
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

January 2004
In the European property shares arena, the best share price performances all came from smaller companies and from companies with house-building or residential investment interests. In its portfolio the Trust saw particularly noteworthy gains from Big Yellow (+23%) and from Regus (+36%) - to the extent that we reduced our holdings in both stocks during the month. By contrast, larger company share prices were generally subdued. In the UK, we slightly reduced holdings in Liberty and British Land and bought more Hammerson. In Europe, we sold the last of the of the holding in the Swiss retail business, Jelmoli and opened holdings in Rodamco Asia and the French property company, Affine. Gearing fell slightly from 25% to 24%. Looking ahead, the most important event this spring is likely to be the publication of the UK Treasury’s discussion document on UK Real Estate Investment Trusts. This is due out with the Budget. The Trust’s NAV return for the month was 0.38% while the benchmark return was –0.86%.

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