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					                                                                                                     INVESTMENTS

                                                                                                       PENSIONS




informer
Quarter 3 2010




                                                                        a solution
                                                                        for all
                                                                        terrains
                                                                        the wider benefits of offshore bonds



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




 Skandia International
 Knowled¯e Direct – technical
 plannin¯ at your fin¯ertips
 International Knowledge Direct is a new website, which centralises
 all of Skandia International's technical financial planning information,
 along with an intuitive search facility.

 With up-to-the-minute technical articles, frequently asked questions and
 informer articles, it will quickly become a firm favourite in your browser.

 Look out for the launch email landing in your in-box soon.
editorial quarter 3 2010




welcome to the                                                                         contents
quarter three 2010                                                                     4 a solution for all terrains
                                                                                          the wider benefits of offshore bonds

                                                                                       6 wherever I lay my hat,
issue of informer.                                                                       that's my home. or is it?
                                                                                          the difference between 'residence'
                                                                                          and 'domicile'
I’d like to start off by congratulating     markets are low. Beginning on page 10,
Spain on their achievement at the           this issue features a number of fund
World Cup in South Africa. They             groups with different specialisms
certainly put in an impressive              exploring the merits of their offerings
performance, unlike my home country.        and in the current climate.
But the good thing about working for
                                            Finally, you will notice that this issue
an international company is that
                                            contains a questionnaire on your views
everyone could continue to enjoy the
                                            on informer. We like to formally review
tournament, whatever the fate of their
                                            the publication once in a while to
home team. Our Head Office in
                                            ensure it continues to meet your needs.
                                                                                       8 ¯ettin¯ intimate
Southampton was awash with national                                                       'Customer Intimacy' at Skandia
                                            Please do take a few minutes to
flags and the amicable rivalry between                                                 10 not so common currency
                                            complete it and fax it back. Your views
colleagues certainly created a fun                                                        HSBC Global Asset Management
                                            really do help to shape the content.
atmosphere.                                                                               on the currency markets
                                            I hope you enjoy this issue and thank
So now back to business. In this issue of
                                            you for your continued support.
informer, we start off on pages 4 and 5
by looking at the benefits of portfolio     Kind regards
bonds, in particular for UK expatriates.
Linked to this, on pages 6 and 7 we
also discuss the differences between
‘resident’ and ‘domicile’ – an important
distinction when it comes to                André Oszmann
tax-planning.                               CEO, Skandia
                                            International                              12 the smart way to play
During Quarter 2 we saw renewed                                                           the commodities cycle
volatility in the markets. This has made                                                  Martin Currie on Global Resources
investors once more uncertain which
                                                                                       13 a chinese puzzle
asset class or geographic region to turn                                                  Martin Currie on the opportunities
to, either to try and safeguard their                                                     in China
investments or exploit the
opportunities which are available when
                                                                                       14 introducin¯ MFS
                                                                                          the latest addition to the Royal
                                                                                          Skandia fund range

                                                                                       16 don't miss the bi¯¯er picture
                                                                                          a look at the M&G Global Basics Fund

                                                                                       17 indicator
                                                                                       18 time mana¯ement
                                                                                          free up your time with SIG

                                                                                       20 fund news
                                                                                       22 fund performance statistics
                                                                                                            quarter 3 2010   informer   3
    offshore bonds




                                a solution
                                     for all
                                   terrains

                                   Offshore bonds are renowned for their
                                   flexibility when it comes to tax planning.
                                   But they have wider benefits too, as
                                   Skandia’s Product Marketing Manager,                                          Phil Oxenham
                                   Phil Oxenham, explains.                                               Product Marketing Manager,
                                                                                                               Skandia International




                                    O
                                             ffshore bonds have been hugely       For UK residents, gains on an offshore
                                             successful, particularly in the UK   bond are subject to income tax.
                                             where they are often chosen          Therefore investors only need to spend
                                    because of their flexible tax planning        one complete tax year outside of the UK
                                    benefits. But they also have an important     to be exempt from this tax (assuming it’s
                                    role to play for investors outside of the     for a settled purpose i.e. employment),
                                    UK, including UK expatriates, when it         whereas many assets are subject to
                                    comes to investing lump sums.                 capital gains tax and would require a
                                                                                  5 year period to avoid gains being taxed.
                                    Firstly, there may still be some tax
                                                                                  However, even if the investor is no longer
                                    benefits for UK expatriates who are still
                                                                                  deemed a UK tax resident, they may still
                                    paying UK tax, or for those who may
                                                                                  be caught by the definition of ‘ordinarily
                                    return to the UK in the future.
                                                                                  resident’ (see Rachael Griffin’s article
                                                                                  on the next page).




4   informer   quarter 3 2010
For those investors who may return to the      which may not normally be available to           made
UK, the income tax would be reduced
proportionately for the time they spent as
a non-resident. Furthermore, if any top-
                                               direct investors.
                                               If this investment choice is too much then
                                                                                                for Spain –
ups are made, they are classed as a new
investment and deemed to be made at the
                                               the investor has the option of using the
                                               expertise of their adviser or a third party      the Spanish
initial investment date, even if they are
made when the investor is a UK resident
                                               specialist to guide them and manage an
                                               appropriate risk adjusted portfolio.             Collective
again. Remember also that any gain is
divided by the number of years the policy
                                               Because the Life Office places multiple
                                               deals on behalf of investors, it can             Investment
has been in place – this reduced figure is
then added to the taxable income in the
                                               negotiate reduced initial charges with the
                                               fund managers – the benefit of which is          Bond
year of surrender and may, on very large       usually passed on to the investor. It can
taxable gains, avoid higher rate (40%) or      also ensure that the fund managers               We are pleased to announce the
additional rate (50%) UK income tax.           provide high service standards, and              launch of Skandia International’s
                                               sometimes education and support,                 latest offshore bond. The Spanish
There are additional tax planning angles                                                        Collective Investment Bond, issued
                                               for advisers.
(deemed gains and 5% tax deferred                                                               by Skandia Life Ireland Limited, has
withdrawals) but they would take the rest      Perhaps one of the biggest benefits for          been designed to be Spanish tax
of this article to explain and we have         investors is the convenience of being able       compliant for expat investors living in
separate literature available covering this.   to amalgamate a variety of investments           Spain.
Instead I will cover the additional benefits   into one product. Not only may this save
of offshore bonds which will benefit not       costs, it will also most certainly save time     The Spanish Collective Investment
only UK expatriates but almost all             and effort. An offshore bond provides            Bond offers investors the opportunity
investors.                                     consolidated reporting without the               to spread their capital across a wide
                                               individual paperwork, dividend receipts          range of funds that we have
Let’s start with the obvious one of 'gross
                                               and tax returns usually associated with          compiled, and that comply with
roll up'. Investments within the bond grow
                                               holding a portfolio of investments. With         Spanish tax law.
virtually free of income tax and capital
                                               on-line client access, investors will also be
gains tax, although there may be a                                                              As the tax-compliant investments in
                                               able to view their investment portfolio in
personal tax liability to pay when the funds                                                    the Bond are held within a life
                                               one place rather than across multiple sites.
are taken.                                                                                      insurance policy, investors will not
                                               As all of the client’s investments are held in   need to pay tax each year on any
The ability to manage the timing of when
                                               one clearly identifiable product, they will      gains made. Instead, they can defer
money is withdrawn is a further benefit, as
                                               be allowed to place the offshore bond into       their tax liability until they make a
in most countries the gains are not taxed
                                               a trust. Assuming trusts are recognised in       withdrawal or the policy is cashed in.
until realised. This capability to defer any
                                               the client’s country of residence ,this
tax liability and manage the timing can be                                                      What’s more, as Skandia Ireland is a
                                               could be useful as part of a generation
particularly attractive but will depend                                                         cross-border insurance provider, it’s
                                               planning exercise. It may also be helpful if
upon individual circumstances.                                                                  not liable to Irish income tax, capital
                                               the investor has a complicated family
Linked to that is the advantage of being       situation, wanting to simplify probate, or is    gains tax or corporation tax on
able to buy and sell different assets          self-employed and looking for some form          policyholders’ funds. There may be
without creating any immediate personal        of asset protection. Most international Life     an amount of withholding tax on
tax liability.                                 Offices have a range of trusts available to      income derived from the underlying
                                               suit common situations and may be                assets which cannot be reclaimed.
What's more is the ease with which an                                                           Investors will also not be liable to Irish
                                               complemented by a professional trustee
investor can move between assets                                                                tax unless they become a resident in
                                               service which is often heavily subsidised.
within an offshore bond. All deals are                                                          Ireland. However, we can’t guarantee
co-ordinated by the Life Office rather than    As I have hopefully demonstrated, there          that any tax relief or tax treatment will
having to approach different fund              are many benefits of offshore bonds over         stay the same in the future.
managers and there is also the benefit of      and above the usual tax angles and they
one consistent dealing form. This can be a     should appeal to a wide range of investors       For more information on the
particularly attractive way to access a wide   looking to invest a lump sum for the             Spanish Collective
range of assets, including, possibly, funds    medium- to long-term.                            Investment Bond, please visit
                                                                                                www.skandia.ie


                                                                                                                      quarter 3 2010   informer   5
    the knowled¯e




    wherever I lay my hat,
    that’s my home.
                                                                               or is it?
                                          The terms ‘residence’ and ‘domicile’ have been
                                          brought under scrutiny recently, due to a high profile
                  Rachael Griffin         case in the Court of Appeal. Rachael Griffin provides
     Head of Product Law and Financial
        Planning, Skandia International   some useful clarity around the definitions.

       t’s an interesting fact that all financial      the Court of Appeal in February this year. He     more than 91 days in any one year. Mr

    I  planning is generally built around the
       principles of residency and domicile, yet
    in the UK the definition of these can be
                                                       spent less than 91 days in a year in England
                                                       but it was held that, as England had
                                                       remained “the centre of gravity of his life and
                                                                                                         Gaines-Cooper married for the second time
                                                                                                         in 1993. She is a Seychellois but had come to
                                                                                                         England to study and then work. The
    uncertain.                                         interests”, Mr Gaines-Cooper was liable to        marriage took place in England. In 1994 Mrs
                                                       pay UK tax.                                       Gaines-Cooper applied for naturalisation as
    If a client lives in the UK and always has, then
                                                                                                         a British subject. Their son James was born
    they are likely to be regarded as a UK             A brief summary of the facts are:
                                                                                                         in England in 1998 and went to school in
    resident; if their parents have lived in the UK    Mr Gaines-Cooper had a domicile of origin
                                                                                                         England until 2005. Mr Gaines-Cooper’s
    all their life and so has the client then they     in England and Wales. In 1975 Mr Gaines-
                                                                                                         Will was also drawn up under English Law.
    are also likely to be UK domicile. This seems      Cooper bought a house in the Seychelles. In
    all very clear, but with a transient population,   order to obtain a residency permit, he also       The crux of the decision was that the
    the question is generally less than                constructed and operated a plastics factory       judgement focussed on Mr Gaines-Coopers
    straightforward.                                   there. But he also retained a house and farm      long-term ties to the UK, and therefore
                                                       land in England through an offshore               overturned the traditional 90 day rule on UK
    This has been confirmed in a high profile
                                                       company. He obtained a residency permit in        residency, which had been used over the
    case of Mr Gaines-Cooper, a wealthy
                                                       the Seychelles in 1976 and since that time        years by many high earners. In essence
    business man who lost his ongoing battle
                                                       had not been physically present in the UK for     HMRC was ignoring their own guidance.
    with the HM Revenue & Customs (HMRC) in


6   informer   quarter 3 2010
The new booklet on residency and domicile,         in the UK and overseas is an important factor
HMRC6, gives guidance on the terms
“residency” and “ordinary residence”.
The introductory paragraphs include the
statement “Your status [residency or
ordinary residency] is determined by the
facts of your particular case. It is not simply
a question of the number of days you spend
                                                   when you are deciding if they are ordinarily
                                                   resident in the UK. Other factors such as
                                                   their reason for being in the UK, their
                                                   intentions when arriving and leaving, and
                                                   their lifestyle are also key considerations.
                                                   The number of days they spend in the UK is
                                                   not the only factor when determining
                                                                                                    ”
                                                                                                    For advisers
                                                                                                    with clients
                                                                                                    looking to
in the country.”                                   ordinarily resident, it may act only as a
                                                   guide. The Gaines-Cooper case is an
                                                                                                    establish a non-
If a client is physically present in the UK for
183 days or more during a tax year, then they
                                                   example of this. So, if your client comes to
                                                   the UK regularly and their presence here
                                                                                                    UK residency
will be regarded as UK resident for tax
purposes. There are no exceptions to this.
                                                   averages 91 days or more in a tax year over
                                                   an appropriate period of time, they are likely
                                                                                                    status, it’s clear
However, it is possible to be present in the
UK for less than 183 days in a tax year and
                                                   to be deemed ordinarily resident for UK tax      that they will
                                                   purposes.
still be resident there. There are other factors
which may be considered, such as the               This is a high level review of what is
                                                                                                    need to go
location of your client’s family, their property
and their business and social connections.
                                                   becoming an increasingly complex area.
                                                   HMRC has shown in the Gaines-Cooper case
                                                                                                    beyond just
Since 6 April 2008, when counting the
                                                   that they are intensifying their scrutiny on     counting the
                                                   residency. For advisers with clients looking
numbers of days that a client has been in the
UK during a particular tax year, you must
                                                   to establish a non-UK residency status, it’s     days.

                                                                                                                       ”
                                                   clear that they will need to go beyond just
include all of the days in which they have
                                                   counting the days. They need to show “no
been in the UK at midnight. Prior to 6 April
                                                   ties” to the UK, and evidence of this is a
2008 you would not have normally included
                                                   must. This gives you, as an adviser,
the days on which they arrived in or
                                                   opportunities to provide advice which helps
departed from the UK.
                                                   to evidence this departure from the UK.
Ordinarily resident is different from              Some examples could be moving all bank
residence. It means that your client’s             accounts and investments outside of the UK
residency in the UK is typical for them and        and, where appropriate, transferring a UK
“not casual”. The pattern of their presence        pension into a QROPS.



                                                                                                               quarter 3 2010   informer   7
    customer intimacy




    ¯ettin¯
    As part of the Old Mutual Group, our vision
    is to be our customers’ most trusted partner.
    By ‘customer’ we mean both financial
    advisers and our mutual end-clients.




8   informer   quarter 3 2010
                          e’re taking this vision very seriously   • Why do you/your customers need wealth

                W         here at Skandia International.
                          We’re calling it ‘Customer
                Intimacy’, although we can’t take the credit
                                                                     management?
                                                                   • What do you hope to accomplish
                                                                     through it?
                – that’s a term originally created by Michael
                Treacy and Fred Wiersema*    .                     • How do you hope to accomplish it?
                At the heart of Customer Intimacy lies a           • Do you need help with investment
                simple commitment: to deliver results, and           knowledge or other technical assistance?
                the best possible solution to an individual
                                                                   • Do your people need training?
                customer’s needs.
                                                                   • Do you need help with related services?
                The organisations who lead today’s markets
                are those that constantly think about their        Working with our distribution partners to
                customers. They analyse their systems and          better meet the needs of our client investors
                procedures, recognise their flaws, challenge       will be mutually beneficial. And our investors
                their assumptions and assume responsibility        are more likely to stay loyal and recommend
                for initiating change.                             us both.
                There’s truth in the old saying: when a            Making this vision a reality will be
                customer asks for a drill, what they really        challenging and exciting and we’d be
                want is holes. Delivering the right drills         delighted if you’d join us on this journey.
                means asking what kind of holes they need.         Please let us have your thoughts on the
                For us, this means asking:                         questions raised here and provide any
                                                                   feedback on what motivates or frustrates
                                                                   you today to
                                                                   neil.margereson@skandia.co.uk


                                                  We look forward to hearing from you!




”
At the heart
of Customer
Intimacy lies
a simple                                                                     * Harvard Business Review: ‘Customer Intimacy
                                                                             and Other Value Disciplines’ by Michael Treacy
                                                                                 and Fred Wiersema January-February 1993

commitment:
to deliver
results.

            ”                                                                                 quarter 3 2010      informer    9
     not so
     common
     currency
     Despite being one of the biggest asset
     classes, currency markets are often not an
     obvious choice when building a portfolio. But
     they can offer great diversification benefits,
     explains Soren Beck-Petersen from HSBC
     Global Asset Management.

             urrency is one of the largest financial   are able to find attractive returns with a low

     C       markets in the world. The average
             daily turnover of the Global Currency
     Market has grown significantly from USD
                                                       correlation to other asset classes, making
                                                       them a good diversification option and a
                                                       regular component of multi-asset portfolios.
     0.75 trillion in 1992 to USD 3.2 trillion in
                                                       Investing in Foreign Exchange (FX) can be
           .
     2007* This is equivalent to more than 10
                                                       more than just a ‘carry trade’ strategy,
     times the average daily turnover of the
                                                       whereby an investor manages currency and
     global equity markets**, and annualised it
                                                       bond transactions in order to maximise a
     has an average turnover of more than 10
                                                       yield. Indeed, whereas this strategy has
     times world GDP.
                                                       provided positive returns in stable market
     Today’s investors are looking beyond the          conditions, it has proven more volatile during
     traditional, equity, bond and property asset      the last three years of turbulent market
     classes for ways to further diversify their       activity. It has also shown a high correlation
     portfolios, and in so doing reduce the            to traditional long-only investments, which
     volatility/risk. Currency markets can offer a     has reduced its diversification role.
     good alternative and yet are often
                                                       The HSBC Currency Investment Team have
     overlooked despite the size of the asset class.
                                                       been managing currencies since 2006 and
     By finding and exploiting the inefficiencies      have developed a fund with a multiple
     in foreign exchange markets and identifying       strategy, designed to work in both stable and
     opportunities created by companies or             volatile market conditions. By holding
     central banks that are trading not for profit     multiple sub-strategies with different alpha
     (e.g purchasing good, or controlling              sources, the Fund seeks to generate a more
     inflation/interest rates), currency managers      stable and smooth return profile.


10   informer   quarter 3 2010
                     fund structure overview
                     The Fund allocates daily to the multiple sub-
                     strategies, which are grouped into daily,
                     weekly and monthly alpha signals with the
                     aim of generating a smoothed, stable return
                     portfolio.
                     • The overall exposure is based on the
                       volatility target of between 5-10%,
                       determined by the portfolio managers.
                     • Each sub-strategy is optimised to react
                       quickly to changes in market conditions.
                     • A systematic drawdown management
                       facility seeks to preserve capital and profit
                       by actively withdrawing from
                       underperforming sub-strategies.
                     HSBC’s size endows it with a strong
                     footprint within Foreign Exchange trading.
                     The team have developed an automated
                     Trading and Execution platform, which seeks
                     to control and minimise transaction costs. It
                     incorporates order generation, order and
                     size management, and access to broad
                     market liquidity via multiple electronic FX
                     platforms.
                     The team is constantly looking for new
                     sources of alpha and new strategies. These
                     are implemented as models and vigorously
                     back-tested. If they prove robust and
                     repeatable, they are recommended for
                     inclusion into the Fund. Existing and new
                     strategies and models continue to be
                     monitored and evaluated and daily reports
                     produced for managers for consideration of




”
                     inclusion in the portfolio.
                     Risk control is integrated into all aspects of
...currency          the daily investment process, which takes
managers are able    advantage of the daily risk and performance
                     reports.
to find attractive   Thus the HSBC Global Currency Fund
returns with a low   provides a cautious, low correlation option
                     which would fit into any client portfolio
correlation to       across the risk spectrum. The HSBC Global
other asset          Currency Fund can now be accessed
                     through Royal Skandia and Skandia Ireland in
classes, making      two choices of denomination – USD and
                     EUR.
them a good          Soren Beck-Petersen is the HSBC Global
diversification      Currency Fund Specialist.

option...            * ** Bank for International Settlements, Foreign Exchange
                     and Derivatives market activity in 2007.




