
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

February 2010
Small Cap Pan European real estate stocks rose +3.52% in February, recovering the -3.1% loss and more from January. They also outperformed the broader property index ( FTSE EPRA/NAREIT Developed Europe in GBP) which rose +2.04%. Small Caps are therefore up +0.3% YTD whilst the large cap dominated full index is down -2.2% (all index figures in GBP). One of the key features of the month has been the weakness of GBP. The movement against other European currencies was dramatic GBP/EUR fell -3.24% whilst GBP/SEK fell a huge -8.3% and GBP/CHF -3.8%. Only 34.5% of the pan European benchmark is denominated in GBP and therefore in EUR the index was actually negative. Although the fund does not hedge its non GBP positions, the exposure versus the benchmark constituents is constantly monitored. The fund’s borrowings (currently £12.8m) are in GBP whilst its investments are spread across all European currencies. A busy month for companies (30 of the 79 companies in the EPRA index) reporting. The reported numbers generally reinforced the market’s views that the second half of 2009 had seen asset value recovery in the UK of c10% with prime property recovering by much more than that. However rental growth remains flat to negative, except in a handful of submarkets including central London office markets (British Land reported better than expected lettings in the City). The disappointment in the month was Norwegian Properties which fell -15.7% following results which the market translated into an expectation of additional equity raising. However the rest of Scandinavia was in rude health, Sweden was the top performing country +13% (in GBP) and +4% (in SEK) such was the strength of SEK against GBP. Finland also rose +2.8% (in GBP).Over the month, the fund was a net investor of £0.8m and maintained gearing of c.10%. The fund returned +2.52% in the month. The share price rose +1.1% and the discount remained just at 25%.