 |
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
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
June 2008
A brutal month for pan European real estate equities with the benchmark, the FTSE EPRA/NAREIT Europe Index down -11.98% (GBP) bringing the fall for the year to date to -14.08% (GBP). Unlike in May, the UK market outperformed Continental Europe with Europe ex UK down -12.99% (EUR). Investor sentiment weakened substantially over the month as the market focused on the dilemma created by falling consumer confidence and house prices set against the likelihood of continued inflation. On short term rate setting, both the doves and the hawks have valid arguments to support their respective cases. However, the market definitely expects further rate rises, particularly in Europe with the 5yr EURIBOR swap having risen 80bps in 3 months. At the country level, it was Germany and Italy who suffered the worst (amongst the larger nations). The worst performer was Norway where the sole stock, Norwegian Property has been forced to recapitalise with an underwritten NOK2.5bn rights issue. In Italy, both Aedes and Risanamento fell nearly 40% in the month. Investors have become increasingly concerned that the leverage in these businesses would overwhelm them. Both businesses need to sell assets, but into a falling market. The market abounds with rumours of sovereign wealth fund rescues (Limitless of Dubai are looking at both Risanamento and Minerva in the UK). In Germany, IVG was deleted from the EPRA Index (lack of income from wholly owned real estate) and index trackers were forced sellers. Sigma’s NAV fell -10.95% in the month which led to 103bps of outperformance relative to the benchmark. The share price fell -9.94% from 80.5p to 72.5p. The fund remains defensively positioned with 15.4% net cash (after adjustment for the debentures). During the month 165,000 shares were purchased for cancellation at an average discount of over 18.5%.
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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