
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 2009
April saw the strong market from late March conformed and augmented, with real estate stocks taking their cue from other financials and romping upwards. Highly leveraged stocks were especially strong as investors rushed to buy risk in a complete reverse of their actions in Jan and Feb. The UK led the market for a change, rising 25%, while the more lowly geared Continental stocks rose only 8.1% in Sterling, held down by price growth of under 5% from the low risk stocks in Switzerland, Belgium and the Netherlands. The benchmark rose 13.73% in Sterling. The Ordinary share NAV rose 10.66% and the share price increased by 13.21%. The underperformance at the NAV level was unsurprising given the portfolio balance towards lower leveraged stocks and our substantial cash holdings. We spent a net £10m on equities over the month, reducing net gross cash to £52m, but only slightly increasing the conservative risk profile of the portfolio. Investor demand for bond type property investments continues to be strong, but the pace of rental value decline is gathering pace and the banks have made no progress in reducing the commercial property debt mountain. I have no idea if the equity bear market is over, but we believe that the road to recovery for commercial property is likely to be slow and bumpy.

The full year results for the year are due to be announced on Wednesday 27 May.