              ”
                     *** The number of strategies in the Fund is not fixed and can
                     evolve over time.
                     Disclaimer: Where overseas investments are held the rate of
                     exchange may cause the value of such investments to go
                     down as well as up



                                                      quarter 3 2010     informer    11
     the smart way
     to play the
     commodities cycle
                                              The economic recovery in emerging markets has made commodities
                                              an attractive sector. But Martin Currie believe there are bigger gains
                                              to be made by investing in the wider sector of Global Resources.
                                              Duncan Goodwin and Ruairidh Stewart explain more.

            he arguments for a long-term bull         suppliers, peers, and customers it’s possible                       of squandering the ‘risk budget’ in index-

     T      market in commodities are
            compelling: the rapid economic
     emergence of India and China as economic
                                                      to exploit inefficiencies and generate
                                                      handsome profits. That, we believe, is
                                                      demonstrated by the performance of the
                                                                                                                          relative positions. As the chart shows, in
                                                                                                                          terms of returns gained for risk accepted,
                                                                                                                          the Martin Currie Global Resources Fund
     superpowers is transforming the demand           Martin Currie Global Resources Fund.                                stands alone.
     picture for energy and raw materials. At
                                                      Since its launch on 30 December 2005,                               In commodity markets, nothing lasts for
     Martin Currie, however, we believe there is a
                                                      Martin Currie’s Global Resources Fund has                           ever: pessimism gives way to
     better way to benefit from this trend than by
                                                      delivered a return of 48% in US dollar terms,                       overconfidence, shortages today lead to
     investing directly in commodities.
                                                      against a sector average of 19%, putting it in                      gluts tomorrow. As the price of a commodity
     Despite the powerful long-term trends in         the top quartile* of its peer group. Equally                        rises, the threat of future oversupply is born.
     commodity prices, their prices can fluctuate     importantly, these strong returns have been                         Investing in equities is, we believe, the best
     wildly over the short term. Investing in         achieved while keeping a tight rein on                              way to play this cycle. Commodity prices
     resource equities represents the smart way       volatility.                                                         may fluctuate, but the broader sector of
     to play the commodities cycle: the universe                                                                          companies that revolve around them will
                                                      Despite the concentrated portfolio, risk
     of companies that work in and around the                                                                             always offer the opportunity to generate
                                                      remains tightly controlled. The
     energy and materials sectors is sufficiently                                                                         excellent returns.
                                                      unconstrained nature of the fund means the
     diverse to afford investors the opportunity to                                                                       Duncan Goodwin and Ruairidh Stewart are
                                                      managers can focus the risk where they see
     make consistent returns almost irrespective                                                                          Co-Managers of the Martin Currie Global
                                                      the opportunity to generate returns, instead
     of the short-term direction of physical                                                                              Resources Fund.
     commodity prices. For example, in the
     aftermath of the Lehman shock the oil price       Martin Currie GF – Global Resources Fund (USD)
     dropped by $100 per barrel – but large
                                                                          15.0
     integrated oil companies such as Exxon and
     Total actually outperformed. In 2009, when                                       Martin Currie GF
                                                                          10.0        Global Resources
     disappointing production growth put these
     companies’ share prices under pressure, the
                                                        return p.a. (%)




                                                                           5.0
     increased investment they ploughed into
                                                                                                  Sector
     exploration led to outperformance by oil-
                                                                           0.0
     service stocks.
     The global resources investment universe                             -5.0
     comprises some 800 stocks and accounts
     for around a quarter of the world’s                           -10.0
                                                                                 20          25            30            35           40               45               50
     stockmarket by capitalisation. By looking at                                                               volatility p.a. (%)
     the connections and interdependencies             Source: Lipper Hindsight. Bid to bid basis with gross income reinvested from 30 December 2005 to 31 May 2010. Please
     between resource companies, their                 note, performance relates to the underlying fund, and not the Royal Skandia or Skandia Ireland fund links.



12   informer   quarter 3 2010
a chinese
puzzle
Although China is one of the emerging economies leading the recovery,
investors are treating it with caution. But it’s a remarkable opportunity, and                                                                                           James Chong, Manager
one that’s now accessible through the Martin Currie Greater China Fund.                                                                                                     of the Martin Currie
                                                                                                                                                                            Greater China Fund.
        hina’s emergence as an economic                             ‘economic miracle’. So, the current                                  the lifestyles of the developed world.

C       superpower is old news. On some
        measures, the Middle Kingdom has
already overtaken Japan as the world’s
                                                                    ‘disconnect’ between China’s economic
                                                                    strength and its underrepresentation in
                                                                    equity portfolios offers an exceptional
                                                                                                                                         Together, the region provides investors with
                                                                                                                                         a remarkably diverse opportunity set.
                                                                                                                                         Martin Currie has an impeccable Chinese
second-largest economy. Experts predict                             opportunity for the astute investor.
                                                                                                                                         pedigree. In 1997, the firm opened its
that it will overtake the US within a
                                                                    Nor is the opportunity confined to mainland                          Shanghai office and launched the first fund
generation. So you’d be forgiven for
                                                                    China. The manufacturing powerhouse of                               providing access to China’s domestic
thinking that China would feature heavily in
                                                                    the People’s Republic is complemented by                             A-share market. Today, James Chong,
global investors’ portfolios. You would,
                                                                    the diverse strengths of Hong Kong and                               manager of the Martin Currie Greater China
however, be wrong.
                                                                    Taiwan. These provide, respectively, service                         Fund, can call on the expertise of a 12-strong
Although China generated 8.5% of gross                              expertise and technical know-how to match                            team in Shanghai, all of whom are fluent
global product in 2009, it accounts for less                        the mainland’s muscle. With Taipei and                               Mandarin speakers. Under James’s
than 1% of today’s MSCI World index. On                             Beijing poised to sign a free-trade                                  management, the Greater China Fund has
the IMF’s GDP forecasts, China should                               agreement this summer, longstanding                                  outperformed the MSCI Golden Dragon
account for 11% of a representative global                          ideological differences are increasingly                             index, beating its benchmark in three out of
index by 2014. So while everyone’s talking                          irrelevant. Meanwhile, mainland China’s                              four calendar years.
about China, few have put their money                               domestic consumption provides a huge
                                                                                                                                         The Martin Currie Greater China Fund
where their mouth is. Eventually, though,                           market for the region’s goods and services,
                                                                                                                                         focuses on the most dynamic areas of the
global asset allocation will reflect China’s                        as the growing urban population aspires to
                                                                                                                                         region’s economy: technology, where
                                                                                                                                         China’s huge pool of science graduates
                                                                                                                                         complements Taiwan’s position as a world
                  MSCI World Index                                              ‘Future World Index’                                     leader; healthcare, where companies are
                     Top 5 weightings                                  Top 5 weightings based on IMF 5-year                              benefiting from Beijing’s ambitious reform
                                                                                  GDP forecasts
                                                                                                                                         programme; environmental protection,
                                                                                                                                         which is receiving substantial government
             Canada 4.6%                                                     France 4.0%
        France 5.1%                                                                                                                      investment; and domestic consumption,
                                                                       Germany                                                           where government stimulus and increased
  United                                                                4.5%
 Kingdom                                                                                                                                 urbanisation are creating an unparalleled
  10.2%                                                                                                                                  appetite for consumer goods. This year’s
                                                                               Japan                United States                        weakness in Chinese markets provides an
                                                                               7.6%                    22.7%
                                    United States                                                                                        excellent entry point for investing in these
                                       47.4%                                                                                             themes.
      Japan                                                                            China
      10.2%                                                                            10.8%
                                                                                                                                            The Martin Currie Greater China
                                                                                                                                            fund is now available on Royal
 Source: Martin Currie and International Monetary Fund, World Economic Outlook Database, October 2009.
                                                                                                                                            Skandia and Skandia Ireland.
Source for all performance: Lipper Hindsight. Bid to bid basis with gross income reinvested over periods shown in US dollars. These figures do not include initial charges.
If these were included, performance figures would be reduced. Past performance is not a guide to future returns.

                                                                                                                                                                              quarter 3 2010   informer   13
     introducin¯ MFS
     We are delighted to announce the addition of a new fund manager to the
     Royal Skandia range: MFS. Based in the USA, they created the States’ first
     mutual fund – Massachusetts Investors Trust – which was listed in Forbes
     magazine as one of the 85 innovations that changed the way we live. Here,
     Martin Beaulieu, tells us more about MFS and its investment approach.

     MFS Investment Management is a premier
     global asset manager of equity and fixed-
                                                        a consistent
     income mutual funds, institutional portfolios,     investment approach                             MFS assets under
     and separately managed accounts. The               The MFS investment management approach          mana¯ement
     firm's efforts are backed by a global team of      is driven by fundamental research. The firm's   Assets under management as of
     portfolio managers and research analysts           180 investment professionals are based in       31 May 2010: $184.2 billion USD
     situated in key markets around the world.          Boston, London, Mexico City, Singapore,
     MFS traces its origins to 1924, when it            Sydney, and Tokyo. Working as one unified,      Assets Breakdown ($Billion)
     established the United States' first mutual        global team, they evaluate and compare
     fund, a portfolio that remains the flagship of     investment opportunities across the globe
     its US-retail family of funds. The company         and analyze securities at all levels of each
     also established one of the industry's first in-   issuing firm's capital structure. MFS’                    $43.3
     house research departments and continues           disciplined approach helps the firm select                                    $54.4
     to be a leading industry innovator.                what they believe are the best investments
                                                        for their clients' portfolios.
     MFS Meridian Funds                                                                                       $15.0
                                                        MFS portfolio managers are supported by an
     The MFS Meridian Funds product suite               entire team of research analysts in these six
     comprises a broad range of 36 equity and           worldwide offices, who apply a proprietary                          $71.5
     fixed-income portfolios that invest in Asia,       investment process that is research driven,
     Europe, the United States, and other key           globally integrated, and disciplined.
                                                                                                           US Equity
     regions of the world. This Luxembourg-
     domiciled fund family provides investors                                                              Non-US Equity
     with the opportunity to gain exposure to a                                                            Balanced
     variety of currencies, disciplines, and                                                               Fixed Income
     investing styles.


     Martin Beaulieu is Vice Chairman and Head of Global Distribution at MFS.

14   informer   quarter 3 2010
                                                  London           Rotterdam
                Toronto                               Paris         Frankfurt

                                                 Madrid              Milan
                     Boston
Phoenix                                                   Lisbon                                                                                       Tokyo


                                                                                Bahrain                          Hong Kong               Taipei
      Mexico City



                                                                                                             Singapore




                                   Sao Paulo

                                                                                                                                                    Sydney
                                                                                     MFS investment, sales and service offices
                          Buenos Aires
                                                                                     Sales and service offices

                                                                                                                    As of June 30 2010




          a look inside the new funds
          Three MFS Meridian Funds launched on Royal Skandia in May 2010

          MFS Meridian Funds –                              MFS Meridian Funds –                                 MFS Meridian Funds –
          US Value Fund                                     Global Total Return Fund                             Research Bond Fund
          This Fund focuses on investing in high-           This Fund is designed to offer investors a           Benchmarked against the Barclays Capital
          quality companies and is designed to take a       moderate risk/reward profile through 60%             US Aggregate Bond Index, this core US
          conservative, consistent approach. This           equity and 40% fixed income targeted                 bond fund is a portfolio managed by a team
          fundamental bottom-up investment strategy         allocation. The portfolio offers global              of MFS fixed-income research analysts, who
          targets companies with sustainable, durable       diversification across stocks and bonds in a         seek to add value primarily through bottom-
          franchises, with significant free cash flow,      single vehicle and can potentially serve as          up credit selection and sector allocation
          strong balance sheets, and management             the foundation of a well-diversified client          decisions. This bottom-up development of
          teams who are good stewards of capital. This      portfolio. The equity team follows a bottom-         themes is then augmented by a top-down
          Fund emphasizes downside risk                     up stock process, while the fixed income             view of industry activity, as well as economic
          management and has offered investors a            team seeks to add value through top-down             indicators. The combination of bottom-up
          consistent value strategy since its inception     country selection, currency management,              fundamental research and top-down macro
          in February 2002.                                 and bottom-up credit selection. With the             assessment is the basis for sector allocation
                                                            portfolio's disciplined, time tested                 themes. The investment teams have the
                                                            investment process, they target undervalued          flexibility to invest in emerging market debt
                                                            stocks of global high-quality large-cap              and high yield instruments by no more than
                                                            companies and strive to outperform the               10% each.
                                                            Fund's customized benchmark which is 60%
                                                            MSCI World Index/ 40% Barclays Capital
                                                            Global Aggregate Index.



                       The MFS Meridian Funds – US Value, Global Total Return,
                      and Research Bond Funds are now available on Royal Skandia

                                                                                                                                                  quarter 3 2010   informer   15
     don’t miss the bi¯¯er picture
     Driven by day-to-day investor sentiment, stockmarkets often have a habit of
     missing the bigger picture, says Graham French from M&G. Here he explains how
     he is managing the M&G Global Basics Fund with this in mind.

                 hile here in the West we continue to                                                                    unfolding in developing countries. Key fund
                                                                                                                                                                                                                          opportunities in
     W           battle with the economic
                 consequences of the financial crisis,
     concerns for many people in parts of the
                                                                                                                         holdings in this area include Yum! Brands,
                                                                                                                         Starbucks, Colgate-Palmolive, Unilever and
                                                                                                                         PZ Cussons. I’ve also recently established a
                                                                                                                                                                                                                          commodity stocks
                                                                                                                                                                                                                          I have been taking a more selective approach
     developing world take a very different shape.                                                                       new position in processed food company                                                           to commodities-related companies following
     The need for basic items, such as food,                                                                             Heinz, and adding to German fragrance and                                                        the strong rebound in natural resources prices
     electricity, toothpaste and soap, continues to                                                                      flavourings company Symrise and Irish food                                                       from last year’s lows. Valuations have been
     remain a more prevalent preoccupation of                                                                            and ingredients business Kerry Group. These                                                      looking generally less compelling than a year
     daily life in many parts of the world.                                                                              are all world-class companies that understand                                                    ago in the mining sector. As a result, I sold out
                                                                                                                         the dynamics of the emerging world and                                                           of BHP Billiton, the world’s largest mining
     demo¯raphic and                                                                                                     know that with the right products, and in the                                                    company, following its strong performance
                                                                                                                         right markets, the rewards will be                                                               since it was reintroduced to the portfolio in
     structural chan¯es                                                                                                  tremendous.                                                                                      December 2008. Other reductions include
     The demographic and structural changes                                                                                                                                                                               UK-listed platinum processor Johnson
     taking place in many parts of the developing
     world are among the reasons why investors
                                                                                                                         Starbucks’ survival plans                                                                        Matthey and industrial minerals producer
                                                                                                                                                                                                                          Minerals Tech. Part of the proceeds have been
     should remain optimistic, despite weaker                                                                            As well as successfully developing its
                                                                                                                                                                                                                          reinvested into a number of mining holdings,
     economic growth and sovereign debt issues in                                                                        presence in Asia, Starbucks is working equally
                                                                                                                                                                                                                          including Aquila Resources, which I think is a
     the developed world. Of course, the financial                                                                       hard to improve its prospects in its core US
                                                                                                                                                                                                                          more attractively valued Australian iron ore
     problems in the US or Europe matter, but they                                                                       and European markets. After achieving
                                                                                                                                                                                                                          and coal producer, as well as Hochschild
     will not halt the economic progress taking                                                                          meteoric growth in both regions over many
                                                                                                                                                                                                                          Mining, the UK-listed precious metals miner,
     place in the emerging world or destroy                                                                              years, sales had started to wane as weakening
                                                                                                                                                                                                                          and Noble Group, the Singapore-listed
     people’s aspirations. The chart below shows                                                                         economic conditions prompted customers to
                                                                                                                                                                                                                          commodities provider. These purchases
     urbanisation rates across the world, indicating                                                                     cut back on cappuccinos, mochas and lattes.
                                                                                                                                                                                                                          highlight that, in spite of higher share prices
     how far these developing economies have to                                                                          Sentiment in the business had therefore
                                                                                                                                                                                                                          than a year ago, there remain a number of
     go in order to reach levels of development in                                                                       soured. Determined to make sure the
                                                                                                                                                                                                                          attractively valued, long-term investment
     the ‘West’.                                                                                                         company can survive the loss of appetite for
                                                                                                                                                                                                                          opportunities in the mining sector.
                                                                                                                         its high-end beverages, Starbucks’
                                                                                                                         management team, reinvigorated by the
     buildin¯ up consumer                                                                                                return of founder Howard Schultz, have been                                                      excitin¯ developments
     orientated stocks                                                                                                   focusing on getting the business back on                                                         in emer¯in¯ economies
     With this in mind, I have been gradually                                                                            track and capitalising on the company’s                                                          Looking forward, I am taking a more cautious
     building up exposure to consumer-orientated                                                                         phenomenally strong brand. A rationalisation                                                     stance given the likelihood of ongoing
     stocks in order to ensure that the fund is well                                                                     programme is also in place to strengthen the                                                     volatility and uncertainty in the financial
     placed to benefit from the transformation                                                                           focus of the business on its Asian operations.                                                   markets due to concerns over sovereign debt
                                                                                                                                                                                                                          in Western economies. Nevertheless, I
       Urban population as a percentage of total population                                                                                                                                                               continue to believe in the long-term dynamics
                                                                                                                                                                                                                          of faster-growth in the developing economies
          100
                                                                                                                                                                                                                          and the shift in economic power from West to
           90
                                                                                                                                                                                                                          East. The M&G Global Basics Fund will
           80                                                                                                                                                                                                             continue to invest in a broad range of
           70                                                                                                                                                                                                             companies from both cyclical and defensive
                                                                                                                                                                                                                          areas along the ‘curve of economic
                                                                    Asia ex-Japan




           60

           50
                                                                                                                                                                                                                          development’ that are set to benefit from
                                                         Pakistan
                                              Thailand




                                                                                                                                                                                                                          these exciting developments.
                                                                                                                                                                    Latin America




                                                                                                                                                                                                  Hong Kong




           40
                            Vietnam




                                                                                                                          Philippines




                                                                                                                                                                                                              Singapore
                                                                                                     Indonesia
                Sri Lanka



                                      India




                                                                                                                                        Malaysia



                                                                                                                                                           Europe
                                                                                                                                                   Japan




                                                                                                                                                                                          Korea
                                                                                                                 World
                                                                                             China
                                                                                    Africa




           30
                                                                                                                                                                                    USA




                                                                                                                                                                                                                            The M&G Global Basics Fund will be
           20                                                                                                                                                                                                               available through Royal Skandia and
      Source: GFMS Report 2010                                                                                                                                                                                              Skandia Ireland from July 2010.


