Adventurous 31 August 2021 Life Fund SW BlackRock UK Smaller Companies Life Asset Allocation (as at 31/07/2021) This document is provided for the purpose of UK Small Cap Companies 99.8% information only. This factsheet is intended for individuals who are familiar with investment Money Market 0.2% terminology. Please contact your financial adviser if you need an explanation of the terms used. This material should not be relied upon as sufficient information to support an investment decision. The portfolio data on this factsheet is updated on a quarterly basis. Fund Aim The fund aims for long-term growth by investing in UK smaller companies which the Fund Manager considers to have above average long-term growth prospects. The fund Sector Breakdown (as at 31/07/2021) invests solely through the BlackRock UK Consumer Discretionary 27.7% Smaller Companies Unit Trust. Industrials 25.1% Basic Fund Information Financials 12.2% Fund Launch Date 19/09/2001 Technology 11.3% Fund Size £5.3m Basic Materials 5.1% Sector ABI UK Smaller Other 4.9% Companies Energy 3.8% ISIN GB0030873565 Consumer Staples 3.8% MEX ID SWMUL Health Care 3.7% SEDOL 3087356 Telecommunications 2.5% Manager Name Roland Arnold Regional Breakdown (as at 31/07/2021) Manager Since 26/03/2015 Top Ten Holdings (as at 31/07/2021) WATCHES OF SWITZERLAND 2.9% GROUP PLC IMPAX ASSET MANAGEMENT 2.4% GROUP PLC TREATT PLC 2.2% The composition of asset mix and asset allocation may change at any time and exclude cash CVS GROUP PLC 2.1% unless otherwise stated BREEDON GROUP PLC 2.0% OXFORD INSTRUMENTS PLC 1.8% INTEGRAFIN HOLDINGS PLC 1.8% AUCTION TECHNOLOGY GROUP 1.7% PLC ERGOMED PLC 1.7% LEARNING TECHNOLOGIES GROUP 1.7% PL TOTAL 20.3% Page 1 Past Performance Fund Rating Information 100% Overall Morningstar **** Rating Morningstar Analyst Rating 50% FE fundinfo Crown Rating The FE fundinfo Crown Rating relates to this fund. However, the Morningstar ratings are based on the underlying fund. These are 0% supplied by the respective independent ratings agencies and are the latest available at the Sep 16 Dec 17 Mar 19 Jun 20 Sep 21 time this factsheet was issued. Past 31/08/2016 - 31/08/2021 Powered by data from FE fundinfo performance is not a reliable indicator of future SW BlackRock UK Smaller Companies results. ABI UK Smaller Companies Other Information Past performance is not a guide to future performance. Investment value and income from it may The views, opinions and forecasts expressed fall as well as rise, as a result of market and currency movements. You may not get back the in this document are those of the fund amount originally invested. manager. Investment markets and conditions can change rapidly and as such the views Discrete Performance expressed should not be taken as statement of 30/06/2020 - 30/06/2019 - 30/06/2018 - 30/06/2017 - 30/06/2016 - fact, nor should reliance be placed on these 30/06/2021 30/06/2020 30/06/2019 30/06/2018 30/06/2017 views when making investment decisions. SW BlackRock UK 40.2% -4.5% -6.4% 18.6% 32.8% Scottish Widows Smaller Companies Life 69 Morrison Street ABI UK Smaller 42.1% -6.6% -6.3% 12.9% 31.7% Edinburgh EH3 1HL Companies Not all products have access to this fund, Information is shown as unavailable if prior to the launch of fund. please refer to the relevant product literature. Full terms and conditions are available on Cumulative Performance request from us using the contact details 31/07/2021 - 31/05/2021 - 31/08/2020 - 31/08/2018 - 31/08/2016 - provided. Charges, terms and the selection of 31/08/2021 31/08/2021 31/08/2021 31/08/2021 31/08/2021 funds we make available may change. Information on the general and specific risks SW BlackRock UK 4.8% 8.2% 45.7% 34.4% 92.1% associated with investing in this fund is Smaller Companies Life available in the relevant fund guide, or KIID ABI UK Smaller 3.8% 5.6% 43.2% 31.6% 75.0% where applicable. We may change the Companies investment approach rating for the fund. All information is sourced from Scottish Widows or Quartile 1 1 2 2 1 the relevant fund management group unless otherwise stated. Source: FE fundinfo as at 31/08/2021 Performance figures are in £ Sterling on a single pricing basis, with income (where applicable) reinvested net of UK tax and net of total annual fund charges. These figures do not include any initial charge or other product charge(s) that may be applicable. Quarterly Fund Manager Review The UK Smaller Companies Fund returned 1.0% during the month, outperforming our benchmark the Numis Smaller Companies index which returned -1.1%. Shares in designer and manufacturer of customised electronics to industry, DiscoverIE, rose in response to positive full year results. After a challenging first half, the strong recovery in the second half of the year, and disciplined management of expenditure resulted in earnings for the year beating expectations. FTSE 250 listed asset manager Liontrust, saw its shares reach an all-time high after it reported that profit before tax more than doubled year on year. The company has seen strong inflows, helped by the tailwind behind ESG strategies, a trend that looks well set to continue over the coming years. At a sector level, our underweight positioning in miners was beneficial, however our holding in Central Asia metals was the largest single detractor to performance. Shares in On the Beach slumped after the company reported a 79% fall in revenues as Covid-related restrictions and ongoing uncertainty continues to weigh on consumer demand for holidays. During the month we sold our holdings in SSP and Vectura and used the proceeds to add to our holdings in Auction Technology Group, Kier and Clarkson. Roland Arnold 30/06/2021 The views, opinions and forecasts expressed in this document are those of the fund management house. Investment markets and conditions can change rapidly and as such the views expressed should not be taken as statements of fact, nor should reliance be placed on these views when making investment decisions. Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered Office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655. Page 2.