
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

July 2010

June 2010

May 2010

April 2010
April just got more and more frustrating as it went along. The combination of the UK political uncertainty and worsening of the Greek deficit story left most investors with every inclination to stay on the sidelines and await events. UK Property stocks behaved well enough falling 1.9% over the month – only marginally worse than the All Share Index. European stocks took a bolter, dropping 9% in Euro terms and 6.7% in Sterling terms. The EPRA Index in Sterling was down 6.65%, the Ordinary share class NAV declined 6.27% however the share price rose by 0.19% as the discount to NAV closed from 12% to 7%.

The impact of the Greek situation was felt most strongly in stocks with southern European assets, i.e. mostly the retail mall owners; though both Cofinimmo and Befimmo, the two leading Brussels office REITs fell sharply on the thought that austerity measures might even end up reducing the ranks of the bureaucrats. We traded very modestly and were net investors for about £1.5m, but net debt shrank by £5m to £40m as this is the major dividend collecting season. Relative to the benchmark the Trust is modestly overweight Sterling and the Swedish Kronor and similarly underweight the Euro and the Swiss franc.

A second interim dividend of 3.45p per share was paid to shareholders on 1 April. This replaced the final dividend usually paid in July.