 |
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
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
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January 2009
December 2008
November 2008
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September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
The new year opened with dramatic volatility. Although EPRA Europe ended the month up 1.5% (in GBP), the index (in GBP) fell 9.2% in the first 10 trading days and then recovered strongly for the rest of the month. Globally, real estate markets had a poor opening month with Asia down 10.5% and North America down 2.6%. Europe’s relatively good performance was strongly aided by the UK which returned +4.9% (price only in GBP). Its intra-month high/low range was over 16%. Real estate share prices are now factoring in 15-20% adjustments in asset values from the highs of mid 2007. However, the markets remain in two minds as to whether the subsequent (geared) adjustments in listed property company NAVs are enough. Credit markets are clearly more pessimistic than equity markets but the majority of public property companies are far less levered than their private counterparts. In other words, the debt markets are going to remain risk adverse which will impact on property values as investors are required to contribute more (expensive) equity to transactions. The optimists feel that much of this is now factored into share prices whilst we believe that positive rental growth assumptions will come under pressure particularly if the UK (and parts of Europe) drift into recession. Our strategy is to remain cautious. Sigma is holding cash (net of debentures) of £7.56m (5.7% of assets). January was a busy month for the sale (of large caps) and reinvestment in smaller names. Smaller companies underperformed large caps in November and December and this offered a number of buying opportunities. Turnover reached £15.8m and we increased our holdings significantly in Local Shopping REIT, Hansteen, Argan, Northern European and Great Portland Estates amongst others. Over the month the benchmark rose 1.5% and Sigma’s NAV rose 2.2% leading to relative outperformance of 68 bps. No shares were bought back during the month.
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
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