.94 0.21 -0.11 -0.11 -5.93 3

CoMMoDITIES

10322 Skandia € BNP Paribas L1 Equity Materials World 10323 10324 -2.84 -3.66 -10.00 14.38 -29.63 14.38 30.28 -52.78 3

10520 Skandia € DWS Global Agribusiness 10521 10522 -4.68 -3.81 -4.63 14.29 14.29 26.45 3

10570 Skandia € Pictet (CH) Precious Metals Fund - Physical Gold 10572 10571 -3.00 3.46 -3.48 0.69 0.69

10530 Skandia € Pictet Water 10531 10532 -2.80 -1.42 -5.59 4.60 4.60 24.87 3

10588 Skandia £ Baring Global Agriculture 10589 10590 -2.27 -6.33 -8.41 3

10408 Skandia £ Sarasin AgriSar 10411 10409 -0.63 -2.48 -5.80 15.44 9.66 15.44 17.07 -18.86 3

10490 Skandia US$ Allianz RCM Global Agricultural Trends 10492 10491 -2.66 -3.35 -1.46 43.28 43.28 12.26 3

10395 Skandia US$ Baring Global Resources 10397 10396 -2.90 -5.04 -6.37 28.85 -39.27 28.85 9.60 -57.00 3

10292 Skandia US$ BlackRock GF World Mining 10294 10293 -4.11 -5.90 -8.10 29.93 -22.76 29.93 30.24 -54.36 3

10527 Skandia US$ Pictet Timber 10529 10533 -6.60 -9.37 -1.08 13.05 13.05 34.97 3

PRoPERTY

PRoPERTY – gLoBAL

10101 Skandia € Aviva Investors European REIT 10102 10103 -1.67 4.44 7.29 20.02 2.37 20.02 26.49 -32.57 3

10175 Skandia € Credit Suisse Equity European Property 10176 10177 -2.83 2.02 4.63 22.22 -8.33 22.22 24.03 -39.53 3

10265 Skandia £ Global Property Securities -2.06 0.42 0.42 14.47 -23.44 14.47 29.85 -48.49 3

10266 Skandia US$ Global Real Estate Securities 10267 -2.23 1.36 2.33 21.70 -21.39 21.70 29.60 -50.16 3

PRoPERTY – UK

10144 Skandia £ M&G Property 10147 10145 -0.55 1.11 1.67 -1.08 -16.38 -1.08 17.52 -28.06

3Months

1Month

6Months

1 Year 3 Years



SelfSelect

Source for all performance information: Financial Express Limited, bid to bid with gross income reinvested back into the fund.

Ethical profile.1 The funds show USD performance rather than the performance of the underlying Fund.

*Funds marked with 3 are available for investment to residents of Spain.

Investors should be aware that unit prices and the income from units may fall as well as rise and that past performance is not a guide to the future.

Where a fund invests in securities designated in a different currency to the fund or where an underlying fund is denominated in a different currency, investments may rise and fallpurely as a result of exchange rate fluctuations.

Sector classifications are proprietary to Skandia International.

The performance figures shown are inclusive of all external fund management fees and Skandia Ireland's Annual Management Charge; however, they exclude product charges.

The currency that features at the beginning of the Skandia Ireland fund names indicates the currency that the funds are denominated in (the base currency). For example, theSkandia Ireland £ Balanced Portfolio is denominated in Sterling.

Skandia Ireland’s multi-currency pricing system allows Skandia Ireland to take the price of a fund and, by applying an exchange rate to it, produce equivalent prices in othercurrencies. The fund codes shown under the heading ‘additional repriced currencies’ indicate the availability of multi-currency priced funds.

This Financial Express sourced information is provided to you by Skandia International and is used at your own risk. Financial Express take care to ensure that the informationprovided is correct.

Financial Express or Skandia International neither warrants, represents nor guarantees the contents of the information, nor do they accept any responsibility for error,inaccuracies, omissions or any inconsistencies herein.

Investors should be aware of the risks when investing in Emerging Market Funds as they may be subject to considerable fluctuations in value. They are additional to the normalrisks inherent in securities. Local dealing restrictions may make certain securities illiquid. Investment in these Funds should be regarded as long-term in nature and is onlysuitable for sophisticated investors who understand the risks involved.




US$£€

£1 month 3 months 6 months 1 year 3 years 5 years 10 years

US$ 2.55 -0.17 -2.49 -6.80 23.98 15.21 -11.85

€ 3.41 2.06 5.43 10.26 14.09 30.66 49.77

HK$ 2.57 -0.16 -2.56 -6.78 24.29 14.96 -11.61

US$1 month 3 months 6 months 1 year 3 years 5 years 10 years

£ -2.49 0.17 2.55 7.29 -19.34 -13.20 13.44

€ 0.85 2.21 8.06 18.32 -7.98 13.40 70.97

HK$ -0.04 -0.03 -0.10 0.07 0.21 -0.20 0.24

€

1 month 3 months 6 months 1 year 3 years 5 years 10 years

£ -3.29 -2.02 -5.15 -9.31 -12.35 -23.46 -33.23

US$ -0.84 -2.17 -7.46 -15.48 8.68 -11.81 -41.51

HK$ -0.82 -2.11 -7.47 -15.36 9.00 -11.88 -40.94

currency converterThe tables below show the relative performance (%) of each currency against the currencies shown.

stron¯er than ever

At the 2011 Professional Adviser International Fund and Product Awards, we won the following:

H Best International Life Group – winnerH Best International Life Product* – winnerH Best International Sales Team – winner

three more reasons to recommend Skandia International to your client.

* for Skandia Life Ireland Limited’s Spanish Collective Investment Bond

SK1870/INT11-406 000000

Documents

a new an¯le on platforms - Old Mutual...a new an¯le on platforms why portfolio bonds may offer what you need Quarter3 2011 I E E nfo rmei E I This booklet is for the use of Royal