
Ordinary Shares

Price (p)	149.40
Published NAV	171.60
Yield	3.89
Discount	-13.84

Prices correct as of close 2010-09-09. Last Published NAV is as at the previous business day. Source: Trustnet

Sigma Shares

Price (p)	66.90
Published NAV	88.60
Yield	2.99
Discount	-25.20

Prices correct as of close 2010-09-09. Last Published NAV is as at the previous business day. Source: Trustnet

For Ordinary Shares

April 2005
In April 2005, the Trust’s NAV increased by 1.2%, the share price rose 0.4% and the benchmark by 0.5%. Property share prices were generally better for choice but significant moves were limited to second liners and shares going ex dividend. Amongst our larger holdings, Castellum rose 14% and St Modwen gained 10%. St Modwen own the site of the Rover Longbridge plant and although the company loses £5m a year in rent with receivership, the market believes that this loss will be more than made up from the redevelopment potential of the site, assuming it comes vacant.

The UK 5 year swap rate is widely watched in the property industry as an indication of potential changes in investor demand. In the four weeks from mid February, the rate shot up from 4.85% to 5.2% and caused property shares to decline. Since mid March, the rate has turned on its heels and headed downwards finishing April at 4.85% again (and now 4.71% at the time of writing).

Our major portfolio change in April has been the sale of the entire Gecina holding in France for £16m. The proceeds have been applied to debt reduction for the time being and gearing fell from 16% to 13% over the month as a result.

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