
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 Sigma Shares

August 2008
After a tumultuous July (in which the benchmark fell 10% in the first half of the month only to recover in the second half), August was a little calmer with intra month high-low spread of 8% and volumes reflecting the holiday season. As noted in our front page article this month (‘Plus ca change’) we believe that the decreasing availability of debt finance will elongate any real recovery in the real estate sector. The market however has experienced a significant ‘relief rally’ since the middle of July as the fears of in/stag- flation have been replaced with the realisation that recession is the greater risk. However this started to peter out towards the middle of the month as the fundamentals of a weakening pan-European economy reasserted themselves. On 22nd, Simon Property (the US mall REIT) disclosed a 3.5% stake in Liberty International pushing the shares up 10% in the day. This event lifted the sector sharply and the UK large caps rose over 13% to the month end. Coupled with the strengthening of Sterling v Euro, the Index FTSE EPRA / NAREIT Europe (in GBP) rose +3.91% in the month, its strongest performance since December 2006. The risk of M&A activity has clearly increased particularly given the news that Simon has been joined on the Liberty share register by Westfield (the largest mall owner globally) who own 2.96%. However, we continue to focus on fundamentals and Sigma currently holds 15% of net assets in cash. The rotation from large cap to small cap continues.

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