 |
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
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
An extremely volatile month with a continued sharp decline in pricing through to the middle of the month followed, after the oil price peak, by an equally sharp rally which left the sector virtually unchanged over the period. Both movements had more to do with positioning by absolute return funds than with news flow from the industry – which, in general remained close to expectations. At the country level the winners were the UK, Switzerland and Belgium all up by between 3% and 4% and Italy where stocks rose 14% on bid possibilities for both Beni Stabili and Risanamento. On the downside, Austria fell 12.3% on concerns over the leverage and Eastern European development exposure and Norway declined a further 11%. Minerva in the UK rose 50% following a conditional bid from Limitless of Dubai, while two retail property investors - Capital and Regional (UK) and Citycon (Finland) - led the losers with declines of 34% and 23% respectively, both reacting to concerns over their leverage and to the deteriorating outlook for consumer spending. Sigma’s NAV fell -2.25% in the month as the rally in the second half rally favoured the largest stocks ahead of medium and smaller company shares. The share price fell -4.14% from 72.5p to 69.5p. During the month the shares were quoted ex the final dividend of 0.65p. The fund manager’s presentation at the AGM on 29 July is available on the Trust’s website. Going into August the Sigma portfolio remains defensively positioned with net cash (after adjustment for the debentures) increased from 12.7% to 14.3% during July. Despite the fall in inflationary expectations, the outlook remains very cloudy and credit markets continue to tighten for property borrowers.
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
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