16   informer   quarter 3 2010
                                                                                                                                       July 2010
how to use indicator stock market outlook from a selection of fund
The Indicator provides investors with a 12-month
                                                                                                                                                                                                                                                                 indicator
groups linked to Skandia. We provided the fund groups with an index as a benchmark for each
sector and asked them how they think the index will perform over the next 12 months.
                                                                                                                                                                                                                                                                 cate¯ories
                                                                                                                                                                                                                                                                 The outlook provided by the
These views are not fund specific. We have asked the fund groups to provide an
                                                                                                                                                                                                                                                                 fund group for equities ignores
outlook for each sector as a whole.
                                                                                                                                                                                                                                                                 the effect that currency
These are Investment House views and are not fund-specific.                                                                                                                                                                                                      movements can have on the
   l       Negative                              Equities                                                                                                             Property                                    Bonds                                          market. For example, if the fund
   £       Neutral                                                                                                                                                                                                                                               group believes the US outlook is
                                                                                                                    Emerging Markets
                                                                                     Pacific Ex Japan




                                                                                                                                                                                                                               UK Government
                                                                                                                                                     UK Smaller Cos
                                                           US Smaller Cos




                                                                                                                                                                      Global Property
   s       Positive                                                                                                                                                                                                                                              positive, but believes the




                                                                                                                                                                                                                                                  UK Corporate
                                                                                                                                                                                                               International
                                                                                                                                                                                        UK Property
    –      View not provided                                                                                                                                                                                                                                     strength of Sterling will be a




                                                                                                                                                                      Securities
    h
                                                                            Europe




           Positive shift                                                                                                                                                                                                                                        deterrent for UK investors, they
                                                                                                            Japan




                                                                                                                                         BRIC


    i                                                                                                                                           UK
                                                   US




           Negative shift
                                                                                                                                                                                                                                                                 will still show a positive outlook
 Aberdeen                                         £        £                £        s                      £       s                    s      £h £ h                  £               s                     £                £                  £
                                                                                                                                                                                                                                                                 for the US market.
 Allianz Global Investors                         £        s                £         l                     £i £                         £i £        £ i                 –                 –                  £                £                  £              The outlooks for equities,
 Aviva Investors                                  li £                      l        s                      s       £                    £      £    £                  £               £i                     l               £                  £
                                                                                                                                                                                                                                                                 bonds and property relate to
 AXA Framlington                                  s        £                £        s                      £       s                    s      sh £                    £               £h                     l               l                  l
                                                                                                                                                                                                                                                                 the specific indices shown in the
 Barings                                          £i £                      £h £                            l       £                    l      s    £                  £               s                     £i £                                £
                                                           £i £h sh l                                               sh sh sh £ i                                                        £h                    sh l
                                                                                                                                                                                                                                                                 'benchmarks and market
 BlackRock                                        s                                                                                                                     l                                                                         s
 BNP Paribas Asset Mgt                            l        l                s        £                      s       £                    £      £    £                  l                  –                  £                –                  –
                                                                                                                                                                                                                                                                 movements' table below the
 Fidelity                                         s          –              l        s                      £       s                    –      l     –                 s                  –                  s                £                  s              indicator grid. The performance
 Gartmore                                         s        s                l        s                      s       s                    s      £    s                  l               £                      l               l                  l              information shown in this table is
 Henderson                                        £        £                £        s                      £       £                    £      sh £                    sh £                                  £                l                  s              calculated in Sterling terms.
 HSBC                                             £        £                £        £i £                           £i £i £                          £                  £i £                                   l               l                  s
 Invesco Perpetual*                               s        s                s        s                      s       s                    s      s    s                  £               £                     £                £                  s
 Investec                                         £i £i £i s                                                £i s                         s      £i £ i                  £i £i                                 £                £h sh
 JPMorgan                                         li £                      £        sh s                           s                    –      s    £ i                 –                 –                    –              –                  –
 M&G                                              s        s                s        s                      s       s                    s      s    s                  s               s                     £                £                  £
 OM Asset Managers (UK) Ltd                       £          –              £        £                      s        –                   –      £    £                   –                 –                  £                £                  £
 Pictet
 SIG
                                                  £
                                                  s
                                                           l
                                                           s
                                                                            £
                                                                            s
                                                                                     £
                                                                                     s
                                                                                                            £
                                                                                                            s
                                                                                                                    £
                                                                                                                    s
                                                                                                                                         £
                                                                                                                                         s
                                                                                                                                                £
                                                                                                                                                s
                                                                                                                                                     l
                                                                                                                                                     s
                                                                                                                                                                        £
                                                                                                                                                                        s
                                                                                                                                                                                        £
                                                                                                                                                                                        s
                                                                                                                                                                                                              £
                                                                                                                                                                                                               l
                                                                                                                                                                                                                               s
                                                                                                                                                                                                                               l
                                                                                                                                                                                                                                                  £
                                                                                                                                                                                                                                                  s
                                                                                                                                                                                                                                                                 outlook
 Schroders
 Threadneedle
                                                  s
                                                  s        s
                                                             –              l
                                                                            £
                                                                                     £i £i £
                                                                                     s                      l       s
                                                                                                                                         £
                                                                                                                                         s
                                                                                                                                                £
                                                                                                                                                £    £
                                                                                                                                                      –                 £
                                                                                                                                                                        li £
                                                                                                                                                                                        £
                                                                                                                                                                                                               l
                                                                                                                                                                                                                –              £
                                                                                                                                                                                                                               l
                                                                                                                                                                                                                                                  £h
                                                                                                                                                                                                                                                  s              ¯uidelines
 Consensus                                        s        £                £        s                      £i s                         s      s    £ i                £               £i                    £                £                  sh
                                                                                                                                                                                                                                                                 s   a positive outlook
 Indices Monthly % Performance USD               -8.05 -7.59 -12.74 -12.65 -8.05 -8.80 -8.36 -11.42 -13.00                                                            -8.66 -4.32                             -1.05 -2.81 -5.04                                      the fund group believes the
                                                                                                                                                                                                                                                                     index they are using as a
                                                                                                                                                                                                                                                                     benchmark will rise in
benchmarks and market movements
percentage growth
                                                                                                                                                                                                                                                                     excess of 5% over the next
                                                                                                                                                                                                                                                                     12 months.
    Equities                                                                           3 Months                                        1Year           3Years                                 5Years                              10 Years
    FTSE All Share                                                                                      -6.24                          10.24              -36.29                                  2.05                                   19.16
    FTSE Small Cap Index                                                                                -7.64                           8.37              -55.30                                -25.96                                   -8.45
                                                                                                                                                                                                                                                                 £   a neutral outlook
    S&P 500                                                                                             -1.03                          20.25              -25.40                                 -1.60                                  -12.89                       the fund group believes the
    Russell 2000                                                                                         5.59                          33.64              -18.45                                 14.67                                   58.41
    FTSE World Europe ex UK
           ®
                                                                                                        -9.56                           3.08              -37.32                                 11.58                                   18.31
                                                                                                                                                                                                                                                                     index they are using as a
    FTSE All World Japan
           ®
                                                                                                        -3.45                           4.35              -30.36                                 -0.29                                  -21.54                       benchmark will have either
    FTSE World Pacific ex Japan
           ®
                                                                                                        -4.53                          20.96               -9.54                                 56.36                                  148.77                       a positive or negative
    MSCI Emerging Markets Composite                                                                     -0.24                          22.39               -2.25                                 89.64                                  170.48
    BRIC                                                                                                -1.93                          18.05                5.65                                148.30
                                                                                                                                                                                                                                                                     movement of between
    Property                                                                                                                                                                                                                                                         0% and 5%.
    UK Property                                                                                          0.67                           9.75              -45.24                                  -21.40                                       57.69
    Global Property Securities                                                                          -0.69                          20.61              -42.30                                    1.50                                       79.60
    Bonds
                                                                                                                                                                                                                                                                 l   a negative outlook
    Citi UK Government Bond Index, All Maturities                                                       -0.86                          -3.85               -7.70                                       3.04                                    67.17                 the fund group believes
    Citi WBIG UK Corporate Bond Index                                                                   -2.47                           3.03              -11.53                                      -0.33                                    80.17                 the index they are using
    Citi World Government Bond Index                                                                    -3.08                           1.40               22.52                                      25.22                                    89.31
                                                                                                                                                                                                                                                                     as a benchmark will fall in
Past performance is not a guide to future performance.                                                                                                                                                                                                               excess of 5% over the next
Source for all performance information: Financial Express Limited, from 28/05/2010 to 30/06/2010, bid to bid, in dollars, with gross income reinvested back into the fund.
U Figures unavailable.                                                                                                                                                                                                                                               12 months.
* 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
  be representative 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
information provided is correct. Neither Financial Express Limited or Skandia Group warrants, represents nor guarantees the contents of the information, nor do they
accept any responsibility for error, inaccuracies, omissions or any inconsistencies herein.
                                                                                                                                                                                                                                                                           quarter 3 2010   informer   17
time
mana¯ement

     Skandia Investment Group (SIG) experts spend 6,000
     hours a year analysing funds and managers – and Skandia
     International shares the benefits of this with you.
                                                                                                                           Dean Bowden
                                                                                                                     Chief Investment Officer,
     We draw on the SIG experts’ detailed              portfolios. That’s why our ongoing evaluation                     Skandia International
     knowledge and use it to create ideal solutions    process involves more than 6,000 hours of
     for your clients, so you can be sure you’re       meetings with fund managers every year –
     offering them world-class performance in          which would simply be impossible for you
     asset management and fund development.            to achieve.
     The SIG team has already done all the
                                                       This emphasis on research and analysis
     research necessary – so you don’t have to.
                                                       ensures that our SIG-approved investments
                                                       offer you risk-controlled, informed solutions,
     economies of scale                                and the time to give your clients the personal




                                                                                                                                    ”
     SIG has huge resources which you can call on      service they expect.
     to benefit your clients. Our size and influence
     give us unrivalled access to the world’s          survival of the fittest                                 Investors today
     leading investment management groups,
     allowing us to create exclusive opportunities
                                                       After a stringent selection process, we
                                                       continually scrutinise our fund managers to
                                                                                                                 demand more
     for you and your clients. More than 43
     dedicated SIG portfolio managers and
                                                       make sure they are still the best for the job. If          information,
                                                       a manager diverges from their investment
     research analysts are in contact with over
     200 fund management groups worldwide,
                                                       brief or underperforms, we won’t hesitate to           reassurance and
                                                       replace them. When we are creating our
     continually monitoring and negotiating with
     them on your behalf.
                                                       investment solutions, we also ensure that              personal service
                                                       each manager’s philosophy and investment
                                                       style complements the others to create a              than ever before.
     spend more time
     with your clients
                                                       balanced, structured investment.
                                                                                                              We can help you
                                                       We believe that no single company can be the
     We understand the pressures on your time;
     you need to split your resources between
                                                       best in all areas at all times – so it’s a distinct      give them that
                                                       advantage being able to select from the ‘best
     spending quality time with your clients and
                                                       of breed’ managers within the market and                level of service.
     doing the background work needed to
                                                       switch between them as required.




                                                                                                                                  ”
     research, create and manage your clients’



18   informer   quarter 3 2010
                                                                      Choosin¯ the
                                                                      ri¯ht fund for each
                                                                      individual client
                                                                      We offer a range of SIG-
                                                                      approved investment solutions,
                                                                      which we have built using the
                                                                      4P process to determine which
                                                                      managers are the most
                                                                      trustworthy guardians of your
                                                                      clients’ money.


                                                                      Mana¯ed solutions
                                                                      Our range of wholly managed solutions
  Our selection and evaluation process is based                       lets you offer your clients a high level of
  on four key principles:                                             diversification across multiple asset classes,
                                                                      to match their risk profile and enable
  Philosophy                                                          flexibility.
  Does the investment manager understand the cause of the
  market’s inefficiencies and how to exploit them?
  Process                                                             Sector solutions
  An investment manager’s investment process must be disciplined
                                                                      MultiManager funds
  and repeatable.
                                                                      We offer a range of specialist funds covering
  People                                                              single asset classes and sectors, achieving an
  A fund is only as good as the investment professionals behind it,   optimum combination of skill and strategy
  and the stability and integrity of the investment management        while keeping costs low.
  company.
                                                                      Single manager funds
  Performance                                                         Each of these funds (many of them exclusive
  Managers’ trading patterns and performance verify and evidence      to SIG) is run by a high-calibre investment
  the success of their investment approach.                           manager, chosen and monitored by our
                                                                      in-house teams.



                                                                      Best ideas
We’ll help you do the best for your clients                           A range of high-conviction, unconstrained
                                                                      stock-picking MultiManager funds. We take
Contact your local Skandia International consultant today to          up to ten world-class managers, ask them
                                                                      to pick their ten best stock ideas, and put
find out more about our investment range and how we can help
                                                                      them in a single diversified portfolio which
you free up your time and offer your clients more choice,             can make money out of both rising and
flexibility and reassurance.                                          falling stocks.




                                                                                              quarter 3 2010   informer   19
 fund news

     fund launches
                                                                                                   Royal Skandia                Skandia Ireland
                                                                     Underlying Currency           (US$, HK$, €, £)             (€, US$, £)
     Martin Currie GF Greater China                                  USD                           23 Jun                       23 Jun
     Baring Russia                                                   USD                           -                            23 Jun
     PIMCO Global Investment Grade Credit                            USD                           25 Jun                       -
     HSBC GIF Global Currency                                        EUR/USD                       07 Jul                       07 Jul
     Baring Global Agriculture                                       GBP                           27 Jul                       27 Jul




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

                                                                                                   Royal Skandia                Skandia Ireland
                                                                     Underlying Currency           (US$, HK$, €, £)             (€, US$, £)
     Tri European Residential Property                               EUR/GBP                       Until further notice         -
     Close Property Investment Portfolio                             GBP                           Until further notice         -
     HSBC Global Absolute                                            USD                           Until further notice         -
     Brandeaux Ground Rent Income                                    GBP                           -                            Until further notice




     other events
                                                                                                   Royal Skandia                Skandia Ireland
                                                                     Underlying Currency           (US$, HK$, €, £)             (€, US$, £)

     Henderson Fixed Interest - Name change to Henderson Fixed       GBP                           21 Jun                       -
     Interest Monthly Income
     Henderson High Yield Bond - Name change to Henderson            GBP                           21 Jun                       -
     High Yield Monthly Income
     Henderson UK Growth - Name change to Henderson UK Alpha         GBP                           21 Jun                       -
     Fortis L Fund range - Name change to BNP Paribas L1 Fund        EUR/USD                       30 Jun                       30 Jun
     Range (e.g. Fortis L Fund Utilities World becomes BNP Paribas
     L1 Utilities World)
     Pictet Emerging Markets Index - Fund closure                    USD                           14 Jul                       14 Jul
     Credit Suisse Equity (Lux) Future Energy Aberdeen - Fund        EUR                           21 Jul                       21 Jul
     Closure
     Credit Suisse Equity (Lux) Russia Explorer Aberdeen - Fund      EUR                           21 Jul                       21 Jul
     Closure
     BlackRock European Absolute Return Strategies - Name            EUR                           30 Jul                       -
     change to BlackRock European Absolute Return
     Schroder ISF Asian Bond - Name change to Schroder ISF           USD                           01 Aug                       01 Aug
     Asian Bond Absolute Return & Objective Change
     Henderson International Property - Fund Group Change and        EUR/GBP/USD                   02 Aug                       02 Aug
     Name Change to Aviva Investors International Property




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


20    informer   quarter 3 2010
                                                                                                        funds


chan¯es to the
fund statistics in
informer
We recognise that the fund statistics form an integral
part of informer. Last month, we introduced some
changes to streamline and clarify this information.
Here's a reminder of what those changes were.

Royal Skandia and Skandia Ireland use a        Other changes include:
multi-currency pricing system which            • revised categorisation of funds to
allows us to take the price of a fund and,       improve navigation
by applying an exchange rate to it,
produce equivalent, 'theoretical' prices in    • the introduction of a currency
other currencies, as supported by our            performance table, to help assess the
unit-linked product offering. Up until now,      impacts of currency movements on the
we have been listing the funds in their          performance
primary currency of denomination as well       • the withdrawal of the Risk Evaluator:
as the re-priced variants, which meant           following the changes in the fund
that at any one time informer contained          categories, we feel that the current
more than a dozen data points on circa           version of the Risk Evaluator is no longer
1,900 funds. In order to simplify the            fit for purpose. However, we are
information and improve clarity, we will         working on developing a new
from now on be publishing the                    tool, to replace the Risk
performance of our funds in their original       Evaluator which would assist
currency of denomination. Where                  with the risk assessment of
multicurrency options are also available,        our funds. Please look out for further
these will be indicated by our internal fund     news on this in future editions of
codes, which will be published alongside         informer.
the primary fund option.




                                                                                              quarter 3 2010   informer   21
                   for financial advisers only

                   royal skandia                                                                                                  all currencies (€, £, HK$, US$)
                   July 2010                                                                             All percentage growth calculated to 30/06/10      Performance % over one year to end June


                                                                                                                       CUMULATIVE                                           ANNUAL
Royal Skandia




                                                                        Re-priced currency
                                                                                                      1         3      6        1 Year   3 Years 5 Years   2010    2009      2008    2007     2006       SFC        AMC
                                                                  €        £       HK$       US$     Month    Months Months                                                                           authorised*
Fund ID




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

96911              RS € Aggressive                                                                    2.00     -0.97    6.25    27.32    -26.50    -6.42   27.32   -24.26   -23.78   17.28     8.56                 1.50
96000              RS € Balanced                                                                      3.74      0.10    7.16    26.47    -23.48    -1.94   26.47   -22.82   -21.61   16.68     9.83                 1.45
96912              RS € Cautious                                                                      2.58     -0.40    5.07    21.05    -15.32    -0.10   21.05   -16.89   -15.83   11.37     5.92                 1.10

96909              RS £ Aggressive                                                96930              -2.09     -9.15   -2.60    21.17    -15.00     8.20   21.17   -18.77   -13.64   13.11    12.54                 1.50
96013              RS £ Balanced                                                  96468               0.31     -6.76   -0.40    22.88    -14.06     8.23   22.88   -19.47   -13.15   11.48    12.97                 1.45
85052              RS £ Cautious                                                  96915               0.17     -5.34   -0.09    21.78     -1.45    17.43   21.78   -11.84    -8.21    9.15     9.17                 1.50

96910              RS US$ Aggressive                                              96913               1.04    -10.17   -8.65    10.71    -30.52    -4.42   10.71   -28.96   -11.65   24.69    10.32        3        1.50
96527              RS US$ Balanced                                                96914               2.88     -7.23   -5.77    13.70    -25.00    -3.51   13.70   -26.09   -10.75   20.22     7.01        3        1.45
96528              RS US$ Cautious                                                96916               2.31     -5.49   -4.08    12.38    -13.50     0.35   12.38   -17.92    -6.23   13.83     1.91        3        1.20
96971              RS US$ Diversified Managed                   96974    96972    96973               2.75     -6.82   -6.19    11.62    -22.34     4.19   11.62   -24.43    -7.93   20.33    11.49        3        1.45




                   Sector Solutions

                   Multi-Manager – covering single asset classes and sectors

96802              RS € Euro Bond                                        96881               96882    0.74     2.35     5.12    14.39      8.57     4.31   14.39    -1.45    -3.69   -0.30    -3.64                 0.45


96901              RS £ Bond Income                             96904             96903      96902    0.71      0.00    2.73    22.34     11.02    13.71   22.34    -5.44    -4.04    2.21     0.20                 1.25
96897              RS £ Equity Income                           96900             96899      96898   -0.95     -8.21   -3.84    21.65    -21.69    -1.12   21.65   -18.08   -21.41   12.72    12.02                 1.25
97085              RS £ Ethical s                               97086             97088      97087    0.42     -9.01   -3.03    21.09    -19.34            21.09   -20.00   -16.74   17.84                          1.25
97746              RS £ Global Dynamic Equity                   97748             97749      97747   -1.55     -8.68   -0.56                                                                                        1.50
97051              RS £ Global Fixed Interest Blend             97052                                -1.60     -3.07    2.41    19.61     35.83    31.34   19.61     5.10     8.05   -2.89    -0.43        3        1.25
85044              RS £ Japanese Equity                                                              -5.21    -10.18    3.36    12.93     -9.54     2.41   12.93    -6.29   -14.52   -4.92    19.08                 1.50
97105              RS £ Property                                97106             97108      97107    0.53      0.80    3.58    14.79    -31.48            14.79   -22.27   -23.20    8.60                          1.35
96457              RS £ UK Equity                               96460             96459      96458   -2.30    -11.22   -5.39    20.81    -26.23     0.25   20.81   -23.92   -19.74   14.68    18.51                 1.17
97047              RS £ UK Fixed Interest Blend                 97048             97050      97049    1.18      1.08    6.40    22.74      7.85     7.28   22.74    -7.59    -4.92   -0.10    -0.42                 1.25
85045              RS £ US Equity                               96733                                -5.07     -7.28    2.25    21.80    -12.50    -4.93   21.80   -16.45   -14.01    9.64    -0.90                 1.50


97518              RS US$ Alternatives                          97520    97519    97521               1.06     -2.72   -2.50     3.00                       3.00   -10.92                                           1.50
97053              RS US$ Global Fixed Interest Blend                             97054               1.66     -3.11   -2.65     6.80      0.66     8.00    6.80   -11.57     6.58    7.04     0.24        3        1.25
96545              RS US$ Pacific Equity                        96548    96546    96547               5.39     -5.48   -3.69    18.05    -14.32    44.26   18.05   -26.74    -0.93   47.73    13.97                 1.50


96483              RS SEK Swedish Equity   (USD)1               96485    96482    96484               2.87    -11.55   -6.10    24.13    -25.83    36.11   24.13   -28.03   -16.98   38.72    32.30        3        1.25



