
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 Sigma Shares

April 2008
The Pan European real estate equity index (EPRA Europe) has been range bound, trading in an 11% range (1800 – 2070) since the beginning of the year. However, within this tight band, volatility continues to be much greater than the long term average. April was no exception to the pattern. EPRA Europe ended down -3.1% (in GBP) with the intra-month range being over 9% and individual stocks experiencing even greater volatility. At the country level, Netherlands and France were the top performers (+5% and +2.4% respectively). The latter has been the region’s strongest performer with a YTD return of +8.6% bolstered by strong earnings growth (where indexation is tied to the cost of construction). The weakest performers were Sweden (-5.1% in SEK) and the UK (-4.8% in GBP). Sweden’s weakness is a function of its higher than average leverage with investors seeking safer havens. In the UK, investor concerns centre on anticipated weakness in rental growth, particularly in City office markets and retail stocks. In the former, it is a combination of expected short term oversupply coupled with demand weakness as job layoffs increase. Retail property valuations (particularly for non prime assets) continue to experience weakness as rental growth expectations diminish in the face of weaker consumer confidence (driven by tighter personal credit availability and sentiment around the housing market). Sigma’s NAV fell -3.1% whilst the Benchmark also returned -3.1%. The share price fell 4.0p to 88p over the month.

Use of this site is subject to our site use disclaimer and legal statement.