
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

August 2008
The benchmark gain in August was its best monthly result since Dec 2006. Prices rose modestly over the first two weeks of August, then declined sharply from 12 August on weaker macro data, profit taking, negative US banking, and poor UK commercial real estate news flow. Liberty International was a particularly sharp faller following weaker than expected interim results. Then, out of the blue, on 22 August, Simon Property, the major US mall REIT disclosed a 3.5% stake in Liberty. Liberty is a heavily shorted stock and the shares rose 10% in a morning tugging the other large cap UK property stocks higher. The gains held through the rest of the month aided by the improving outlook both for inflation and for base rates, this thanks to the rapid unravelling of the crude oil price. Overall the benchmark rose 3.91% in Sterling while the Ordinary NAV rose 3.13% and the share price rose 5.30%. The relative underperformance at the NAV level was due to too few Liberty and too much cash in a rising market. Over the month we made very few alterations to the portfolio. Cash in hand rose to £76m or £44m net of the outstanding debt but including current income. We continue to take a cautious view of the state of the market on concerns that credit availability is worsening and that, for the moment, this will continue to be the primary driver of property asset pricing.