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

97414              RS € European Equity                                  97415    97417      97416    1.82     -5.94    0.97    20.70                      20.70   -29.52                                           1.50


97093              RS £ Global Property Securities                                                    1.01     -7.38   -3.37    28.91    -51.10            28.91   -49.51   -24.86   14.51                          1.50
96250              RS £ UK Index Tracker                        96666             96260      96255   -2.08    -12.95   -7.75    20.63    -20.00     9.78   20.63   -20.56   -16.52   15.53    18.78        3        0.40
96439              RS £ US Index Tracker                        96667             96441      96440   -7.16    -10.66   -0.87    26.06     -4.05     8.53   26.06   -12.94   -12.57    8.81     3.95        3        0.65


97422              RS US$ Emerging Markets Debt                 97424    97423    97425               3.63      1.15    4.77    20.43                      20.43    -3.20                                           1.50
97102              RS US$ Global Real Estate Securities         97103             97104               2.22     -9.53   -5.68    26.16    -50.74            26.16   -50.05   -21.83   19.37                 3        1.50
97418              RS US$ Greater China Equity                  97420    97419    97421               4.66     -3.26   -0.11    20.26                      20.26   -14.04                                           1.50
97434              RS US$ Healthcare                            97436    97435    97441               1.49    -12.73   -9.01     3.18                       3.18   -20.96                                           1.75
97426              RS US$ Technology                            97428    97427    97429               1.99     -7.03   -6.07    20.06                      20.06   -29.59                                           1.75
97430              RS US$ Total Return Bond                     97432    97431    97433               1.49      2.34    5.10    13.04                      13.04     5.00                                           1.00
97410              RS US$ US All Cap Value                      97412    97411    97413               0.41     -7.63   -3.65    17.49                      17.49   -30.80                                           1.50




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

97437              RS € European Best Ideas                              97438    97440      97439    2.82     -2.90    2.95    21.98                      21.98   -22.55                                           1.50

97132              RS £ Global Best Ideas                       97134             97135      97133   -1.91     -7.30    0.51    23.33    -17.54            23.33   -22.71   -13.49   20.41                          1.50
97209              RS £ UK Best Ideas                           97211             97212      97210   -1.63     -8.41    0.45    18.78    -40.18            18.78   -32.81   -25.05                                  1.50
97277              RS £ UK Strategic Best Ideas                 97279             97280      97278   -0.80     -9.82   -2.60    11.79                      11.79   -17.43                                           1.50




22              informer quarter 3 2010                                                                      Further fund performance information available from www.royalskandia.com
                                                                                                                                                                 for financial advisers only

                all currencies (€, £, HK$, US$)                                                                                                                           royal skandia
                July 2010                                                                                      All percentage growth calculated to 30/06/10      Performance % over one year to end June


                                                                                                                              CUMULATIVE                                          ANNUAL
Royal Skandia




                                                                             Re-priced currency
                                                                                                           1         3      6         1 Year   3 Years 5 Years   2010    2009      2008    2007     2006       SFC        AMC
                                                                      €         £       HK$       US$     Month    Months Months                                                                            authorised*
Fund ID




                 SelfSelect
                CASH FUNDS
                DEPoSITS
96202           RS € Deposit                                                                                0.09     0.18      0.27    0.36      5.53     9.54    0.36    1.72      3.38    2.40     1.36                 0.00
85012           RS £ Deposit                                                                                0.10     0.28      0.52    0.70      8.13    16.78    0.70    2.29      4.97    4.19     3.66        3        0.00
96226           RS HK$ Deposit                                                                              0.00     0.00      0.00    0.00      2.45     6.95    0.00    0.29      2.15    3.02     1.33        3        0.00
85112           RS US$ Deposit                                                                              0.00     0.06      0.17    0.17      4.03    12.16    0.17    0.62      3.21    4.46     3.21                 0.00

                MoNEY MARKET
97892           RS € HSBC GIF Global Currency                                                             Launched: 07/07/2010
97893           RS US$ HSBC GIF Global Currency                               97894    97895              Launched: 07/07/2010
96849           RS £ M&G High Interest                               96852             96851      96850     -0.82    -1.01    -0.82    2.75      4.04    12.94    2.75    -2.23     3.56    4.00     4.38                 0.50


                FIXED INTEREST FUNDS
                FIXED INTEREST – EMERgINg gLoBAL
97422           RS US$ Emerging Markets Debt                         97424    97423    97425                3.63     1.15      4.77   20.43                      20.43    -3.20                                           1.50
96931           RS US$ Fortis L Fund Bond Best Selection World Emg   96933    96932    96934                6.37    -0.42      1.89   20.67    -14.87     8.42   20.67   -26.33    -4.24   11.99    13.72                 1.50
97732           RS US$ Invesco Emerging Local Currencies Debt        97734    97733    97735                1.85    -2.06      2.54   11.37                      11.37                                                    1.50
97632           RS US$ Investec Emerging Markets Debt                97634    97633    97635                0.16    -3.45      2.39   14.81                      14.81                                                    1.50
97670           RS US$ Schroder ISF Emg Mkt Debt Absolute Return     97672    97671    97673                0.37    -0.28     -0.09    8.17                       8.17                                                    1.50

                FIXED INTEREST – gLoBAL
96802           RS € Euro Bond                                                96881               96882     0.74     2.35      5.12   14.39      8.57     4.31   14.39    -1.45    -3.69   -0.30    -3.64                 0.45

85049           RS £ BlackRock GF World Bond                                                               -3.34     2.02      9.75   17.11     50.00    35.79   17.11   25.73      1.87   -6.68    -2.99        3        0.85
97051           RS £ Global Fixed Interest Blend                     97052                                 -1.60    -3.07      2.41   19.61     35.83    31.34   19.61    5.10      8.05   -2.89    -0.43        3        1.25
85033           RS £ Invesco Bond                                                                          -3.42    -0.86      4.18   12.41     56.03    41.65   12.41   21.99     13.78   -6.76    -2.63        3        0.50
97245           RS £ Newton International Bond                       97247             97248      97246    -2.06     0.61      5.98   12.43     47.61            12.43   18.89     10.43                                  1.00
96975           RS £ Threadneedle Dollar Bond                        96976             96978      96977    -2.08     2.58      9.83   21.45     41.87    25.89   21.45   16.30      0.45   -7.14    -4.45        3        1.00

96793           RS US$ Baring Global Aggregate Bond                  96796    96794    96795                0.99     -0.73    -1.68    2.16     18.27    18.61    2.16     9.26     5.96    5.05    -4.53        3        0.75
96229           RS US$ Baring High Yield Bond                        96700    96244    96238                1.62     -1.63     3.16   22.74     10.35    22.29   22.74    -7.19    -3.13   11.47    -0.58        3        1.00
85154           RS US$ BlackRock GF World Bond                       96727             97657                0.65      1.80     3.40    6.95     13.58    14.52    6.95     4.77     1.37    3.30    -2.39        3        0.85
96841           RS US$ BNY Mellon Global Bond                        96844    96842    96843                1.13      0.67     0.22    5.09     14.30    18.33    5.09    -1.92    10.89    7.21    -3.44        3        1.00
97790           RS US$ Franklin High Yield                           97792    97791    97793                1.58     -0.62     2.22                                                                                       1.20
96709           RS US$ Franklin US Government                        96712    96710    96711                1.10      1.96     3.83    5.66     17.87    20.12    5.66     5.71     5.53    4.22    -2.21        3        0.95
97053           RS US$ Global Fixed Interest Blend                                     97054                1.66     -3.11    -2.65    6.80      0.66     8.00    6.80   -11.57     6.58    7.04     0.24        3        1.25
97184           RS US$ HSBC Global Core Plus Bond                    97186    97185    97187                0.84     -1.65    -1.95    3.24      6.70             3.24    -5.23     9.05                                  0.75
85136           RS US$ Invesco Bond                                  96211             96224                0.51     -1.18    -1.97    2.31     17.66    18.72    2.31     1.43    13.38    3.13    -2.16        3        0.50
97872           RS US$ MFS Meridian Global Research Bond             97874    97873    97875              Launched: 02/06/2010                                                                                            0.60
97888           RS US$ PIMCO Global Investment Grade Credit          97890    97889    97891              Launched: 25/06/2010                                                                                   3        1.40
97868           RS US$ Prudential IOF Asian Bond Fund                97870    97869    97871                1.74                                                                                                          1.25
97674           RS US$ Schroder ISF Asian Bond Absolute Return       97676    97675    97677                1.65      4.55     5.33    9.29                       9.29                                                    1.25
97536           RS US$ Templeton Global Bond                         97538    97537    97539                0.43     -2.24     2.96   13.01                      13.01   12.37                                   3        1.05
97794           RS US$ Templeton Global Total Return                 97796    97795    97797                0.72     -2.11     4.27                                                                                       1.05
97430           RS US$ Total Return Bond                             97432    97431    97433                1.49      2.34     5.10   13.04                      13.04    5.00                                            1.00

                FIXED INTEREST – UK
96765           RS £ Artemis High Income                             96768             96767      96766     0.00    -3.17      1.18   24.22     -2.95    11.77   24.22   -15.76    -7.27    7.92     6.71                 1.25
85050           RS £ BlackRock Government Securities                 96726             96218      97117     1.25     4.19      5.46    4.27     21.27    16.16    4.27    12.21     3.66   -2.47    -1.80                 1.00
96901           RS £ Bond Income                                     96904             96903      96902     0.71     0.00      2.73   22.34     11.02    13.71   22.34    -5.44    -4.04    2.21     0.20                 1.25
96935           RS £ Fidelity Money Builder Income                   96937             96938      96936     1.14     1.59      6.18   16.25     18.15    15.90   16.25     3.44    -1.74   -1.52    -0.40                 0.80
96633           RS £ Henderson Fixed Interest Monthly Income         96636             96635      96634    -0.47    -2.55      4.90   25.44     -3.52     3.98   25.44   -16.29    -8.12    3.16     4.47                 1.25
96888           RS £ Henderson High Yield Monthly Income             96891             96890      96889     0.00    -2.80      4.95   34.75     -2.14     7.12   34.75   -19.75    -9.50    4.47     4.78                 1.00
97742           RS £ Invesco Sterling Bond                           97744             97745      97743     0.54    -1.24      4.68                                                                                       0.75
97156           RS £ Lloyds TSB Offshore Funds High Income           97157             97159      97158     0.80     1.93      7.05   20.00     10.84            20.00    -5.01    -2.77                                  0.90
97144           RS £ Lloyds TSB Offshore Funds Sterling Bond         97145             97147      97146     0.72     0.93      6.20   19.32      7.96            19.32    -7.88    -1.77                                  0.90
96609           RS £ M&G Offshore Corporate Bond                     96612             96611      96610     2.34     2.19      5.27   15.25     28.26    28.14   15.25     9.97     1.19   -0.82     0.73                 0.00
96575           RS £ M&G Offshore High Yield Corporate Bond          96578             96577      96576     1.42    -1.74      3.19   19.04     11.41    20.94   19.04    -2.48    -4.02    3.66     4.72                 1.25
96694           RS £ Premier Conservative Growth                     96697             96696      96695    -1.98    -4.72     -2.46   13.01    -13.08    -1.30   13.01   -19.71    -4.21    2.71    10.57                 1.25
96983           RS £ Threadneedle Strategic Bond                     96984             96986      96985     1.20    -1.37      3.70   16.90      6.99     8.49   16.90    -4.21    -4.45    1.40     0.00        3        1.25
97758           RS £ Threadneedle UK Corporate Bond                  97760             97761      97759     1.44     1.07      6.73                                                                                       0.75
97047           RS £ UK Fixed Interest Blend                         97048             97050      97049     1.18     1.08      6.40   22.74      7.85     7.28   22.74    -7.59    -4.92   -0.10    -0.42                 1.25


                MIXED ASSET FUNDS
                MIXED ASSET – AggRESSIVE
96911           RS € Aggressive                                                                             2.00    -0.97      6.25   27.32    -26.50    -6.42   27.32   -24.26   -23.78   17.28     8.56                 1.50

96909           RS £ Aggressive                                                        96930               -2.09    -9.15     -2.60   21.17    -15.00     8.20   21.17   -18.77   -13.64   13.11    12.54                 1.50
96018           RS £ Aggressive Invesco Managed                                                            -1.58   -10.08     -3.48   17.77    -14.33    14.30   17.77    -9.94   -19.23   16.66    14.36                 1.45
97132           RS £ Global Best Ideas                               97134             97135      97133    -1.91    -7.30      0.51   23.33    -17.54            23.33   -22.71   -13.49   20.41                          1.50

96910           RS US$ Aggressive                                                      96913                1.04   -10.17     -8.65   10.71    -30.52    -4.42   10.71   -28.96   -11.65   24.69    10.32        3        1.50
96118           RS US$ Aggressive Invesco Managed                                      96281                1.31   -10.51     -8.27    8.37    -30.52    -3.94    8.37   -22.82   -16.94   24.81    10.78                 1.45
96971           RS US$ Diversified Managed                           96974    96972    96973                2.75    -6.82     -6.19   11.62    -22.34     4.19   11.62   -24.43    -7.93   20.33    11.49        3        1.45

                MIXED ASSET – BALANCED
96000           RS € Balanced                                                                               3.74     0.10      7.16   26.47    -23.48    -1.94   26.47   -22.82   -21.61   16.68     9.83                 1.45
96003           RS € Balanced Gartmore Managed                                                              0.43     1.65      7.09   25.06    -14.72    10.27   25.06   -16.43   -18.40   16.76    10.75                 1.30

96013           RS £ Balanced                                                          96468                0.31    -6.76     -0.40   22.88    -14.06     8.23   22.88   -19.47   -13.15   11.48    12.97                 1.45
96014           RS £ Balanced Fidelity Managed                                                             -4.60   -10.31     -4.33   16.61     -4.87    20.22   16.61   -10.51    -8.85   10.83    14.03                 1.40
85014           RS £ Balanced Gartmore Managed                                                             -3.00    -4.42      1.87   23.98     -8.08    15.45   23.98   -17.45   -10.19   11.74    12.40                 1.30
97754           RS £ CF Miton Special Situations                     97756             97757      97755    -0.70     0.98      5.73                                                                                       1.75
97152           RS £ Lloyds TSB Multi Strategy Growth                97153             97155      97154     1.48    -4.09      1.80   21.19     -1.64            21.19   -11.10    -8.70                                  1.50
96601           RS £ Sarasin GlobalSar IIID                          96604             96603      96602    -0.93    -5.25     -0.93   10.67     -7.06    18.50   10.67   -17.59     1.90   12.59    13.25                 1.75

96527           RS US$ Balanced                                                        96914                2.88    -7.23     -5.77   13.70    -25.00    -3.51   13.70   -26.09   -10.75   20.22     7.01        3        1.45
96116           RS US$ Balanced Fidelity Managed                     96437             96283               -2.80   -10.85     -8.25    8.09    -24.34     0.59    8.09   -23.58    -8.41   19.76    11.02                 1.40
85114           RS US$ Balanced Gartmore Managed                                       96284               -2.41    -6.93     -5.22   12.94    -20.76     3.19   12.94   -25.35    -6.01   20.94     7.68                 1.30

                MIXED ASSET – CAUTIoUS
96912           RS € Cautious                                                                               2.58    -0.40      5.07   21.05    -15.32    -0.10   21.05   -16.89   -15.83   11.37     5.92                 1.10
96201           RS € Investec Cautious Managed                                                              0.08    -1.16      5.15   20.84     -6.02     9.29   20.84    -8.98   -14.56    8.77     6.91                 1.25

85051           RS £ Aberdeen Managed Distribution                   96715                                  0.09    -2.82      1.57   20.31     -3.50    10.87   20.31    -8.40   -12.43    7.13     7.24                 1.25
85052           RS £ Cautious                                                          96915                0.17    -5.34     -0.09   21.78     -1.45    17.43   21.78   -11.84    -8.21    9.15     9.17                 1.50
96884           RS £ Henderson Managed Distribution                  96887             96886      96885    -0.47    -5.85      1.05   29.04    -15.98    -1.76   29.04   -20.10   -18.51    6.76     9.53                 1.25
85013           RS £ Investec Cautious Managed                                                             -2.03    -4.22     -0.46   17.33      2.38    18.51   17.33     1.46   -13.99    7.20     7.97                 1.25
97148           RS £ Lloyds TSB Multi Strategy Conservative          97149             97151      97150     1.21     1.31      5.11   14.95      9.93            14.95    -1.46    -2.95                                  1.25
97098           RS £ Newton Phoenix Multi-Asset                      97099             97101      97100     0.20    -2.47      1.44   15.57     -7.06            15.57   -15.53    -4.80    7.93                          1.50

96528           RS US$ Cautious                                                        96916                2.31    -5.49     -4.08   12.38    -13.50     0.35   12.38   -17.92    -6.23   13.83     1.91        3        1.20
97339           RS US$ Fidelity Multi Asset Strategic                97341    97340    97342               -2.32   -10.63    -12.38    1.88                       1.88   -21.04                                           1.25
85113           RS US$ Investec Cautious Managed                                       96287               -2.12    -7.67     -4.96    8.57     -8.76    11.70    8.57   -13.33    -3.03   15.46     6.03                 1.30


                                                                                                                                                                                  quarter 3 2010 informer            23
                   for financial advisers only

                   royal skandia                                                                                                               all currencies (€, £, HK$, US$)
                   July 2010                                                                                          All percentage growth calculated to 30/06/10      Performance % over one year to end June


                                                                                                                                    CUMULATIVE                                            ANNUAL
                                                                                     Re-priced currency
Royal Skandia




                                                                                                                   1        3      6         1 Year   3 Years 5 Years   2010     2009      2008    2007    2006       SFC        AMC
                                                                               €        £       HK$        US$    Month   Months Months                                                                            authorised*
Fund ID




                    SelfSelect
                   EQUITY FUNDS
                   EQUITIES – CoMMoDITIES
97683              RS € DWS Global Agribusiness                                       97684    97686      97685   -1.45    -7.02     2.02    26.54                      26.54                                                    1.50
97283              RS € Fortis L Fund Equity Materials World                          97284    97286      97285    2.43    -5.29     2.25    29.04                      29.04    -52.93                                          1.50
97295              RS € Fortis L Fund Utilities World                                 97296    97298      97297    2.89     0.67     0.00    11.62                      11.62    -32.50                                          1.50

96662              RS £ BlackRock Gold & General                             96665             96664      96663    3.55    11.11    13.96    42.67     71.65   204.85   42.67    -11.22    35.52   10.46   60.78                 1.75
96943              RS £ JPM Natural Resources                                96945             96946      96944   -0.46    -8.63     2.67    43.52      7.44   123.12   43.52    -34.39    14.09   38.06   50.43                 1.50
97468              RS £ Sarasin AgriSar                                      97470             97471      97469   -1.20   -10.28    -2.96    16.98                      16.98    -18.30                                          1.50

97640              RS US$ Allianz RCM Global Agricultural Trends             97642    97641    97643               0.67   -16.02   -12.96    12.21                      12.21                                                    1.75
97406              RS US$ Baring Global Resources                            97408    97407    97409               0.00   -16.19   -13.41     8.99                       8.99    -57.02                                 3        1.50
97225              RS US$ BlackRock GF World Mining                          97227    97226    97228              -1.51   -16.50   -11.74    25.10    -24.38            25.10    -54.35    32.43                        3        1.75
97592              RS US$ Castlestone Aliquot Commodity                      97594    97593    97595               5.67    -2.92    -9.69    -5.09                      -5.09                                                    1.75
97456              RS US$ Investec Global Dynamic Resources                  97458    97457    97459              -2.15    -8.31    -6.67    13.04                      13.04    -31.12                                 3        1.50
97464              RS US$ Investec Global Gold                               97466    97465    97467               4.49    12.11    10.61    32.41                      32.41    -29.16                                 3        1.50
97856              RS US$ JPM Global Natural Resources                       97858    97857    97859               0.61                                                                                                          1.50
97860              RS US$ Martin Currie GF Global Resources                  97862    97861    97863              -0.90                                                                                                          1.50
97846              RS US$ Pictet (CH) Precious Metals Fund – Physical Gold   97848    97847    97849               3.89   13.15                                                                                                  0.30
97692              RS US$ Pictet Timber                                      97694    97693    97695               4.27   -6.24     -4.25    33.35                      33.35                                                    1.60
97696              RS US$ Pictet Water                                       97698    97697    97699               5.14    3.32     10.41    25.58                      25.58                                                    1.60

