
Ordinary Shares

Price (p)	149.00
Published NAV	170.30
Yield	3.89
Discount	-13.91

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

Sigma Shares

Price (p)	66.70
Published NAV	88.10
Yield	3.00
Discount	-24.69

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

For Ordinary Shares

June 2008
An increase in the negative news from the banking industry made June another wretched month for global property shares - with double digit percentage falls in all major world real estate indices. Lending spreads continue to widen and, more importantly, loan to value limits continue to fall. The effect of such moves can be readily seen in the UK residential market, but will apply also to commercial markets, and particularly in some Continental European countries, where, until recently, the credit crunch was seen as a purely Anglo-Saxon problem. The Ordinary share class benchmark fell 11.98%, the NAV fell 9.9% and the share price declined 8.6%.The largest declines (of over 20%) were seen in stocks with high leverage and or exposure to residential markets, but sentiment spilt over into the safest stocks on the thought that the heightened potential for forced selling will drive real estate values down further than previously forecast. Timescales for recovery have also been extended. Activity in the equity portfolio remained heavily on the sell side. We raised £16m from disposals principally in Germany and Sweden and invested under £1m. Cash in hand rose to £67m, and adjusting for the outstanding Debentures and for the final dividend to be paid at the end of July, net cash was £27m or 5.2% of total assets. Meanwhile we had some good news in our direct property portfolio where we agreed a substantial (75%) uplift in the rent on our supermarket in Bayswater as part of the deal to allow the assignment of the property to Waitrose.