
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

August 2007
Last month, in our first Sigma commentary, we reported that we had sold stock to hold cash equal to the debenture debt and that we hoped that quiet and more logical markets lay ahead. Pious hope that turned out to be. In August we have raised further net cash (now 5% of the assets) selling another £9.5m mainly from our inherited holdings in large cap property shares. We have started buying into small caps gingerly. We are well aware that the large caps continue to lead the sector down on red days, and that many of the smaller shares might be somewhat falsely priced due to a lack of liquidity. Our largest purchases in the UK were Local Shopping REIT at an average of 118p and Shaftesbury at 560p. In Germany we opened a holding in IFM and added to existing holdings in Hahn and Alstria. Over August the Sigma NAV rose +1.85% versus the benchmark (EPRA Europe in GBP) return of +2.23%, leading to relative underperformance of 38 bps. The share price closed at 103p, exactly where it closed at the end of the previous month. The strategy continues to be the rotation of holdings from large cap into smaller cap at a pace dictated by the relative valuation of the stocks in question.

July 2007

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