                   EQUITIES – EMERgINg EURoPE
85027              RS £ Baring Eastern Europe                                                                     -4.64   -13.77    -2.33    44.66     -9.31    82.05   44.66    -44.87    13.72   36.41   47.17        3        1.50
85130              RS US$ Baring Eastern Europe                              96432             96289              -0.78   -14.06    -8.31    31.29    -31.82    51.35   31.29    -54.17    13.32   50.69   47.32        3        1.50
97382              RS € Jupiter New Europe                                            97383    97385      97384    2.56    -0.45    16.07    69.42                      69.42    -48.05                                          1.75

                   EQUITIES – EMERgINg gLoBAL
97644              RS € Allianz RCM BRIC Equity                                       97645    97647      97646    4.57     0.36     7.96    38.97                      38.97                                                    1.75

85016              RS £ Baring Global Emerging Markets                                         96288               0.76    -5.99     1.05    33.59     29.97   124.74   33.59     -7.58     5.27   34.01   29.04        3        1.50
97510              RS £ Fidelity Emerging Europe, Middle East & Africa       97512             97513      97511   -6.42   -13.09     3.17    35.56                      35.56    -20.00                                 3        1.50
96917              RS £ First State Global Emerging Markets Leaders          96919             96920      96918    1.49    -3.22     3.23    31.24     39.35   132.93   31.24      3.11     2.98   36.24   22.69        3        1.50
85021              RS £ Invesco Emerging Markets Equity                                                            0.37    -7.57     1.81    34.77     13.70    92.58   34.77    -19.40     4.68   33.09   27.27        3        1.50
85023              RS £ JPM Emerging Markets Investment Trust                96446             97123      97361   -4.05    -9.81    -1.13    30.59     18.61   125.54   30.59    -11.32     2.41   43.00   32.97                 1.00
97303              RS £ Lazard Emerging Markets                              97305             97306      97304    1.81    -5.90     4.80    39.19                      39.19    -12.03                                          1.50
85036              RS £ Templeton Emerging Markets                                                                -3.40   -10.94    -3.22    31.73      6.19    61.56   31.73    -13.55    -6.75   25.32   21.40        3        2.10

97838              RS US$ Aberdeen Global Emerging Markets Equity            97840    97839    97841               6.18    -3.30                                                                                                 1.75
85118              RS US$ Baring Global Emerging Markets                     96824                                 4.13    -5.98    -3.87    21.72     -2.67    85.61   21.72    -23.26     4.20   47.69   29.11        3        1.50
97612              RS US$ CS B F (LUX) Emerging Markets Aberdeen             97614    97613    97615               2.55    -0.29     5.02    26.45                      26.45                                                    1.50
97299              RS US$ Fortis L Fund Equity World Emerging                97301    97300    97302               5.79    -7.34    -6.69    22.97                      22.97    -43.59                                          1.75
97564              RS US$ Franklin Middle East & Africa                      97566    97565    97567               0.25    -8.39     2.02     0.50                       0.50                                           3        2.00
97176              RS US$ HSBC BRIC Markets Equity                           97178    97177    97179               2.76    -9.28    -9.21    12.59    -10.75            12.59    -30.70    14.39                        3        1.50
97188              RS US$ HSBC Global Emerging Markets Equity                97190    97189    97191               1.83   -11.09    -9.82    11.95    -25.80            11.95    -35.55     2.82                        3        1.50
85123              RS US$ Invesco Emerging Markets Equity                    96699                                 4.45    -7.78    -4.20    22.72    -14.19    62.06   22.72    -32.89     4.20   47.44   28.09        3        1.50
97600              RS US$ JPM Emerging Europe, M E & Africa Equity           97602    97601    97603              -0.71   -11.34    -2.86    29.44                      29.44                                                    1.50
97608              RS US$ JPM Middle East Equity                             97610    97609    97611               0.55    -5.94     3.84    17.52                      17.52                                                    1.50
97830              RS US$ Schroder BRIC                                      97832    97831    97833               4.92    -7.87                                                                                                 1.50
97658              RS US$ Schroder ISF Middle East                           97660    97659    97661               1.18    -8.62     2.30    11.86                      11.86                                                    1.50
97544              RS US$ Templeton BRIC                                     97546    97545    97547              -1.87   -13.32   -11.30    13.46                      13.46    -35.27                                 3        2.10
85140              RS US$ Templeton Emerging Markets                         96732                                 0.52   -11.10    -8.85    20.05    -19.98    34.95   20.05    -28.18    -7.20   38.65   21.64        3        2.10
97540              RS US$ Templeton Emerging Markets Smaller Cos             97542    97541    97543              -0.12    -6.56     1.79    31.94                      31.94    -30.32                                 3        2.10

                   EQUITIES – ENERgY
97620              RS € CS E F (LUX) Future Energy Aberdeen                           97621    97623      97622   -1.19    -1.66     4.40    17.87                      17.87                                                    1.90
97679              RS € DWS Invest Climate Change                                     97680    97682      97681   -2.82    -7.79    -5.49     7.62                       7.62                                                    1.50
97386              RS € Jupiter Climate Change Solutions s                            97387    97389      97388    1.94     4.09     9.10    24.11                      24.11    -28.39                                          1.50

96621              RS US$ BlackRock GF New Energy                            96624    96622    96623              -1.33   -14.45   -22.19   -15.23    -48.58    -4.02   -15.23   -44.92    10.15   39.98   33.33        3        1.75
97498              RS US$ BlackRock GF World Energy                          97500    97499    97501              -4.86   -14.40   -14.68     0.76                        0.76   -42.56                                 3        1.75
97568              RS US$ HSBC Climate Change                                97570    97569    97571              -1.83   -13.22   -14.60     0.51                        0.51                                          3        1.50
97460              RS US$ Investec Global Energy                             97462    97461    97463              -4.77   -11.60   -13.06     2.66                        2.66   -39.35                                 3        1.50
97662              RS US$ Schroder ISF Global Climate Change Equity          97664    97663    97665              -0.82   -11.64   -13.67     4.00                        4.00                                                   1.50

                   EQUITIES – EURoPE
97842              RS € BlackRock European Absolute Return Strategies                 97843    97844      97845   -0.65    -1.61                                                                                                 1.50
97080              RS € BlackRock GF Continental European Flexible                    97081    97083      97082    3.16    -3.43     3.07    37.86    -11.43            37.86    -24.07   -15.38   25.34                3        1.50
97437              RS € European Best Ideas                                           97438    97440      97439    2.82    -2.90     2.95    21.98                      21.98    -22.55                                          1.50
97414              RS € European Equity                                               97415    97417      97416    1.82    -5.94     0.97    20.70                      20.70    -29.52                                          1.50
96582              RS € Gartmore SICAV Continental European                           96583    96585      96584    1.08    -5.95    -5.28    17.09    -29.39     6.51   17.09    -23.90   -20.76   26.80   18.97                 1.50
97180              RS € HSBC Euroland Equity                                          97181    97183      97182   -1.08   -10.46    -8.80    16.09    -34.81            16.09    -27.71   -22.32                        3        1.50
97390              RS € Jupiter European Opportunities                                97391    97393      97392    2.85    -1.20     5.61    27.36                      27.36    -23.68                                          1.50
96755              RS € Lazard European Equity                                        96756    96758      96757    1.47    -7.03    -5.39    15.14    -33.10    -2.72   15.14    -24.62   -22.92   24.16   17.12                 1.50
97700              RS € Pictet Europe Index                                           97701    97703      97702    6.66    -3.42     0.70    25.53                      25.53                                                    0.30

85046              RS £ Baring Europe Select                                 96204             96217              -1.84   -14.36    -8.00    23.06     -5.83    60.89   23.06    -17.28    -7.50   30.60   30.82        3        1.50
96658              RS £ Fidelity European                                    96661             96660      96659   -1.84   -14.58    -9.54    10.36    -22.24    12.83   10.36    -27.10    -3.35   21.18   19.75                 1.50
97584              RS £ GAM Star Continental European Equity                 97586             97587      97585    1.99   -13.18    -9.96    18.36                      18.36                                           3        1.50
85041              RS £ Gartmore SICAV Pan European                                                               -3.78   -13.67   -12.30     9.16    -30.81    -1.98    9.16    -28.76   -11.03   19.61   18.44                 1.50
96571              RS £ GLG Esprit Continental Europe                        96574             96573      96572   -1.69   -15.24   -12.47    14.32    -17.70    24.52   14.32    -15.82   -14.48   21.98   24.05                 1.50
96594              RS £ Henderson European Growth                            96597             96596      96595   -2.30   -11.98    -5.93    20.40    -13.39    37.50   20.40    -18.75   -11.46   25.47   26.53                 1.50

85151              RS US$ Baring Europe Select                                                                     2.16   -14.72   -13.58    11.75    -29.24    34.20   11.75    -31.20    -7.97   44.11   31.60                 1.50
96253              RS US$ BNY Mellon Continental European Equity             96728    96258    96263               0.69   -15.85   -19.35    -2.66    -38.14    -1.35   -2.66    -36.34    -0.18   30.78   21.94        3        2.00
85144              RS US$ Gartmore SICAV Pan European                                                              0.23   -13.89   -16.44    -0.57    -47.82   -17.78   -0.57    -40.77   -11.40   32.20   19.19                 1.50
96759              RS US$ Investec Continental European Equity               96762    96760    96761              -0.86   -15.66   -18.20     1.98    -45.21   -14.02    1.98    -39.79   -10.77   31.62   19.22        3        1.50
96483              RS SEK Swedish Equity (USD)1                              96485    96482    96484               2.87   -11.55    -6.10    24.13    -25.83    36.11   24.13    -28.03   -16.98   38.72   32.30        3        1.25

                   EQUITIES – gLoBAL
97648              RS € Allianz dit Global Eco Trends                                 97649    97651      97650   -1.94    -6.53    -4.29     0.52                       0.52                                                    1.75
97624              RS € Credit Suisse Equity Fund (LUX) Global Prestige               97625    97627      97626   -0.63     0.73    13.50    51.02                      51.02                                                    1.90
97378              RS € Jupiter Global Financials                                     97379    97381      97380    1.67    -0.81     9.81    22.82                      22.82    -10.80                                          1.50


24              informer quarter 3 2010
                                                                                                                                                                     for financial advisers only

                all currencies (€, £, HK$, US$)                                                                                                                                royal skandia
                July 2010                                                                                        All percentage growth calculated to 30/06/10        Performance % over one year to end June


                                                                                                                               CUMULATIVE                                              ANNUAL
Royal Skandia




                                                                               Re-priced currency
                                                                                                             1         3      6           1 Year   3 Years 5 Years   2010     2009      2008    2007     2006       SFC        AMC
                                                                        €         £       HK$       US$     Month    Months Months                                                                               authorised*
Fund ID




                 SelfSelect
                EQUITIES – gLoBAL (continued)
96486           RS £ Aberdeen World Equity                             96488             96489      96487    -0.11    -8.80    -3.01      26.33      1.35    42.50   26.33    -16.59    -3.82   16.04    21.17                 1.50
96551           RS £ AXA Framlington Financial                         96554             96553      96552    -2.46   -12.52    -5.94      14.45    -40.83   -22.75   14.45    -23.09   -32.78   11.57    17.01                 1.50
96529           RS £ AXA Framlington Global Opportunities              96532             96531      96530    -1.62    -8.85    -3.49      16.25    -20.63    -0.65   16.25    -29.32    -3.39   11.01    12.75                 1.50
96469           RS £ BlackRock Global Equity                           96472             96471      96470    -3.17   -11.96    -4.79      18.48      0.89    25.59   18.48    -14.74    -0.13   16.74     6.64                 1.50
97085           RS £ Ethical s                                         97086             97088      97087    0.42     -9.01    -3.03      21.09    -19.34            21.09    -20.00   -16.74   17.84                          1.25
85025           RS £ F & C Investment Trust                                                         97357    -7.18   -10.42    -4.49      13.75    -12.35    31.18   13.75    -17.61    -6.48   21.91    22.76                 0.30
96492           RS £ Fidelity Global Financial Services                96494             96495      96493    -7.19   -13.75    -5.37      16.39    -24.79     9.31   16.39    -14.36   -24.55   13.83    27.69        3        1.50
96500           RS £ Fidelity Global Industrials                       96502             96503      96501    -7.33   -11.89    -3.62      26.88      8.92    69.13   26.88    -22.72    11.08   17.40    32.27        3        1.50
97172           RS £ Fidelity Global Special Situations                97174             97175      97173    -6.32   -11.35    -2.13      23.24    -15.95            23.24    -29.63    -3.07                                  1.50
96857           RS £ First State Global Growth                         96860             96859      96858    -3.86   -12.92    -6.75      16.11    -13.96     7.91   16.11    -19.95    -7.43   14.33     9.70                 1.50
97746           RS £ Global Dynamic Equity                             97748             97749      97747    -1.55    -8.68    -0.56                                                                                           1.50
97249           RS £ Henderson Global Financial                        97251             97252      97250    -2.58   -11.80    -8.11      13.52    -30.96            13.52    -22.11   -21.93                                  1.50
96679           RS £ Henderson Industries of the Future s              96685             96683      96681    -2.66    -7.91    -0.97      22.05     -3.49    29.13   22.05    -13.42    -8.67   18.28    13.11                 1.50
85028           RS £ Invesco Global Equity                             96730                        97356    -2.47    -9.91    -2.18      25.12     -9.43    20.20   25.12    -14.95   -14.88   19.37    11.17                 1.50
85039           RS £ Investec Global Strategic Equity                                                        -9.32   -13.88    -6.61      18.71    -20.22     8.93   18.71    -22.84   -12.91   14.82    18.91        3        1.50
85040           RS £ Jupiter Ecology s                                 96210             96467      96301    -2.15    -7.25    -3.47      16.34    -16.19    33.69   16.34    -20.28    -9.64   28.09    24.53                 1.50
97241           RS £ Newton International Growth                       97243             97244      97242    -0.22    -7.39    -2.21      20.83     -6.45            20.83    -21.63    -1.21                                  1.50
85037           RS £ Newton Real Return                                96729             96225      97355    0.66     -1.85    -0.72      13.98     20.67    49.13   13.98     1.68      4.12   11.85    10.50                 1.50
96605           RS £ Sarasin EquiSar Global Thematic                   96608             96607      96606    -2.62    -9.85    -2.95      18.58     -4.45    32.50   18.58    -19.83     0.51   15.40    20.17                 1.50
85035           RS £ Templeton Global Fund                                                                   -8.32   -14.10    -8.24      16.80    -19.81     2.98   16.80    -16.79   -17.49   15.46    11.23        3        1.50


97076           RS US$ Aberdeen Global World Equity                    97078    97077    97079               3.13     -9.01    -7.86      15.25    -22.02            15.25    -28.46    -5.43   30.93                          1.50
96541           RS US$ Baring Global Select                            96544    96542    96543               1.16     -9.11    -7.62       7.04    -26.08    25.72    7.04    -33.21     3.40   43.68    18.37        3        1.50
97486           RS US$ BlackRock GF Global Allocation                  97488    97487    97489               0.25     -5.68    -4.57       8.39                       8.39    -16.46                                  3        1.50
97616           RS US$ CS E F (LUX) Infrastructure Aberdeen            97618    97617    97619               3.84     -6.39    -1.33      15.67                      15.67                                                     1.90
97446           RS US$ Fortis L Fund Green Future s                    97448    97447    97449               4.62     -8.29   -11.85      -10.53                     -10.53   -41.54                                           1.50
97798           RS US$ Franklin Mutual Global Discovery                97800    97799    97801               -2.33   -10.93    -9.59                                                                                           1.50
97140           RS US$ HSBC Amanah Global Equity                       97142    97141    97143               -4.10   -14.33   -14.15       2.32    -29.33             2.32    -25.65    -7.11   21.89                          0.75
96442           RS US$ Investec Global Growth                          96445    96443    96444               -6.47   -15.03   -10.50       9.01    -35.88    -8.45    9.01    -33.01   -12.21   29.97     9.86        3        1.00
85143           RS US$ Investec Global Strategic Equity                96720             96703               -5.68   -14.10   -12.11       8.06    -40.05    -9.10    8.06    -35.92   -13.41   26.79    19.58        3        1.50
97876           RS US$ MFS Meridian Global Total Return                97878    97877    97879      97876   Launched: 02/06/2010                                                                                               1.05
97666           RS US$ Schroder ISF QEP Global Active Value            97668    97667    97669               0.67     -9.62    -6.60      15.02                      15.02                                                     1.25
85139           RS US$ Templeton Global Fund                           96209             96222               -4.55   -14.31   -13.70       6.28    -39.79   -13.85    6.28    -30.97   -17.93   27.67    12.06        3        1.50


                EQUITIES – HEALTH
96496           RS £ Fidelity Global Health Care                       96498             96499      96497    -3.83    -9.67    -0.90      21.78     16.45    24.89   21.78     1.69     -5.97    4.29     2.84        3        1.50
96509           RS £ Schroder Medical Discovery                        96511             96512      96510    -1.22   -10.79    -5.50      17.65     12.61    22.16   17.65     7.36    -10.84    4.48     3.83                 1.50


96533           RS US$ AXA World Funds Framlington Health              96536    96534    96535               -1.06   -10.01    -3.21      11.98    -15.92    -7.15   11.98    -17.16    -9.35   14.64    -3.67        3        1.75
97490           RS US$ BlackRock GF World Health Science               97492    97491    97493               -1.01   -12.72    -9.76       6.42                       6.42    -10.13                                  3        1.50
97434           RS US$ Healthcare                                      97436    97435    97441               1.49    -12.73    -9.01       3.18                       3.18    -20.96                                           1.75
96232           RS US$ Invesco Global Healthcare                       96719    96247    96241               1.85    -10.25    -7.32       7.21    -14.90     0.00    7.21    -14.65    -6.99   16.14     1.17        3        1.50


                EQUITIES – HoNg KoNg & CHINA
85030           RS £ JF Greater China                                                                        -1.06    -7.00    -0.59      22.32     26.25   107.12   22.32     7.73     -4.19   45.80    12.52        3        1.50


96797           RS US$ Aberdeen Global Chinese Equity                  96800    96798    96799               5.67     -2.00        2.49   20.36      0.65    62.75   20.36    -17.30     1.12   43.49    12.69        3        1.75
97450           RS US$ Baring China Select                             97452    97451    97453               1.16    -11.40   -11.10       6.37                       6.37     -5.02                                  3        1.50
97128           RS US$ Baring Hong Kong & China                        97130    97129    97131               1.75     -8.35    -8.46       5.80    -12.78             5.80     -6.23   -12.08   97.66                 3        1.25
97213           RS US$ Fidelity China Focus                            97215    97214    97216               0.65     -6.61    -6.50       9.62      3.50             9.62     -3.57    -2.08                         3        1.50
97124           RS US$ First State Hong Kong Growth                    97126    97125    97127               4.61     -3.75        2.29   27.11      9.66            27.11    -13.73     0.00   55.22                 3        1.50
97418           RS US$ Greater China Equity                            97420    97419    97421               4.66     -3.26    -0.11      20.26                      20.26    -14.04                                           1.50
96227           RS US$ HSBC Chinese Equity                             96698    96242    96236               2.73     -8.04    -9.17       2.47    -17.55    91.46    2.47    -10.43   -10.16   76.46    31.59        3        1.50
96228           RS US$ HSBC Hong Kong Equity                                    96243    96237               3.66     -5.96    -6.96       8.71     -9.33    50.50    8.71    -12.66    -4.50   47.76    12.33        3        1.00
85133           RS US$ JF Greater China                                96722             96293               2.94     -7.25    -6.55      11.25     -4.45    74.08   11.25    -10.17    -4.39   60.97    13.18        3        1.50
85148           RS US$ JF Hong Kong                                    96723             96292               5.41     -4.40    -3.62       8.10     -3.43    48.62    8.10     -9.70    -1.07   44.54     6.48        3        1.50


