
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 2005
After surging over 7% in December, UK and European property share prices paused for breath in January. In Sterling terms, UK stocks declined 1.5% and continental stocks rose 0.5%, leaving the benchmark down around 0.3% over the month. The Trust’s NAV fell by just under 0.5% in the month reflecting our overweight position in UK property shares. Since the start of February, we have seen renewed investor interest in the sector and the NAV and benchmark have resumed their upward path. Within the portfolio, the £7m sale of our Battersea property was completed during January. As a result our direct property holdings are now only 8.5% of our total assets (the other 91.5% being property shares). This is probably the low point in percentage terms for the direct property holdings, and we are on the hunt now for additional direct property stock. During the month we also received returns of capital totalling some £7m from our equity holdings Unibail and Helical Bar. The bulk of this money, together with the Battersea proceeds, was reinvested straight away in the equity market, while the remainder served to reduce the gearing slightly from 17% to 15.7%. Demand for UK and European commercial property investment has started 2005 where it left off in 2004 - showing great strength - and the sentiment from the direct market continues to give a positive undertone to property equity markets. We expect this trend to continue over the next three months.

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