Smith & Williamson UK Equity Income Trust Retl Inc NAV

SUMMARY

Fund Overview
Fund Type	UK Unit Trusts and OEICs
Unit Type	Income
Status	UK Authorised
Sector	UK Equity Income
Launch Date	07/05/1987
Currency	Sterling (GBP)
Domicile	Great Britain
ISIN	GB0008178799
SEDOL	0817879
MEXID	TGIT

Investing in the Fund
Initial Charge	5.00%
Annual Charge	1.50%
Exit Charge	-
Min. Initial Investment	1000.00 GBP
Min. Additional Investment	100.00 GBP
Min. Regular Investment	-
UK ISA	yes
CAT Standard	no
UK PEP	yes

Contact Information

Fund Management Group	Smith & Williamson	Website	www.Smith.Williamson.co.uk
Fund Management Company	Smith & Williamson Investment Management	Email	-
Fund Manager	Simon Warren	Telephone	+44 207 131 8100
		Fax	-

PERFORMANCE

COMPARE WITH
	Add a sector benchmark and/or a market index to the chart above.

	Sector
	Market Index
	Timeframe:

	The Breakdown

CUMULATIVE PERFORMANCE			Performance to: 23/11/2009
% Return	1 MTD	3 MTD	6 MTD	1 Year	3 Year	5 Year	YTD
Smith & Williamson UK Equity Income Trust Retl Inc NAV	+0.81	+8.44	+16.55	+27.98	-10.44	+28.46	+15.57

DISCRETE CALENDAR YEAR PERFORMANCE
% Return	2004	2005	2006	2007	2008
Smith & Williamson UK Equity Income Trust Retl Inc NAV	+15.36	+20.89	+18.00	-2.65	-22.78

DISCRETE QUARTERLY ONE YEAR PERFORMANCE
% Return	30/09/04 to 30/09/05	30/09/05 to 30/09/06	30/09/06 to 30/09/07	30/09/07 to 30/09/08	30/09/08 to 30/09/09
Smith & Williamson UK Equity Income Trust Retl Inc NAV	+23.74	+14.68	+5.41	-20.91	+9.16

HISTORY

	Price History

Start Date:

End Date:

	23/11/2008	23/11/2009	% Change	Change
Nav (GBX)	147.10	175.00	+18.97	+27.90

	Dividend History

Dividend gross (GBX)	Dividend net(GBX)	Ex-dividend date	Payment date
6.88	6.19	01/09/2009	22/10/2009
4.45	4.01	02/03/2009	22/04/2009
7.34	6.61	01/09/2008	22/10/2008
3.94	3.54	03/03/2008	22/04/2008
7.34	6.60	03/09/2007	22/10/2007
3.18	2.86	01/03/2007	22/04/2007
6.93	6.24	01/09/2006	22/10/2006
3.03	2.73	01/03/2006	22/04/2006
6.40	5.76	01/09/2005	22/10/2005
2.97	2.67	01/03/2005	22/04/2005
6.18	5.56	01/09/2004	22/10/2004
2.86	2.57	01/03/2004	22/04/2004
6.43	5.79	01/09/2003	22/10/2003
4.22	3.80	03/03/2003	22/04/2003
6.34	5.70	02/09/2002	22/10/2002
4.22	3.80	01/03/2002	22/04/2002
6.52	5.87	03/09/2001	22/10/2001
4.44	4.00	01/03/2001	25/04/2001
7.20	6.48	01/09/2000	22/10/2000
4.33	3.90	01/03/2000	25/04/2000
6.41	5.77	01/09/1999	31/10/1999
4.76	3.81	01/03/1999	22/04/1999
5.92	4.96	01/09/1998	31/10/1998
3.26	2.72	02/03/1998	22/04/1998
5.96	4.86	01/09/1997	22/10/1997
3.33	2.66	03/03/1997	22/04/1997
5.85	4.68	02/09/1996	22/10/1996
6.48	5.18	01/03/1996	22/04/1996
4.18	3.34	01/09/1995	22/10/1995
3.55	2.84	28/02/1995	22/04/1995
3.99	3.19	31/08/1994	22/10/1994
2.81	2.25	28/02/1994	22/04/1994
4.16	3.33	31/08/1993	22/10/1993
2.31	1.85	01/03/1993	22/04/1993
3.49	2.79	31/08/1992	22/10/1992
2.84	2.27	28/02/1992	22/04/1992
3.96	3.17	02/09/1991	22/10/1991
3.76	2.82	28/02/1991	22/04/1991
4.04	3.03	03/09/1990	22/10/1990
3.01	2.26	28/02/1990	30/04/1990
3.40	2.55	31/08/1989	20/10/1989
2.67	2.00	13/03/1989	21/04/1989
2.53	1.90	01/09/1988	30/09/1988
2.33	1.70	01/03/1988	31/03/1988
1.37	1.00	01/09/1987	30/09/1987

RATINGS

S&P Fund Management Ratings


-

Timeframe	3YR	5YR	10YR	Overall


Total Return
Consistent Return
Preservation
Expense


October 2009

	Star Rating	3YR %	5YR %	Career %


Fund Rating
Fund Manager MRI - Charles Deptford	n/a	-	-	+45.60

October 2009

Morningstar Rating	Morningstar Category


	UK Large-Cap Value Equity
October 2009

NEWS

	Fund News

No fund news to display.