                EQUITIES – INDIA
97217           RS £ Fidelity India Focus                              97219             97220      97218    1.30     -1.05    12.14      44.69     12.14            44.69     -7.96   -15.79                         3        1.50


97502           RS US$ BlackRock GF India                              97504    97503    97505               7.84      1.17        5.56   31.99                      31.99     -9.67                                  3        1.50
97596           RS US$ Henderson India Equity                          97598    97597    97599               7.45     -2.20        2.21   26.40                      26.40                                                     1.50
96947           RS US$ HSBC India Equity                               96949    96948    96950               5.85     -3.86    -0.40      33.58      3.16   114.69   33.58    -24.05     1.68   58.14    31.60        3        1.50
97604           RS US$ JF India                                        97606    97605    97607               5.60     -2.46        4.03   26.38                      26.38                                                     1.50
97532           RS US$ Jupiter India                                   97534    97533    97535               6.64     -0.59        3.81   38.65                      38.65     -9.03                                           1.75
97402           RS US$ Kotak India Growth                              97404    97403    97405               8.70     -2.40        3.18   23.59                      23.59     -8.50                                           2.00
97398           RS US$ Kotak India Infrastructure & Realty             97400    97399    97401               8.61     -3.66    -1.87      10.12                      10.12    -13.57                                           2.00
97394           RS US$ Kotak India Mid Cap                             97396    97395    97397              10.25      1.92        8.15   47.68                      47.68    -23.00                                           2.00
97506           RS US$ Kotak India Multicap                            97508    97507    97509               8.80      0.57        3.37   25.88                      25.88    -13.57                                           1.50


                EQUITIES – JAPAN
96625           RS £ Fidelity Japan Smaller Companies                  96628             96627      96626    -4.53    -9.16        2.33   12.57      6.53    -7.50   12.57    11.82    -15.37   -21.29   10.33                 1.50
85044           RS £ Japanese Equity                                                                         -5.21   -10.18        3.36   12.93     -9.54     2.41   12.93     -6.29   -14.52    -4.92   19.08                 1.50
96071           RS £ Schroder Tokyo                                    96207             96220      97358    -4.08    -8.43        6.27   14.93     -3.53     8.31   14.93     -4.04   -12.53    -4.04   17.01                 1.50


97261           RS JPY Aberdeen Global Japanese Smaller Cos   (USD)1   97263    97262    97264               6.24      1.16        8.46   18.94    -16.78            18.94    -16.00   -16.70                                  1.50
96231           RS US$ BNY Mellon Japan Equity                         96669    96246    96240               -2.59   -17.16   -10.34       -6.11   -44.41   -41.82    -6.11   -31.43   -13.65    -4.70    9.81        3        2.00
97119           RS US$ Franklin Templeton Japan                        97121    97120    97122               -3.14   -10.00    -4.21       0.00    -50.12             0.00    -35.71   -22.40    6.83                 3        1.50


                EQUITIES – LATIN AMERICA
97089           RS £ Threadneedle Latin America                        97090             97092      97091    2.57     -5.18        0.87   50.17     32.75            50.17    -27.75    22.36   48.30                 3        1.50


97494           RS US$ BlackRock GF Latin America                      97496    97495    97497               3.49     -8.49    -8.26      31.67                      31.67    -37.14                                  3        1.75
97323           RS US$ Fidelity Latin America                          97325    97324    97326               2.40     -6.36    -6.87      33.44                      33.44    -33.12                                  3        1.50
97287           RS US$ Fortis L Fund Equity Brazil                     97289    97288    97290               9.79     -7.04    -9.00      31.67                      31.67    -38.96                                           1.75
97572           RS US$ HSBC Brazil Equity                              97574    97573    97575               6.74     -6.06    -7.92      40.64                      40.64                                            3        1.75




                                                                                                                                                                                          quarter 3 2010 informer              25
                   for financial advisers only

                   royal skandia                                                                                                               all currencies (€, £, HK$, US$)
                   July 2010                                                                                         All percentage growth calculated to 30/06/2010     Performance % over one year to end June


                                                                                                                                     CUMULATIVE                                          ANNUAL
Royal Skandia




                                                                                    Re-priced currency
                                                                                                                  1         3      6         1 Year   3 Years 5 Years   2010    2009      2008    2007     2006       SFC        AMC
                                                                              €        £       HK$        US$    Month    Months Months                                                                            authorised*
Fund ID




                    SelfSelect
                   EQUITIES – NoRTH AMERICA
96613              RS £ Fidelity American Special Situations                96616             96615      96614    -7.55   -11.40     -2.06   25.47     -7.02     8.31   25.47   -19.30    -8.17   -0.11    16.62                 1.50
85018              RS £ JPM America Equity                                                                        -7.04   -11.23     -1.60   25.15     -7.74     3.43   25.15   -11.07   -17.10   13.30    -1.05        3        1.50
96617              RS £ Schroder US Smaller Companies                       96620             96619      96618    -2.48    -4.20      4.66   33.36     11.86    41.50   33.36   -11.51    -5.22   15.10     9.90        3        1.50
96979              RS £ Threadneedle American                               96980             96982      96981    -5.71    -8.17     -0.17   29.27      2.57    14.33   29.27   -11.82   -10.02    9.51     1.78        3        1.50
85045              RS £ US Equity                                           96733                                 -5.07    -7.28      2.25   21.80    -12.50    -4.93   21.80   -16.45   -14.01    9.64    -0.90                 1.50

97221              RS US$ BlackRock GF US Flexible                          97223    97222    97224                -5.33   -11.38    -6.85   12.32    -32.26            12.32   -28.67   -15.44                         3        1.50
96252              RS US$ Fidelity American Growth                          96701    96257    96262                -6.08   -11.91    -9.37    7.19    -36.55   -18.29    7.19   -34.74    -9.30    9.56    17.55                 1.50
96828              RS US$ Franklin Mutual Beacon                            96831    96829    96830                -5.19    -9.72    -5.69   15.05    -34.15   -12.92   15.05   -26.51   -22.11   19.75    10.42        3        1.50
97056              RS US$ Franklin US Equity                                97055    97057    97058                -5.23   -11.22    -8.13    9.02    -24.28    -9.56    9.02   -19.31   -13.93   20.82    -1.14        3        1.50
97588              RS US$ GAM Star US All Cap Equity                        97590    97589    97591                -1.33    -9.86    -7.18   13.37                      13.37                                           3        1.60
85120              RS US$ JPM America Equity                                96206             96219                -3.28   -11.53    -7.45   13.82    -30.60   -13.30   13.82   -26.12   -17.47   25.49    -0.44        3        1.50
97307              RS US$ Lazard North American Equity                      97309    97308    97310                 0.00   -10.68    -7.65   13.39                      13.39   -27.58                                           1.50
97880              RS US$ MFS Meridian Global US Value                      97882    97881    97883              Launched: 02/06/2010                                                                                            1.05
97822              RS US$ Neptune US Opportunities                          97824    97823    97825                 0.59    -8.09                                                                                                1.60
97704              RS US$ Pictet Pacific (ex Japan) Index                   97706    97705    97707                 2.91   -14.41    -9.40   20.82                      20.82                                                    0.30
97708              RS US$ Pictet USA Index                                  97710    97709    97711                 1.30    -8.54    -4.46   18.01                      18.01                                                    0.30
97410              RS US$ US All Cap Value                                  97412    97411    97413                 0.41    -7.63    -3.65   17.49                      17.49   -30.80                                           1.50

                   EQUITIES – PACIFIC
97687              RS € DWS Invest Top 50 Asia                                       97688    97690      97689     2.04    -0.13      8.06   27.83                      27.83                                                    1.50

96230              RS £ Baring Korea                                        96714             96239      96245     2.88    -4.13     3.02    46.15    -13.69    59.85   46.15   -27.06   -19.03   35.55    36.63        3        1.50
96921              RS £ First State Asia Pacific Leaders                    96923             96924      96922     1.53    -5.58     1.90    27.50     36.40   119.11   27.50     0.15     6.81   37.88    16.51        3        1.50
85022              RS £ Invesco Asean Equity                                                                       2.43    -0.98    13.58    49.93     19.62    93.13   49.93    -8.91   -12.41   53.54     5.15        3        1.00
85043              RS £ Invesco Asia Opportunities Equity                                                         -0.13    -6.86     0.35    26.66     10.21    80.56   26.66    -5.84    -7.59   46.13    12.11        3        1.00
85031              RS £ JF Eastern Smaller Companies                                                              -0.09    -6.65     1.65    34.83     -0.31    49.76   34.83     0.00   -26.07   40.82     6.68        3        1.50
85015              RS £ JF Pacific Securities                                                                     -4.02   -10.59     0.70    22.13     18.03    62.40   22.13     1.45    -4.73   18.03    16.58        3        1.50
85032              RS £ JF Thailand                                                                                6.46     3.52    23.13    63.62     63.30   136.01   63.62    -9.20     9.91   28.71    12.29        3        1.50
97442              RS £ Old Mutual Asian Select                             97444             97445      97443     0.00    -9.18    -4.86    26.17                      26.17    -9.92                                           1.50

97834              RS US$ Aberdeen Global Asia Pacific Equity               97836    97835    97837                5.78    -2.37                                                                                                 1.75
97636              RS US$ Allianz RCM Oriental Income                       97638    97637    97639                0.49   -11.41     -8.07    5.88                       5.88                                                    1.50
97196              RS US$ BNY Mellon Asian Equity                           97198    97197    97199                4.34    -6.98     -3.32   18.92    -10.52            18.92   -25.48     0.97                         3        2.00
97514              RS US$ Fidelity Asian Aggressive                         97516    97515    97517                0.40   -10.99     -7.34   20.75                      20.75   -31.37                                  3        1.50
97576              RS US$ HSBC Korean Equity                                97578    97577    97579                5.42    -7.22     -5.68   27.72                      27.72                                           3        1.50
97192              RS US$ HSBC Singapore Equity                             97194    97193    97195                3.08    -4.74     -3.37   26.73    -36.63            26.73   -31.40   -27.11                         3        1.00
97136              RS US$ HSBC Thai Equity                                  97138    97137    97139                9.76    -1.18      8.74   30.87     -7.51            30.87   -25.44    -5.22   37.80                 3        1.50
85124              RS US$ Invesco Asean Equity                              96718             96223                6.52    -1.40      6.64   35.96    -10.29    60.53   35.96   -24.21   -12.94   69.15     5.79        3        1.00
97716              RS US$ Invesco Asia Balanced                             97718    97717    97719                2.10    -2.36      2.10   19.42                      19.42                                                    1.25
97724              RS US$ Invesco Asia Consumer Demand                      97726    97725    97727                5.52    -5.58     -3.27   25.40                      25.40                                                    1.50
97728              RS US$ Invesco Asia Infrastructure Fund                  97730    97729    97731                4.37    -8.62     -6.63    9.25                       9.25                                                    1.50
85146              RS US$ Invesco Asia Opportunities Equity                 96208             96221                3.91    -7.12     -5.49   15.32    -17.13    50.86   15.32   -21.88    -8.01   61.50    12.72        3        1.00
97720              RS US$ Invesco PRC Equity                                97722    97721    97723                2.86    -8.12     -8.87    5.33                       5.33                                                    2.00
97548              RS US$ JF Asean                                          97550    97549    97551                5.37    -0.77      4.03   34.58                      34.58                                           3        1.50
97552              RS US$ JF Australia                                      97554    97553    97555               -0.27   -18.18    -13.99   18.46                      18.46                                           3        1.50
85134              RS US$ JF Eastern Smaller Companies                      96721             96291                3.92    -6.93     -4.48   22.35    -25.31    24.79   22.35   -17.59   -25.92   55.53     7.42        3        1.50
97560              RS US$ JF Korea                                          97562    97561    97563                7.05    -9.23     -4.10   24.28                      24.28                                           3        1.50
85116              RS US$ JF Pacific Securities                             96431             96216               -0.12   -10.89     -5.33   11.06    -11.13    35.84   11.06   -15.15    -5.68   30.40    17.21        3        1.50
97556              RS US$ JF Taiwan                                         97558    97557    97559                1.25   -10.01    -11.87   10.52                      10.52                                           3        1.50
85135              RS US$ JF Thailand                                       96724             96294               10.96     3.29     15.93   48.86     23.39    99.49   48.86   -24.64     9.99   42.83    13.20        3        1.50
96545              RS US$ Pacific Equity                                    96548    96546    96547                5.39    -5.48     -3.69   18.05    -14.32    44.26   18.05   -26.74    -0.93   47.73    13.97                 1.50
97864              RS US$ Prudential IOF Asian Infrastructure Equity Fund   97866    97865    97867                4.41                                                                                                          1.50
97109              RS US$ Templeton Asian Growth                            97111    97110    97112                6.56    -4.21      1.08   34.57     -2.33            34.57   -17.56   -11.96   65.65                 3        1.85

                   EQUITIES – RUSSIA
97628              RS € CS E F (LUX) Russia Explorer Aberdeen                        97629    97631      97630     0.46    -4.52    10.79    55.45                      55.45                                                    1.90
97291              RS € Fortis L Fund Equity Russia                                  97292    97294      97293    -0.59    -8.99    10.24    58.41                      58.41   -51.64                                           1.75

97850              RS US$ Baring Russia                                     97852    97851    97853                1.81   -15.48                                                                                                 1.50
97580              RS US$ HSBC Russia Equity                                97582    97581    97583               -2.33   -15.40     -5.23   37.58                      37.58                                           3        1.75
97762              RS US$ Neptune and Greater Russia                        97764    97763    97765               -0.17   -13.16     -4.37                                                                                       1.75

                   EQUITIES – TECHNoLogY
96705              RS £ AXA Framlington Biotech                             96708             96707      96706    -3.06   -14.45     -4.46    2.97      8.17    20.53    2.97   18.43    -11.29   10.51     0.83                 1.75
96559              RS £ GLG Technology Equity                               96562             96561      96560    -0.44    -4.14      5.49   36.59      8.39    27.51   36.59   -4.28    -17.10   12.93     4.17                 1.75
85038              RS £ Henderson Global Technology                         96429             96295      97360    -3.98    -8.08     -1.47   31.66     17.20    45.13   31.66   -2.86     -8.36   18.28     4.69                 1.50
                                                                                                                                                                                                                                 #N/A
96462              RS US$ Aberdeen Global Technology                        96465    96463    96464                2.92    -6.31     -3.42   19.49    -16.07    13.71   19.49   -24.12    -7.44   29.23     4.84        3        1.75
97426              RS US$ Technology                                        97428    97427    97429                1.99    -7.03     -6.07   20.06                      20.06   -29.59                                           1.75

                   EQUITIES – UK
97068              RS £ Aberdeen UK Equity                                  97069             97071      97070    -0.42    -8.93     -2.87   25.90    -22.93            25.90   -20.40   -23.09   20.35                          1.50
96751              RS £ Artemis Income                                      96754             96753      96752     0.95    -7.78     -3.48   17.94    -16.45    15.20   17.94   -13.15   -18.43   20.38    14.53                 1.50
96747              RS £ Artemis UK Special Situations                       96750             96749      96748    -1.11    -8.68     -3.50   10.91    -20.09    15.65   10.91   -11.87   -18.25   23.28    17.40                 1.50
96845              RS £ AXA Framlington UK Select Opportunities             96848             96847      96846     0.62    -5.77     -0.61   25.88    -11.29    24.62   25.88   -20.79   -11.04   17.70    19.35                 1.50
85048              RS £ BlackRock United Kingdom                            96203             96296      97084    -4.12   -12.83     -5.60   18.18    -19.19    10.88   18.18   -22.99   -11.21   17.41    16.86        3        1.50
96897              RS £ Equity Income                                       96900             96899      96898    -0.95    -8.21     -3.84   21.65    -21.69    -1.12   21.65   -18.08   -21.41   12.72    12.02                 1.25
97168              RS £ Fidelity UK Special Situations                      97170             97171      97169    -0.30    -7.56      1.01   21.31     -8.83            21.31    -9.53   -16.92                                  1.50
96555              RS £ Gartmore UK & Irish Smaller Companies               96558             96557      96556    -2.94    -7.63     -4.56   14.23    -30.95    -5.19   14.23   -22.87   -21.62   20.31    14.13                 1.50
96671              RS £ Gartmore UK Alpha                                   96677             96675      96673    -4.25   -15.90     -9.48   11.14    -49.71   -29.53   11.14   -37.99   -27.03   17.42    19.34                 1.25
96563              RS £ GLG UK Growth                                       96566             96565      96564    -3.18   -11.09     -4.27   22.12    -36.18   -17.71   22.12   -27.10   -28.31   14.04    13.07                 1.50
96567              RS £ GLG UK Income                                       96570             96569      96568    -3.13   -10.97     -4.78   19.94    -31.14   -10.78   19.94   -22.73   -25.70   12.62    15.05                 1.50
96734              RS £ Henderson Higher Income                             96746             96737      96736    -1.43    -9.34     -4.18   10.44    -43.45   -26.80   10.44   -20.95   -35.23   12.84    14.73                 1.50
96687              RS £ Henderson UK Alpha                                  96693             96691      96689    -2.17   -10.40     -5.14   24.17    -27.70     8.99   24.17   -34.35   -11.31   23.86    21.71                 1.50
96637              RS £ HSBC UK Freestyle                                   96640             96639      96638    -1.20   -10.35     -5.79   14.13    -24.15    -1.56   14.13   -24.42   -12.08   18.30     9.72                 1.50
96641              RS £ HSBC UK Growth & Income                             96644             96643      96642    -1.77   -10.92     -5.51   17.30    -18.69     2.91   17.30   -16.96   -16.53   10.82    14.21                 1.50
96645              RS £ Invesco High Income                                 96648             96647      96646     3.00    -5.74     -2.58   15.50    -15.81    30.11   15.50   -12.37   -16.81   27.10    21.58                 1.50
85017              RS £ Invesco UK Equity                                   96731                        97359     1.48    -8.55     -6.55   15.60    -32.79    -5.62   15.60   -18.19   -28.94   21.16    15.90                 1.50
96649              RS £ Invesco UK Smaller Companies                        96652             96651      96650     0.49    -4.47      1.14   24.75    -18.03    27.75   24.75   -23.73   -13.84   26.41    23.28                 1.50
96249              RS £ Jupiter Income Trust                                96725             96259      96254    -1.19    -9.59     -6.54   11.27    -27.04     2.81   11.27   -15.69   -22.23   16.46    20.99                 1.50
96782              RS £ Liontrust First Growth                              96785             96784      96783     0.00    -4.86      3.06   26.99    -14.69    27.52   26.99   -33.57     1.12   24.61    19.96                 1.50
96778              RS £ Liontrust First Income                              96781             96780      96779    -0.71    -8.12     -3.53   19.71    -32.65   -10.22   19.71   -21.26   -28.54   15.22    15.69                 1.50
96820              RS £ Liontrust First Large Cap                           96823             96822      96821    -2.30   -12.88     -7.65   13.98    -22.92     6.30   13.98   -27.42    -6.83   15.72    19.17                 1.50
96786              RS £ Liontrust Intellectual Capital Trust                96789             96788      96787     0.33     2.84      3.19   34.28    -12.14    18.47   34.28   -11.63   -25.95   25.00     7.87                 1.50
96629              RS £ M&G Recovery                                        96632             96631      96630    -2.35   -10.74     -6.86   19.39     -9.03    38.25   19.39   -16.43    -8.82   27.80    18.92                 1.50
96803              RS £ Schroder UK Alpha Plus                              96806             96805      96804    -0.22   -10.44     -1.02   26.20    -11.64    40.30   26.20   -16.98   -15.66   22.18    29.96                 1.50
96513              RS £ Schroder UK Mid 250                                 96516             96515      96514     1.08    -5.95      0.54   21.58    -28.69    13.12   21.58   -21.42   -25.36   23.57    28.38                 1.50
97209              RS £ UK Best Ideas                                       97211             97212      97210    -1.63    -8.41      0.45   18.78    -40.18            18.78   -32.81   -25.05                                  1.50
96457              RS £ UK Equity                                           96460             96459      96458    -2.30   -11.22     -5.39   20.81    -26.23     0.25   20.81   -23.92   -19.74   14.68    18.51                 1.17
96250              RS £ UK Index Tracker                                    96666             96260      96255    -2.08   -12.95     -7.75   20.63    -20.00     9.78   20.63   -20.56   -16.52   15.53    18.78        3        0.40
97277              RS £ UK Strategic Best Ideas                             97279             97280      97278    -0.80    -9.82     -2.60   11.79                      11.79   -17.43                                           1.50
96439              RS £ US Index Tracker                                    96667             96441      96440    -7.16   -10.66     -0.87   26.06     -4.05     8.53   26.06   -12.94   -12.57    8.81     3.95        3        0.65



