SKANDIA GLOBAL FUNDS PLC - Fidelity Investments

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Skandia Global Funds plc Annual Report and Audited Financial Statements for the year ended 31 December 2011 SKANDIA GLOBAL EQUITY FUND INVESTMENT ADVISER’S REPORT FOR THE YEAR ENDED 31 December 2011 Skandia Global Equity Fund – JPMorgan Asset Management (UK) Limited Investment Adviser’s Commentary (continued) Source: JPMorgan Asset Management (UK) Limited, as at 31 December 2011. * Performance figures refer to Class A1 shares and are sourced from Morningstar. Calculation basis: bid to bid, net of fees, gross income reinvested in fund base currency (US Dollars). References to benchmarks are for illustrative purposes only and are not intended to imply a performance objective. There is no guarantee that the Skandia Global Equity Fund will outperform this benchmark. 18
Skandia Global Funds plc Annual Report and Audited Financial Statements for the year ended 31 December 2011 SKANDIA US LARGE CAP GROWTH FUND INVESTMENT ADVISER’S REPORT FOR THE YEAR ENDED 31 December 2011 Skandia US Large Cap Growth Fund – Fifth Third Asset Management, Inc. Below is a report from the Investment Adviser of the Skandia Global Equity Fund for 2011. The Skandia US Large Cap Growth Fund was launched on 13 September 2000 with a starting Net Asset Value per share of USD 1.00. Investment Adviser’s Commentary The Skandia US Large Cap Growth Fund underperformed its benchmark, Russell 1000 Growth Index, in 2011. The fund returned - 2.57%, while the benchmark index gained +2.64% over the period.* During the first quarter of 2011, within the Russell 1000 Growth Index, sector returns ranged widely from -0.7% to +16.6%. Energy, utilities, and Industrials performed best, while telecommunication services, materials, and consumer discretionary were the weakest performing sectors in the benchmark over the quarter. Information Technology, consumer discretionary, and financials were the best performing sectors relative to the fund‟s benchmark. Although large-cap technology stocks generally lagged, the portfolio‟s technology investments were a source of relative outperformance. Within technology, the Investment Adviser‟s best performing stocks included Baidu Inc., Altera Corp., EMC Corp., IBM Corp., Cognizant Technology Solutions Corp. and Apple Inc. Favorable stock selection in the consumer discretionary sector was also a significant contributor to portfolio performance. The portfolio‟s top performing consumer stocks included Fossil Inc. (+33%), Walt Disney Co., Williams-Sonoma, and Johnson Controls Inc. Within the consumer discretionary sector, the Investment Adviser initiated positions in Fossil Inc. and Priceline.com Inc. and sold Nike Inc. in response to its disappointing earnings release. Though their scepticism toward much of the financials sector persists, CB Richard Ellis Group Inc. was a significant performance contributor over the quarter. Energy, industrials, and utilities were the worst performing sectors relative to the fund‟s benchmark. Given robust gains from the quarter‟s best performing sector, Energy, the portfolio‟s underweight position accounted for a significant portion of the underperformance in this sector. Insufficient exposure to the large-cap integrated energy companies (Exxon Mobil, Chevron, and ConocoPhillips) also constrained performance as these companies dominated as contributors to energy sector returns. Fifth Third initiated positions in Exxon Mobil Corp. and National Oilwell Varco Inc. to boost the portfolio‟s Energy exposure as they took advantage of improving global growth and higher sustained oil prices. Although Industrials was a strong performing sector for the portfolio, in terms of absolute performance, it did lag that of the benchmark. Within industrials, the portfolio‟s weakest performing stocks included Goodrich Corp., Cummins Inc., and WABCO Holdings. The Investment Adviser continued to overweight Industrials to maintain exposure to economy-sensitive themes. Although some are beginning to question the resilience of Industrials‟ outperformance, they remain confident in their overweight stance given the sector‟s appealing global growth prospects. On an individual stock basis, Freeport-McMoRan Copper & Gold Inc. had the largest negative impact to the portfolio as copper prices began to falter during the quarter. As a result, they sold Freeport-McMoRan in March and reinvested its proceeds into International Flavors and Fragrances Inc. and Valspar Corp. In the second quarter of 2011, healthcare, information technology, and consumer staples were the portfolio‟s best performing sectors, relative to its benchmark. Strong performance within Healthcare was led by Biogen Idec Inc., Watson Pharmaceuticals Inc., UnitedHealth Group Inc., Cooper Cos., and Perrigo Co. Given the newly crowned leadership position of healthcare, Fifth Third retains a positive view toward the sector, especially when considering near-term market volatility and the improving earnings outlook for healthcare companies. Outperformance in information technology was a result of favorable stock selection led by advances from Polycom Inc., Agilent Technologies Inc., IBM, Altera Corp. and EMC Corp. The portfolio also benefited from its new purchases within this sector – Avago Technologies Ltd. and Teradata Corp. While an underweight position in consumer staples negatively impacted performance, stock selection more than offset this impact as one of the fund‟s recent additions, Ralcorp Holdings, gained 27% in the quarter, driven by a combination of acquisition-related news and stellar earnings. Costco Wholesale Corp. and Estee Lauder Cos. were also strong performers in this sector. 19
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SKANDIA GLOBAL FUNDS PLC - Fidelity Investments

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