	Company And Group News

No company or group news to display.

ASSETS AND HOLDINGS

	Fund Size	20.10m GBP

TOP 10 HOLDINGS	30/06/2009
BP	8.10%
ROYAL DUTCH SHELL B ORD	6.80%
BRITISH AMERICAN TOBACCO	5.40%
VODAFONE GROUP	5.20%
HSBC HLDGS	5.00%
GLAXOSMITHKLINE	4.70%
ASTRAZENECA PLC	3.30%
BG GROUP	3.20%
SCOTTISH & SOUTHERN ENERGY	3.00%
IMPERIAL TOBACCO GROUP	2.60%
Total % Holdings	47.30%

ASSET ALLOCATIONS	30/06/2009

RISK

Stat

Time Period

	Risk Indicators
	Risk indicators are intended to help understand the risk vs potential reward of investing in the fund. The quartile column next to each statistic indicates the funds performance on this factor relative to comparible funds over the same time period. Quartile 1 indicates top 25% performance. Please note, the quartile column is not displayed for Exchange Traded Funds.

Time Period

Benchmark or Sector used: FTSE All-Share (TR)

Tracking Error

+1.97
value

2
quartile

Tracking error indicates the difference between the return of the fund and that of the benchmark it was meant to track or beat. A Low tracking error means a fund is closely tracking its benchmark while a high tracking errors indicates the opposite.

As a general rule, the tracking error for passively managed funds, such as index funds, should be as low as possible. Actively managed funds usually seek to beat its benchmark. In these cases, the investor generally seeks to maximize tracking error. A high tracking error might also indicate that the fund should be measured against a more appropriate benchmark.

R Squared

+0.76
value

4
quartile

The R-squared of a fund indicates if the fund is being compared to an appropriate benchmark. R-squared describes the portion of a funds performance that is explained by movements in the market benchmark. R-squared can help an investor assess the usefulness of a fund’s beta or alpha statistics. For example, the higher the R-squared value the more you can trust the fund’s alpha and beta statistics. The R-squared value varies from 0 to 1 and values greater than 0.85 are often considered high while a value less than 0.70 would be considered low.

Alpha

-0.02
value

2
quartile

Alpha is the amount by which an investment’s actual return exceeds or falls short of its expected return given its level of risk (beta). A positive alpha indicates that an investment has performed better than expected given its beta; whereas, a negative alpha indicates poorer performance.

For instance, with an R-squared value we can trust, an alpha of 1.2 infers that a fund is projected to increase 20% when the fund’s "beta" is zero.

Beta

+0.58
value

2
quartile

Beta measures how much a fund is likely to move with the general market. Assuming a high R-squared value beta can be used to predict the fund’s expected return: When the beta of the fund is 0.6, the value of the fund rises by on average 0.6% when the benchmark index rises by 1%. Correspondingly, when the benchmark index falls by 1%, the value of the fund falls on average by 0.6%.

Sharpe

+0.17
value

2
quartile

The Sharpe ratio is a performance figure which has been adjusted for the risk the fund has taken to achieve it’s actual performance i.e. it reveals the risk/return efficiency of a fund. With this ratio we can compare funds with similar risk characteristics to identify the most efficient portfolio. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance. Sharpe ratio should only be used when comparing funds in a common peer group.

When stock markets perform poorly, most equity funds will exhibit negative Sharpe ratios. Ranking negative Sharpe ratios can be misleading since a smaller negative is a larger number. This can lead to results that are ambiguous and logically backwards. Therefore we don’t display Sharpe ratios or include them in the Quartile ranking when the ratio is negative.

Information Ratio

-0.17
value

1
quartile

The information ratio can be used as a measurement of the active investment manager’s skill. The fund with the higher information ratio has earned more value added per unit of departure from the benchmark. A ratio of 0.5 is considered a satisfactory measure while a negative value indicates that the fund underperformed its benchmark.

Volatility

+2.44
value

4
quartile

Volatility (standard deviation) refers to the amount of uncertainty about the size of changes in funds value. A higher volatility means that the price of the fund can change dramatically in either direction in short time. A lower volatility indicates that the funds value does not fluctuate dramatically.

For example, for a fund with a volatility figure of 2% and a mean annual return of 5%, you would expect the return to be between 3% and 7% about 68% of the time, and between 1% and 9% about 95% of the time.