26              informer quarter 3 2010
                                                                                                                                                              for financial advisers only

                all currencies (€, £, HK$, US$)                                                                                                                         royal skandia
                July 2010                                                                                   All percentage growth calculated to 30/06/10      Performance % over one year to end June


                                                                                                                          CUMULATIVE                                            ANNUAL
Royal Skandia




                                                                           Re-priced currency
                                                                                                         1        3      6         1 Year   3 Years 5 Years   2010     2009      2008    2007    2006       SFC        AMC
                                                                    €         £       HK$       US$     Month   Months Months                                                                            authorised*
Fund ID




                 SelfSelect
                ALTERNATIVES
97691           RS € DWS Best Global FX Selection Plus                                                  -0.76     1.00     0.66     -1.41                      -1.41                                                   1.50

97518           RS US$ Alternatives                                97520    97519    97521               1.06    -2.72    -2.50     3.00                       3.00    -10.92                                          1.50
97750           RS US$ Aviva Investors Global Convertibles         97752    97751    97753               1.51    -5.91    -5.15                                                                                        1.20
97826           RS US$ Fulcrum Alternative Beta Daily Plus         97828    97827    97829               2.88     1.97                                                                                                 1.90
97652           RS US$ JPM Highbridge Statistical Market Neutral   97654    97653    97655              -1.03    -3.80    -3.61     -5.78                      -5.78                                                   1.50



                PRoPERTY
                PRoPERTY – gLoBAL
97266           RS € Henderson International Property                                                    2.38     5.05    10.63     0.78    -31.53             0.78    -33.61     2.34                                 1.75

97269           RS £ Aviva Investors European Property             97270             97272      97271   -4.09    -8.78   -10.30   -13.18                      -13.18   -29.32                                          1.50
97093           RS £ Global Property Securities                                                          1.01    -7.38    -3.37    28.91    -51.10             28.91   -49.51   -24.86   14.51                         1.50
97265           RS £ Henderson International Property                                                    0.00    -5.95    -2.30    -4.82    -40.54             -4.82   -39.61     3.44                                 1.75

97102           RS US$ Global Real Estate Securities               97103             97104               2.22    -9.53    -5.68    26.16    -50.74             26.16   -50.05   -21.83   19.37                3        1.50
97267           RS US$ Henderson International Property                              97268               2.47    -5.53    -7.04   -12.89    -38.52            -12.89   -32.83     5.08                                 1.75

                PRoPERTY – UK
96521           RS £ Aberdeen Property Share                       96524             96523      96522    0.11   -11.66    -8.76    20.18    -59.41   -42.58   20.18    -38.12   -45.42   15.79   22.17                 1.50
96774           RS £ Aviva Investors Property                      96777             96776      96775    0.50     1.83     6.94    19.17    -35.96   -17.95   19.17    -30.58   -22.58   10.30   16.15                 1.25
96955           RS £ Henderson Property                            96957             96958      96956    0.69     1.62     4.64    21.58    -32.02   -16.76   21.58    -27.26   -23.12    8.20   13.16                 1.50
96951           RS £ M&G Property                                  96953             96954      96952    0.13     2.08     7.10    20.99    -35.69   -24.40   20.99    -27.44   -26.74    7.02    9.84                 1.25
97105           RS £ Property                                      97106             97108      97107    0.53     0.80     3.58    14.79    -31.48            14.79    -22.27   -23.20    8.60                         1.35




Source for all performance information: Financial Express Limited, bid to bid with gross income reinvested back into the fund.
s 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.
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 fall
purely 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, the
Royal 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 other
currencies. 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 information
provided 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.




                                                                                                                                                                                   quarter 3 2010 informer             27
                   for financial advisers only

                   skandia ireland                                                                                                                 all currencies (€, £, US$)
                   July 2010                                                                               All percentage growth calculated to 30/06/10             Performance % over one year to end June


                                                                                                                          CUMULATIVE                                                ANNUAL
Royal Skandia




                                                                                                   1              3            6          1 Year          3 Years        2010        2009        2008          Spanish
                                                                          €       £      US$      Month         Months       Months                                                                           authorised*
Fund ID




                   Managed Solutions – available in different risk profiles, providing a high level of diversification across multiple asset classes
10143              Skandia € Aggressive                                                            1.68          -0.51         7.20        27.70          -21.94         27.70        -20.29     -23.31
10002              Skandia € Balanced                                                              2.23           0.00         7.30        27.11          -20.38         27.11        -20.02     -21.68
10005              Skandia € Cautious                                                              1.97           0.09         6.05        22.00          -11.34         22.00        -14.08     -15.42

10141              Skandia £ Aggressive                                                            -2.08         -8.13        -1.40        23.77          -10.95         23.77        -16.08     -14.26
10001              Skandia £ Balanced                                                              -0.51         -6.14         0.43        24.42           -9.74         24.42        -15.69     -13.96
10004              Skandia £ Cautious                                                               0.09         -4.01         1.72        20.34           -3.52         20.34        -10.62     -10.30

10142              Skandia US$ Aggressive                                                          1.14          -8.68        -7.21        13.19          -27.34         13.19        -27.15     -11.89
10003              Skandia US$ Balanced                                                            1.86          -6.47        -4.85        15.04          -21.57         15.04        -23.26     -11.16
10006              Skandia US$ Cautious                                                            1.71          -4.99        -3.45        13.12          -10.94         13.12        -15.77      -6.53




                   Sector Solutions
                   Multi-Manager – covering single asset classes and sectors

10035              Skandia € Biased Global Bond                                  10037   10036      0.17          8.55        11.99        18.60          21.37          18.60          6.34      -3.76           3
10029              Skandia € Euro Bond                                           10031   10030     -0.74          2.26         4.07        13.92           7.87          13.92         -1.54      -3.83           3
10385              Skandia € European Equity                                     10386   10387      0.41         -6.13         0.82        20.89                         20.89        -29.05                      3

10546              Skandia £ Global Dynamic Equity                       10548           10547     -1.39         -9.02        -0.85                                                                               3
10247              Skandia £ Global Fixed Interest Blend                 10248           10249     -1.44         -2.22         4.57        18.62           35.68         18.62          5.57       8.34           3
10265              Skandia £ Global Property Securities                                             0.00         -5.90        -1.43        29.85          -49.64         29.85        -48.49     -24.70           3
10022              Skandia £ Japanese Equity                             10024           10023     -5.57        -10.14         3.04        12.59          -11.59         12.59         -6.12     -16.35           3
10007              Skandia £ UK Equity                                   10009           10008     -1.46         -9.46        -3.69        21.20          -25.82         21.20        -22.68     -20.85           3
10244              Skandia £ UK Fixed Interest Blend                     10245           10246      0.58          0.19         8.41        21.96            8.52         21.96         -7.06      -4.26           3
10014              Skandia £ US Equity                                   10015           10013     -4.90         -6.57         2.11        23.78           -4.73         23.78        -11.59     -12.95           3

10026              Skandia US$ Pacific Equity                            10028   10027             4.44          -4.96        -3.57        19.86           -8.00         19.86        -21.69      -1.99           3


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

10010              Skandia £ UK Index Tracker                            10012           10011     -2.14         -9.73        -4.26        23.05          -19.08         23.05        -20.84     -16.93           3

10379              Skandia US$ Emerging Markets Debt                     10381   10380              2.93          1.05         4.66        20.30                         20.30         -3.09                      3
10266              Skandia US$ Global Real Estate Securities             10267                      0.66         -6.84        -3.01        29.60          -49.51         29.60        -50.16     -21.83           3
10382              Skandia US$ Greater China Equity                      10384   10383              3.01         -3.24         0.11        20.76                         20.76        -13.93                      3
10391              Skandia US$ Healthcare                                10394   10392             -0.80        -12.73        -9.01         3.32                          3.32        -20.98                      3
10376              Skandia US$ Technology                                10378   10377             -1.90         -7.09        -6.04        20.79                         20.79        -29.59                      3
10373              Skandia US$ Total Return Bond                         10398   10374              1.57          2.23         5.07        13.31                         13.31          5.33                      3
10388              Skandia US$ US All Cap Value                          10390   10389             -2.88         -7.36        -3.38        18.31                         18.31        -30.91                      3




                   Best Ideas – highly focused, unconstrained stock picking multi-manager funds
10370              Skandia € European Best Ideas                                 10371   10372     2.79          -1.62         4.05        23.26                         23.26        -22.26                      3

10277              Skandia £ Global Best Ideas                           10279           10278     -2.29         -6.57         1.19        24.16          -17.10         24.16        -22.72     -13.61           3
10280              Skandia £ UK Best Ideas                               10282           10281     -2.26         -6.89         2.20        20.86          -38.66         20.86        -32.54     -24.76           3
10319              Skandia £ UK Strategic Best Ideas                     10321           10320     -2.56         -9.03        -1.57        13.03                         13.03        -17.20                      3




                    SelfSelect
                   CASH FUNDS
                   DEPoSITS
10043              Skandia € Deposit                                                               0.00           0.10         0.00         0.00            3.67          0.00         0.69        2.95           3
10041              Skandia £ Deposit                                                               0.00           0.09         0.00         0.00            5.58          0.00         1.09        4.44           3
10042              Skandia US$ Deposit                                                             0.00           0.19         0.00         2.19            9.03          2.19         2.53        4.06           3


                   FIXED INTEREST FUNDS
                   FIXED INTEREST – EMERgINg gLoBAL
10379              Skandia US$ Emerging Markets Debt                     10381   10380             2.93           1.05         4.66        20.30                         20.30         -3.09                      3
10511              Skandia US$ Schroder ISF Emg Mkt Debt Absolute Return 10513   10512             0.47          -0.37        -0.09         8.67                          8.67                                    3

                   FIXED INTEREST – gLoBAL
10256              Skandia € Allianz DIT Bondspezial                             10257   10258      2.38       13.94          20.44        22.99          38.54          22.99        15.26       -2.27           3
10259              Skandia € Allianz DIT Euro Bond Total Return                  10260   10261      0.41         2.11          5.44        13.07          10.49          13.07        -1.83       -0.46           3
10035              Skandia € Biased Global Bond                                  10037   10036      0.17         8.55         11.99        18.60          21.37          18.60         6.34       -3.76           3
10172              Skandia € Credit Suisse Bond Corporate European               10173   10174     -0.61        -0.41          1.36         4.41           5.21           4.41         4.15       -3.25           3
10029              Skandia € Euro Bond                                           10031   10030     -0.74         2.26          4.07        13.92           7.87          13.92        -1.54       -3.83           3
10181              Skandia € Fortis L Fund Bond Euro                             10182   10183     -0.58        -0.48          1.58         6.52          12.08           6.52         6.03       -0.76           3
10268              Skandia € HSBC Euro High Yield Bond                           10269   10270     -0.48        -3.88          3.38        22.76           9.46          22.76        -4.29       -6.84           3
10585              Skandia € HSBC GIF Global Currency                                            Launched: 07/07/2010                                                                                             3
10089              Skandia € Invesco European Bond                               10090   10091      1.04         1.81          4.19         7.86          10.88           7.86         6.10       -3.11           3

10247              Skandia £ Global Fixed Interest Blend                 10248           10249     -1.44         -2.22         4.57        18.62          35.68          18.62         5.57        8.34           3

10587              Skandia US$ HSBC GIF Global Currency                          10586           Launched: 07/07/210                                                                                              3
10095              Skandia US$ Invesco Bond                              10097   10096             1.44         -0.33         -1.40         2.92          17.70           2.92         1.22      12.98            3
10573              Skandia US$ Prudential IOF Asian Bond                 10575   10574             0.40                                                                                                           3
10514              Skandia US$ Schroder ISF Asian Bond Absolute Return   10516   10515             1.85          4.54          5.43         9.38                          9.38                                    3
10423              Skandia US$ Templeton Global Bond                     10422   10421             0.84         -1.32          4.00        14.24                         14.24        12.47                       3
10373              Skandia US$ Total Return Bond                         10398   10374             1.57          2.23          5.07        13.31                         13.31         5.33                       3

                   FIXED INTEREST – UK
10301              Skandia £ Gartmore SICAV Sterling Corporate Bond      10303           10302     -0.53         -1.05         3.13        16.46          -16.08         16.46        -23.89      -5.32           3
10092              Skandia £ Invesco Sterling Bond                       10094           10093      0.30         -1.34         4.59        20.16           25.88         20.16          3.19       1.52           3
10244              Skandia £ UK Fixed Interest Blend                     10245           10246      0.58          0.19         8.41        21.96            8.52         21.96         -7.06      -4.26           3


28              informer quarter 3 2010
                                                                                                                                                                             for financial advisers only

                all currencies (€, £, US$)                                                                                                                                    skandia ireland
                July 2010                                                                                           All percentage growth calculated to 30/06/10               Performance % over one year to end June


                                                                                                                                   CUMULATIVE                                                   ANNUAL
                                                                                 Re-priced currency
Royal Skandia




                                                                                                             1             3            6          1 Year          3 Years          2010         2009       2008          Spanish
                                                                             €           £            US$   Month        Months       Months                                                                             authorised*
Fund ID




                 SelfSelect
                MIXED ASSET FUNDS
                MIXED ASSET – AggRESSIVE
10143           Skandia € Aggressive                                                                         1.68         -0.51         7.20        27.70          -21.94           27.70        -20.29     -23.31

10141           Skandia £ Aggressive                                                                        -2.08         -8.13        -1.40        23.77          -10.95           23.77        -16.08     -14.26
10277           Skandia £ Global Best Ideas                              10279                    10278     -2.29         -6.57         1.19        24.16          -17.10           24.16        -22.72     -13.61           3

10142           Skandia US$ Aggressive                                                                       1.14         -8.68        -7.21        13.19          -27.34           13.19        -27.15     -11.89

                MIXED ASSET – BALANCED
10002           Skandia € Balanced                                                                           2.23          0.00         7.30        27.11          -20.38           27.11        -20.02     -21.68
10047           Skandia € JPM Europe Balanced                                          10049      10048     -0.36         -2.27         0.81        13.36           -9.39           13.36        -12.41      -8.74           3

10001           Skandia £ Balanced                                                                          -0.51         -6.14         0.43        24.42           -9.74           24.42        -15.69     -13.96
10552           Skandia £ CF Miton Special Situations                    10554                    10553      0.96          0.69         6.10                                                                                 3

10003           Skandia US$ Balanced                                                                         1.86         -6.47        -4.85        15.04          -21.57           15.04        -23.26     -11.16
10053           Skandia US$ Templeton Global Balanced                    10055         10054                 0.81         -8.90        -8.08         8.17          -22.82            8.17        -20.72     -10.01           3

                MIXED ASSET – CAUTIoUS
10005           Skandia € Cautious                                                                           1.97          0.09         6.05        22.00          -11.34           22.00        -14.08     -15.42
10044           Skandia € JPM Global Capital Preservation                              10046      10045      0.29         -3.25        -2.16         3.48            0.19            3.48         -5.62       2.60           3

10004           Skandia £ Cautious                                                                           0.09         -4.01         1.72        20.34           -3.52           20.34        -10.62     -10.30

10006           Skandia US$ Cautious                                                                         1.71         -4.99        -3.45        13.12          -10.94           13.12        -15.77      -6.53
10355           Skandia US$ Fidelity Multi Asset Strategic               10357         10356                -2.71        -10.76       -12.51         1.89                            1.89        -21.34                      3

                ALTERNATIVES
10526           Skandia € DWS Best Global FX Selection Plus                                                 -0.55          1.00         0.55        -1.63                            -1.63                                   3
10558           Skandia € Fulcrum Alternative Beta Plus                                10559      10560      2.20          1.75

10549           Skandia US$ Aviva Investors Global Convertibles          10551         10550                 0.72         -6.51        -5.91                                                                                 3
10499           Skandia US$ JPM Highbridge Statistical Market Neutral    10501         10500                -1.14         -3.74        -3.55        -5.93                            -5.93                                   3



                EQUITY FUNDS
                EQUITIES – CoMMoDITIES
10520           Skandia € DWS Global Agribusiness                                      10521      10522     -1.82         -6.94         1.88        26.45                           26.45                                    3
10322           Skandia € Fortis L Fund Equity Materials World                         10323      10324     -0.66         -5.08         2.40        30.28                           30.28        -52.78                      3
10570           Skandia € Pictet (CH) Precious Metals Fund - Physical Gold             10572      10571      3.49         23.98                                                                                              3
10530           Skandia € Pictet Water                                                 10531      10532      2.40          3.11         9.94        24.87                           24.87                                    3

10408           Skandia £ Sarasin AgriSar                                10411                    10409     -3.43        -10.23        -2.97        17.07                           17.07        -18.86                      3

10490           Skandia US$ Allianz RCM Global Agricultural Trends       10492         10491                -1.92        -16.25       -13.04        12.26                           12.26                                    3
10395           Skandia US$ Baring Global Resources                      10397         10396                -3.11        -16.13       -13.17         9.60                            9.60        -57.00                      3
10292           Skandia US$ BlackRock GF World Mining                    10294         10293                 0.94        -13.40        -8.50        30.24          -21.73           30.24        -54.36     31.66            3
10527           Skandia US$ Pictet Timber                                10529         10533                 1.11         -6.57        -4.25        34.47                           34.47                                    3

                EQUITIES – EMERgINg gLoBAL
10493           Skandia € Allianz RCM BRIC Equity                                      10494      10495      2.62          0.42         8.15        39.26                           39.26                                    3
10202           Skandia € Gartmore SICAV Emerging Markets                              10203      10204      2.62          1.29         9.74        37.05          -18.61           37.05        -34.04      -9.96           3
10361           Skandia € Jupiter New Europe                                           10362      10363      3.02         -0.56        16.08        70.44                           70.44        -48.06                      3

10567           Skandia US$ Aberdeen Global Emerging Markets Equity      10569         10568                 3.62         -3.09                                                                                              3
10463           Skandia US$ CS B F (Lux) Emerging Markets Aberdeen       10465         10464                 2.23         -0.19         5.18        26.96                           26.96                                    3
10178           Skandia US$ Fortis L Fund Equity World Emerging          10180         10179                 3.07         -6.42        -5.69        23.92          -28.73           23.92        -43.51       1.81           3
10433           Skandia US$ Franklin Middle East & Africa                10435         10434                 0.50         -8.39         2.28         1.00                            1.00                                    3
10154           Skandia US$ JPM Em Europe, Middle East & Africa Equity   10156         10155                 0.11         -9.37        -0.68        32.66          -21.93           32.66        -47.76     12.66            3
10457           Skandia US$ JPM Middle East Equity                       10459         10458                 0.33         -6.10         4.05        18.01                           18.01                                    3
10502           Skandia US$ Schroder ISF Middle East                     10504         10503                 0.18         -8.27         2.75        12.55                           12.55                                    3
10427           Skandia US$ Templeton BRIC                               10429         10428                 2.00         -9.62        -7.63        18.21                           18.21        -35.05                      3
10160           Skandia US$ Templeton Emerging Markets                   10162         10161                 3.75         -8.16        -5.86        24.12          -17.09           24.12        -27.85      -7.42           3
10426           Skandia US$ Templeton Em Markets Smaller Companies       10425         10424                 1.76         -4.82         3.33        34.16                           34.16        -30.43                      3

