
Ordinary Shares

Price (p)	149.00
Published NAV	170.30
Yield	3.89
Discount	-13.91

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

Sigma Shares

Price (p)	66.70
Published NAV	88.10
Yield	3.00
Discount	-24.69

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

For Ordinary Shares

April 2007
Over the month, the NAV fell 3.2% outperforming the benchmark, which fell 3.6%. The share price declined 3.9%. In European property share markets, April opened strongly and then deteriorated with the Benchmark losing virtually all the gains of March. The major event of the month was the agreed all share merger between Rodamco and Unibail to form Europe’s largest quoted property company (and Europe’s largest owner of shopping malls). Both stocks are in the Trust’s top ten holdings. We were underweight in Unibail by 30% and roughly neutrally weighted in Rodamco (following sales in February). Initially the news was no better than neutral for performance as Rodamco rose from €105 to €117, but as the market digested the impact on Unibail, their shares fell. As a result, the Trust’s relative performance gained.

Elsewhere the bid premium came off Hammerson (though with further sales we now have only a neutral position versus 30% overweight at the start of February), and the other UK majors drifted down. Austria saw the launch of another huge rights issue (€3 billion from Immoeast) and that market, in which we are very underweight, also moved back sharply. Overall we outperformed modestly despite running a geared portfolio in a declining market. We made sales of some £20m of shares, trimming a wide range of holdings. We bought back and cancelled 1.7m shares, or just over 0.5% of the share capital. We also completed the purchase for £13m of Field House, Harlow details of which are in the news section on our website. The Trust will publish its preliminary results for the year to end March 2007 on Wednesday 23 May.