
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

November 2007
The unhappy state of the global banking system and the weakening of credit availability continued to gnaw away at confidence in real estate markets in November, though an almighty sell-off in mid-month was followed by a strong rally. Nevertheless, over the month all worldwide property share markets were in decline and, globally, it was the worst month for property shares since 2004. In Europe, the benchmark EPRA Index fell 7.4% in Sterling, with the UK down 9.5% and Europe ex UK only 5.7%. The Trust’s Ordinary share NAV fell by 6.4% and the share price declined by 5.4%. Hard real estate news was scarce as investment markets remain very idle. British Land and Land Securities announced good interims results (which the market ignored) and the latter also disclosed a proposed split into three companies in 2008 – something we regard as excellent news. Several open ended funds closed for redemptions – an obvious and sensible move which was derided in the press. Unemployment numbers were better than anticipated on both sides of the Atlantic and base rates are being cut, both of which are probably of more relevance to future property values than the current uncertainty in credit availability. We made few changes to the Ordinary share portfolio and they were almost all sales, so that month end cash on deposit rose to £37m which leaves the fund with around £5m of net cash after deducting the £32m of debenture debt. The Interim figures were announced on 21 November and the interim report has now been posted to shareholders. My comments in the manager’s statement hopefully explain my current thinking. There are certainly bargains out there but for the moment we continue to await the unfolding of events, though we have renewed our largest banking facility in case we get an irresistible attack of bullishness.