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 LOCAL CURRENCY EMERGING MARKET DEBT FUND INVESTMENT ADVISER’S REPORT FOR THE YEAR ENDED 31 December 2011 Skandia Local Currency Emerging Market Debt Fund - Stone Harbor Investment Partners LP Investment Adviser’s Commentary (continued) Source: Stone Harbor Investment Partners LP, 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 Local Currency Emerging Market Debt Fund will outperform this benchmark. 68
Skandia Global Funds plc Annual Report and Audited Financial Statements for the year ended 31 December 2011 SKANDIA GLOBAL FUTURES FUND INVESTMENT ADVISER’S REPORT FOR THE YEAR ENDED 31 December 2011 Skandia Global Futures Fund - Aspect Capital Limited Below is a report from the Investment Adviser of the Skandia Global Futures Fund for 2011. The Skandia Global Futures Fund was launched on 1 November 2011 with a starting net asset value per share of USD 10.00. Investment Adviser’s Commentary The Skandia Global Futures Fund returned 1.82% (est.) in December. The Eurozone crisis dominated newsflow throughout the month and spurred a broad flight to safety, resulting in notable gains from the Fund‟s long bond positions. In addition the fund benefited from the Euro falling against both the US Dollar and the Swedish Krona. The ECB followed up a rate cut early in the month by allocating a record amount in a single liquidity operation. Euribor prices rallied ahead of the fresh liquidity and this helped offset losses from Australian interest rate positions. Having cut rates twice in the quarter, the Reserve Bank of Australia commented on the strong domestic growth, decreasing expectations of further interest rate cuts. Precious metals meanwhile lost some of their lustre as safe-haven assets and sold off sharply, making the fund‟s long positions in gold and silver the worst performers for the month. In agriculturals, losses came from short positions in wheat and the soy complex amid expectations of dry weather however cocoa contracts continued to generate positive performance as prices fell further in December. Lastly, the fund‟s short position in natural gas was the best performer for the month as mild weather and high supplies pushed prices lower. During the month of November the fund returned 0.61%. Attempts to resolve the Eurozone sovereign debt situation drove market sentiment for most of the month. Uncertainty stemming from the struggle by European leaders to reach agreement was punctuated by successful debt auctions, better than expected earnings from US banks and encouraging global economic data. Towards the end of the month, the Federal Reserve forecast that US interest rates would remain low until the end of 2014, boosting US Treasuries, stock indices and gold. The US Dollar fell in response, to the benefit of the fund‟s positions. Gains were also made on long fixed income positions. In particular, Euribor futures rose amid the prospect of further liquidity injections by the ECB. The rise in global stock markets resulted in losses from short positions, especially in Asian indices. Notably, Chinese indices were also driven upwards by speculation of further monetary easing by The People‟s Bank of China. In commodities, losses were made from short positions in agriculturals and metals. Cocoa and wheat prices rose amid forecasts of unfavourable weather, while zinc and aluminium prices rallied following encouraging Chinese trade data and the prospect of output reductions. Natural gas meanwhile continued to trend lower, making the fund‟s short position the top performer. Additional gains in energies came from the fund‟s long position in reformulated gasoline, the price of which rallied on reports of US refinery shutdowns. Source: Aspect Capital Limited, as at 31 December 2011. *Performance figures refer to Class A1 shares and are sourced from Skandia Investment Group. 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 Futures Fund will outperform this benchmark. 69
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SKANDIA GLOBAL FUNDS PLC - Fidelity Investments

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