
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 2008
Unable to find a life of their own, property stocks were towed round the screen in July by the winding and unwinding of the long oil/short financial trade. As a result the benchmark fell almost 10% in the first twelve trading days and then, once the oil price had started to fall, it recovered almost the entire loss in the remainder of the month to finish down just 0.24%. The Ordinary share class NAV rose 0.11% in the period. The share price, impacted by going ex the final dividend of 3.3p, declined 1.79% (though the total return was +0.46%). The largest UK stocks were particularly strong in the second half of the month with gains of around 15% in ten trading days. On the Continent the picture was generally similar though Austrian property stocks failed to recover and finished down 12% on the month. Cheaper oil and weakening commodity pricing improves the outlook for inflation and base rates, but appears unlikely to have any immediate impact on the continued tightening in the credit availability for real estate. Fund activity was modest and almost all on the sell side. Cash in hand rose to £69m after payment of the final dividend of £8.5m. Adjusting for the outstanding debentures of £32m, net cash was £37m or 7.3% of gross assets including the current year’s accrued income. The AGM presentation by the fund manager is available in the Trust's website.