
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

October 2005
After reaching new peaks at the end of September, property equity prices were marked down across the region, partly in sympathy with the trend in general equities and partly as a result of a sharp increase in 5 year swap rates during the month. The benchmark fell 5.63%, led down by Finland, Switzerland, Italy and France, all off by 8% to 9%. The UK very slightly outperformed falling 5.2%. The trust’s NAV fell 6.18%, but the share price declined by only 2.9%. November has seen a sharp reversal of sentiment with prices rising especially in the UK where interim figures from Land Securities were nicely ahead of estimates.

There were no significant changes to the portfolio during October. We remain overweight in the largest property companies in the UK, believing that these offer a good combination of value and liquidity in the current interest rate climate. Debt rose by £1.5m over the month to £90.5m. This, and the fall in the net asset value, led to a slight increase in gearing to 16%.