
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 2007
The new share class, which was approved at the EGM on 24 July (with a portfolio priced on 20 July), was certainly born in a storm. The immediate portfolio was a carbon copy of the Ordinary Share portfolio without the directly held property and over the few chaotic trading days to the end of July the NAV fell by 5.97% compared to a benchmark index movement of minus 5.68%. The share price declined 5.07% from the first quote on 25 July at 108.5p to the end of the month close of 103p. Sigma started life with £10m of net debt and this was reduced to almost nil in the opening trading days, with £10m of sales and only £0.25m of purchases. Our stated target is to complete the sale of the large cap stocks and the reinvestment into medium and small cap companies over the next four months. However these are silly markets in which to operate any rigid switching programme, and we think common sense should prevail. Some of the large cap stocks, notably those in the UK, are now standing at significant discounts to reported and estimated current asset values. In fast market conditions large liquid stocks tend to bear the brunt of a wave of selling, while small cap stocks may be unmoved in price because there are no, or virtually no, buyers for the shares. Our objective is to reposition the portfolio using our judgement to control relative value. We hope that quieter and more logical markets lie not too far ahead.

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