 |
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
July 2010
June 2010
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April 2010
March 2010
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December 2009
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December 2005
November 2005
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September 2005
August 2005
July 2005
June 2005
May 2005
April 2005
March 2005
Over the month, the Trust’s net asset value per share fell by 2.16% to 145.7p, and the share price declined by 4.5% to 128.5p. This was disappointing, though the NAV performance was ahead of the benchmark (-2.42%). UK property shares were weak, falling 4.6%, while European property shares (ex UK) fell only 0.1%. The Trust’s NAV performance relative to the benchmark suffered from an overweight position in UK stocks, but benefited from a £3.9m (+7.8%) upwards revaluation in our direct property holdings, which were valued at the end of the month (last re-valued at end September 2004). UK property shares fell sharply immediately after the Budget, in which the Government announced a fresh discussion document on Real Estate Investment Trusts (REITS). Our reaction to this document is that it contains virtually everything the market should have been expecting, and leaves REITs on track for potential introduction in the UK in 2006. Some market expectations were clearly way ahead of our own as evidenced by the fall of over 5% in Land Securities’ share price in the 24 hours after the Chancellor sat down. At below £13.30p, we think these shares offer value and we have added to the Trust’s holding in recent weeks. On the Continent, sentiment was boosted by a €4 billion agreed cash bid for Gecina, one of the largest property companies in France. The Trust had a significant holding in the shares and benefited accordingly. This holding has been sold in April, for over £16m and we have used the proceeds to reduce gearing (from 16% to 13.5%) in the immediate short term, while pondering the outlook for inflation and bond prices and the UK general election.
January 2005
December 2004
November 2004
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September 2003
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