                EQUITIES – ENERgY
10469           Skandia € CS E F (Lux) Future Energy Aberdeen                          10470      10471     -0.36         -1.64         4.75        18.70                           18.70                                    3
10517           Skandia € DWS Invest Climate Change                                    10518      10519     -3.50         -7.93        -5.48         7.82                            7.82                                    3
10331           Skandia € Fortis L Fund Equity Utilities World                         10332      10333      1.00          0.33        -0.33        11.40                           11.40        -31.91                      3

10286           Skandia US$ BlackRock GF World Energy                 10288            10287                -2.80        -11.92       -12.11         3.91          -25.70            3.91        -42.52     24.39            3
10445           Skandia US$ HSBC Climate Change                       10447            10446                -2.63        -13.45       -14.70         0.51                            0.51                                    3
10505           Skandia US$ Schroder ISF Global Climate Change Equity 10507            10506                -2.31        -11.56       -13.43         4.75                            4.75                                    3

                EQUITIES – EURoPE
10250           Skandia € Axa Europe ex-UK Alpha                                       10251      10252      4.53         -1.68         1.50        23.52          -41.06           23.52        -36.78     -24.53           3
10262           Skandia € BlackRock GF Continental European Flexible                   10263      10264      3.62         -2.22         4.50        40.21          -10.08           40.21        -24.18     -15.41           3
10370           Skandia € European Best Ideas                                          10371      10372      2.79         -1.62         4.05        23.26                           23.26        -22.26                      3
10385           Skandia € European Equity                                              10386      10387      0.41         -6.13         0.82        20.89                           20.89        -29.05                      3
10184           Skandia € Fortis L Fund Equity Europe                                  10185      10186      1.40         -4.51        -2.91        21.06          -38.92           21.06        -30.39     -27.52           3
10199           Skandia € Gartmore SICAV Continental European                          10200      10201      4.26         -2.91        -2.13        20.70          -26.97           20.70        -23.53     -20.87           3
10205           Skandia € Gartmore SICAV European Smaller Companies                    10206      10207      1.22         -3.17         4.78        34.03          -28.76           34.03        -22.86     -31.09           3
10080           Skandia € JPM Euroland Equity                                          10081      10082      1.19         -6.61        -5.97        15.88          -45.36           15.88        -34.95     -27.52           3
10166           Skandia € JPM European Small Cap                                       10167      10168      1.70         -2.49         6.97        29.98          -44.29           29.98        -37.79     -31.09           3
10367           Skandia € Jupiter European Opportunities                               10368      10369      2.82          0.00         6.91        28.77                           28.77        -23.68                      3
10534           Skandia € Pictet Europe Index                                          10535      10536      3.51         -3.57         0.47        25.34                           25.34                                    3
10273           Skandia € Schroder ISF Euro Equity                                     10271      10272      1.59         -8.48        -7.68        11.56          -38.81           11.56        -26.98     -24.88           3

10019           Skandia £ Continental European                           10020                    10021     -0.82        -11.10        -5.88        17.59          -15.83           17.59        -22.42      -7.74           3
10448           Skandia £ GAM Star Continental European Equity           10450                    10449     -0.42        -13.30       -10.06        18.26                           18.26                                    3
10068           Skandia £ Invesco UK Smaller Companies Europe            10069                    10070     -0.24         -3.67         2.00        25.86          -17.13           25.86        -23.77     -13.62           3



                                                                                                                                                                                             quarter 3 2010 informer        29
                   for financial advisers only

                   skandia ireland                                                                                                                                all currencies (€, £, US$)
                   July 2010                                                                                              All percentage growth calculated to 30/06/10             Performance % over one year to end June


                                                                                                                                         CUMULATIVE                                                ANNUAL
                                                                                      Re-priced currency
Royal Skandia




                                                                                                                  1              3            6          1 Year          3 Years        2010        2009        2008          Spanish
                                                                                  €           £            US$   Month         Months       Months                                                                           authorised*
Fund ID




                    SelfSelect
                   EQUITIES – gLoBAL
10496              Skandia € Allianz DIT Global Eco Trends                                  10497      10498      -4.21         -7.09        -4.69         0.63                          0.63                                    3
10472              Skandia € Credit Suisse Equity Fund (Lux) Global Prestige                10473      10474       0.18          0.72        13.34        51.02                         51.02                                    3
10364              Skandia € Jupiter Climate Change Solutions s                             10365      10366       2.17          4.17         9.41        24.85                         24.85        -27.89                      3
10358              Skandia € Jupiter Global Financials                                      10359      10360       0.93         -0.81         9.81        22.52                         22.52        -10.67                      3

10546              Skandia £ Global Dynamic Equity                               10548                 10547      -1.39         -9.02        -0.85                                                                               3
10481              Skandia £ New Star Global Financials                          10483                 10482      -4.53        -11.91        -8.33        13.73                         13.73                                    3
10478              Skandia £ New Star Tactical Portfolio                         10480                 10479      -5.69         -8.44        -8.53        14.60                         14.60                                    3

10313              Skandia US$ Aberdeen Global World Equity                      10315      10314                  0.80         -9.09        -7.99        14.98          -22.05         14.98        -28.39      -5.33           3
10056              Skandia US$ BlackRock GF Global Allocation                    10058      10057                  0.44         -4.68        -3.53         9.63           -4.21          9.63        -15.70       3.65           3
10414              Skandia US$ BlackRock GF World Health Science                 10416      10415                 -1.67        -12.83        -9.53         7.03                          7.03        -10.13                      3
10466              Skandia US$ CS E F (Lux) Infrastructure Aberdeen              10468      10467                  3.69         -6.55        -1.32        16.60                         16.60                                    3
10405              Skandia US$ Fortis L Fund Green Future s                      10407      10406                  1.70         -8.08       -11.81       -10.65                        -10.65        -41.14                      3
10391              Skandia US$ Healthcare                                        10394      10392                 -0.80        -12.73        -9.01         3.32                          3.32        -20.98                      3
10298              Skandia US$ JPM Global Dynamic                                10300      10299                 -1.34        -10.99        -7.52        12.54          -35.53         12.54        -33.93     -13.30           3
10508              Skandia US$ Schroder ISF QEP Global Active Value              10510      10509                 -0.74         -9.56        -6.39        14.91                         14.91                                    3
10086              Skandia US$ Templeton Global Fund                             10088      10087                 -0.18        -11.30       -10.59         9.96          -37.78          9.96        -30.97     -18.02           3

                   EQUITIES – HoNg KoNg & CHINA
10402              Skandia US$ Baring China Select                               10404      10403                  -0.76       -11.26       -10.96         6.34                          6.34         -5.00                      3
10382              Skandia US$ Greater China Equity                              10384      10383                   3.01        -3.24         0.11        20.76                         20.76        -13.93                      3
10310              Skandia US$ HSBC Chinese Equity                               10312      10311                   3.16        -5.60        -6.77         5.02          -15.51          5.02        -10.75      -9.85           3
10148              Skandia US$ JF Greater China                                  10150      10149                   3.55        -4.99        -4.28        13.76           -2.53         13.76        -10.11      -4.69           3
10579              Skandia US$ Martin Currie GF Greater China                    10581      10580                Launched: 23/06/2010                                                                                            3

                   EQUITIES – INDIA
10417              Skandia US$ BlackRock GF India                                10413      10412                  6.06          2.56         7.12        33.56                         33.56         -9.42                      3
10307              Skandia US$ HSBC Indian Equity                                10309      10308                  5.22         -2.06         1.36        36.04            5.60         36.04        -23.80       1.87           3
10460              Skandia US$ JF India                                          10462      10461                  3.77         -2.87         3.77        25.45                         25.45                                    3
10420              Skandia US$ Jupiter India                                     10419      10418                  5.51          0.68         5.14        40.47                         40.47         -9.14                      3
10454              Skandia US$ New Star India Equity                             10456      10455                  3.39         -2.28         2.30        26.56                         26.56                                    3

                   EQUITIES – JAPAN
10022              Skandia £ Japanese Equity                                     10024                 10023      -5.57        -10.14         3.04        12.59          -11.59         12.59         -6.12     -16.35           3

10228              Skandia JPY Aberdeen Global Japanese Equity1                  10227      10226                  1.09         -6.74         0.29        10.83          -30.59         10.83        -23.97     -17.63           3
10083              Skandia US$ BlackRock GF Japan                                10085      10084                 -0.25         -7.71        -0.85         1.12          -41.44          1.12        -30.54     -16.62           3
10169              Skandia US$ JF Japan Equity                                   10171      10170                 -0.63        -11.70        -6.21         0.48          -45.39          0.48        -32.30     -19.72           3

                   EQUITIES – LATIN AMERICA
10283              Skandia US$ BlackRock GF Latin American                       10285      10284                  5.63         -5.36        -5.58        35.60            2.01         35.60        -36.73     18.91            3
10343              Skandia US$ Fidelity Latin America                            10345      10344                  6.26         -2.28        -3.02        39.60                         39.60        -33.13                      3
10325              Skandia US$ Fortis L Fund Equity Brazil                       10327      10326                  6.01         -5.90        -8.60        32.43                         32.43        -38.57                      3
10436              Skandia US$ HSBC Brazil Equity                                10438      10437                  4.37         -4.86        -6.60        42.54                         42.54                                    3

                   EQUITIES – NoRTH AMERICA
10561              Skandia € Neptune US Opportunities                                       10562      10563      -1.46          1.61                                                                                            3

10014              Skandia £ US Equity                                           10015                 10013      -4.90         -6.57         2.11        23.78           -4.73         23.78        -11.59     -12.95           3

10190              Skandia US$ Fortis L Fund Equity Growth USA                   10192      10191                 -2.33         -8.96        -5.93        13.56           -4.99         13.56        -18.77       2.99           3
10071              Skandia US$ Franklin US Equity                                10073      10072                 -1.29         -8.64        -5.42        11.81          -22.53         11.81        -19.26     -14.19           3
10451              Skandia US$ GAM Star US All Cap Equity                        10453      10452                 -3.99         -9.90        -7.04        13.75                         13.75                                    3
10074              Skandia US$ JPM America Equity                                10076      10075                 -2.30         -9.36        -5.05        16.57          -28.72         16.57        -26.27     -17.06           3
10537              Skandia US$ Pictet Pacific (ex Japan) Index                   10539      10538                  3.91        -14.33        -9.49        20.97                         20.97                                    3
10540              Skandia US$ Pictet USA Index                                  10542      10541                 -0.99         -8.73        -4.57        18.17                         18.17                                    3
10274              Skandia US$ Schroder ISF US Smaller Companies                 10276      10275                 -2.37         -4.32        -0.55        20.26          -15.30         20.26        -24.58      -6.62           3
10388              Skandia US$ US All Cap Value                                  10390      10389                 -2.88         -7.36        -3.38        18.31                         18.31        -30.91                      3

                   EQUITIES – PACIFIC
10523              Skandia € DWS Invest Top 50 Asia                                         10524      10525       1.62         -0.13         8.03        28.06                         28.06                                    3

10399              Skandia £ Old Mutual Asian Select                             10401                 10400      -4.26        -11.35        -7.06        24.09                         24.09        -10.16                      3

10564              Skandia US$ Aberdeen Global Asia Pacific Equity               10566      10565                  4.66         -2.37                                                                                            3
10487              Skandia US$ Allianz RCM Oriental Income                       10489      10488                 -1.24        -10.46        -7.87         6.33                          6.33                                    3
10439              Skandia US$ HSBC Korean                                       10441      10440                  2.15         -6.81        -5.17        29.53                         29.53                                    3
10430              Skandia US$ JF Taiwan                                         10432      10431                  0.00         -9.87       -12.67        10.31                         10.31                                    3
10098              Skandia US$ JPM Pacific Equity                                10100      10099                  1.24         -8.42        -3.26        10.41          -21.43         10.41        -22.29      -8.43           3
10026              Skandia US$ Pacific Equity                                    10028      10027                  4.44         -4.96        -3.57        19.86           -8.00         19.86        -21.69      -1.99           3
10576              Skandia US$ Prudential IOF Asian Infrastructure Equity Fund   10578      10577                  0.84                                                                                                          3
10163              Skandia US$ Templeton Asia Growth                             10165      10164                  7.70         -2.58         2.86        36.81           -0.70         36.81        -17.27     -12.26           3

                   EQUITIES – RUSSIA
10475              Skandia € CS E F (Lux) Russia Explorer Aberdeen                          10476      10477      -1.43         -5.00        10.09        55.43                         55.43                                    3
10328              Skandia € Fortis L Fund Equity Russia                                    10329      10330       1.10         -3.29        17.25        67.96                         67.96        -50.45                      3

10187              Skandia US$ Fortis L Fund Equity Latin America                10189      10188                  5.30         -4.58        -4.97        35.50           -6.23         35.50        -41.47     18.22            3
10442              Skandia US$ HSBC Russia Equity                                10444      10443                 -4.17        -15.78        -5.79        37.24                         37.24                                    3

                   EQUITIES – TECHNoLogY
10376              Skandia US$ Technology                                        10378      10377                 -1.90         -7.09        -6.04        20.79                         20.79        -29.59                      3

                   EQUITIES – UK
10059              Skandia £ Aberdeen UK Equity                                  10061                 10060      -0.81         -7.73        -1.52        27.89          -21.52         27.89        -20.38     -22.92           3
10062              Skandia £ BlackRock United Kingdom                            10064                 10063      -3.55        -11.09        -3.84        20.75          -16.77         20.75        -22.34     -11.24           3
10065              Skandia £ Invesco UK Equity                                   10066                 10067       0.27         -7.53        -5.44        16.62          -32.34         16.62        -17.32     -29.82           3
10295              Skandia £ JPM UK Equity                                       10297                 10296      -3.53        -11.17        -4.99        19.39          -32.76         19.39        -33.59     -15.20           3
10280              Skandia £ UK Best Ideas                                       10282                 10281      -2.26         -6.89         2.20        20.86          -38.66         20.86        -32.54     -24.76           3
10007              Skandia £ UK Equity                                           10009                 10008      -1.46         -9.46        -3.69        21.20          -25.82         21.20        -22.68     -20.85           3
10010              Skandia £ UK Index Tracker                                    10012                 10011      -2.14         -9.73        -4.26        23.05          -19.08         23.05        -20.84     -16.93           3
10319              Skandia £ UK Strategic Best Ideas                             10321                 10320      -2.56         -9.03        -1.57        13.03                         13.03        -17.20                      3




30              informer quarter 3 2010
                                                                                                                                                                                    for financial advisers only

                all currencies (€, £, US$)                                                                                                                                           skandia ireland
                July 2010                                                                                                  All percentage growth calculated to 30/06/10               Performance % over one year to end June


                                                                                Re-priced currency                                        CUMULATIVE                                                     ANNUAL
Royal Skandia




                                                                                                                 1                 3           6          1 Year          3 Years             2010            2009            2008       Spanish
                                                                            €           £            US$        Month            Months      Months                                                                                     authorised*
Fund ID




                 SelfSelect
                PRoPERTY
                PRoPERTY – gLoBAL
10101           Skandia € Aviva Investors European REIT                               10102      10103              4.96          -5.27       -2.71        26.49          -47.42              26.49           -32.57      -38.35             3
10175           Skandia € Credit Suisse Equity European Property                      10176      10177              4.15          -6.40       -1.68        24.03          -55.17              24.03           -39.53      -40.23             3

10265           Skandia £ Global Property Securities                                                                0.00          -5.90       -1.43        29.85          -49.64              29.85           -48.49      -24.70             3

10266           Skandia US$ Global Real Estate Securities              10267                                        0.66          -6.84       -3.01        29.60          -49.51              29.60           -50.16      -21.83             3

                PRoPERTY - UK
10144           Skandia £ M&G Property                                 10147                     10145              0.14          0.82         5.73        17.52          -38.50              17.52           -28.06      -27.25




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


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

     US$                   5.48          4.88          13.09       11.06         36.27         25.55         2.97            £               -5.20        -4.65      -11.57           -9.96       -26.62          -20.36             -2.88

     €                    -2.47         -5.49          -7.38       -3.51         24.52         25.04        36.53            €               -7.52        -9.89      -18.11          -13.10           -8.61          -0.40           32.60

     HK$                   5.04          4.50          12.48       10.46         36.60         24.97         3.07            HK$             -0.36        -0.38           -0.54       -0.51           0.24           -0.12            0.03




                                                               €                                                                                                                   HK$
                       1 month 3 months 6 months                   1 year       3 years       5 years      10 years                       1 month 3 months 6 months                  1 year       3 years        5 years        10 years
     £                     2.54          5.81           7.97        3.63        -19.69        -20.03       -26.75            £               -4.80        -4.31      -11.10           -9.47       -26.79          -19.98             -2.98
     US$                   8.13        10.97           22.11       15.08           9.42         0.41       -24.58            US$              0.36         0.38            0.54       0.51            -0.24            0.12          -0.03
     HK$                   7.76        10.56           21.44       14.50           9.70        -0.02       -24.26            €               -7.20        -9.56      -17.65          -12.67           -8.84            0.02          32.02




Source for all performance information: Financial Express Limited, bid to bid with gross income reinvested back into the fund.
s 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 fall
purely 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, the
Skandia 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 other
currencies. 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 information
provided 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.




                                                                                                                                                                                                         quarter 3 2010 informer                 31
                                                                                                      Royal Skandia                                      Skandia Ireland
                                                                                                      Head Office                                        Head Office
                                                                                                      PO Box 159                                         Iveagh Court - Block D
                                                                                                      Skandia House                                      6-8 Harcourt Road
                                                                                                      King Edward Road                                   Dublin 2
                                                                                                      Onchan                                             Ireland
                                                                                                      Isle of Man                                        T +353 (0)1 4793900
                                                                                                      IM99 1NU                                           F +353 (0)1 4751020
                                                                                                      T +44 (0) 1624 655 555
                                                                                                      F +44 (0) 1624 611 715
Royal Skandia Overseas Offices

David MacDonald                                    Brendan Dolan                                      Skandia Marknadsstöd Spar AB                       Middle East Office
24th Floor                                         PO Box 23430                                       International Group                                PO Box 54257
Henley Building                                    Office 102                                         S-103 50 Stockholm                                 Office #11
5 Queens Road                                      Alastor Building                                   Sweden                                             2nd Floor
Central                                            23 Armenias Avenue                                 T +46 8 788 1000                                   West Wing 2
Hong Kong                                          Nicosia                                            F +46 8 788 4588                                   Dubai Airport Free Zone
T +852 3552 5888                                   Cyprus                                                                                                Dubai, UAE
F +852 3552 5889                                   T +357 22 315 380                                                                                     T +9714 299 6656
                                                   F +357 22 315 254                                                                                     F +9714 299 6657




For all distribution enquiries for Royal Skandia advisers please contact us at:
international.informer@royalskandia.com

For distribution enquiries for Skandia Ireland advisers please contact us at:
international.informer@skandia.ie

Skandia International is the divisional name for the international companies within the Skandia Group.
Calls may be monitored and recorded for training purposes and to avoid misunderstandings.
The performance figures include all external fund management fees and Skandia's Annual Management Charges. This Financial Express sourced information is provided to you by
Skandia Group and is used at your own risk. Financial Express take care to ensure that the information provided is correct. Neither Financial Express Limited or Skandia Group
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 that the value of units may fall as well as rise. Past performance is not a guide to the future. Where a fund invests in securities designated in a different
currency to the fund, the value of the fund may rise and fall purely as a result of exchange rate fluctuations. 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 normal risks 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 only suitable for sophisticated investors who understand the risks involved.
This document is based on Skandia's interpretation of the law and practice as at June 2010. While this interpretation is believed to be correct, Skandia can give no guarantee in
this respect or that tax reliefs and the tax treatment of investment funds will remain the same in 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: Skandia House, King Edward Road, Onchan,
Isle of Man, IM99 1NU, British Isles. Phone: +44 (0)1624 655 555 Fax: +44 (0)1624 611 715.
Authorised by the Isle of Man Insurance & Pensions Authority. Authorised and regulated by the Financial Services Authority for business conducted in the UK.
Some of the FSA’s rules do not apply to non-UK based insurers. FSA register number 142309. www.fsa.gov.uk/pages/register.

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

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




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



SK1870/INT10-260                                                                                                                                                                          000000

				
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