
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

June 2009
Having outperformed the broader FTSE EPRA/NAREIT European index (in GBP) in May, the EPRA Small Cap index (in GBP) fell -5.8% in June, a 100bps greater drop than the broader index which dropped -4.8%. Currencies played a strong role in the month with the UK recording -0.5% in GBP but +2.5% when viewed in EUR. By the middle of the month GBP had strengthened by nearly 4% against EUR but some of this gain fell away in the closing days of the month. Sigma’s NAV fell less than the benchmark at -3.6% giving 220bps of relative outperformance. As the summer break approaches, the corporate news has focused on the UK with Segro bidding for Brixton Estates, Hammerson announcing the sale of its trophy Paris office property, Les Trois Quartiers for €210m and a 75% interest in Bishops Square in the City of London (£445m) and finally the raising of £102m through a placing and open offer by St Modwen. These three very different events all illustrate in their own way how sentiment towards real estate is improving. Investors are prepared to back acquisitions with Segro raising £250m to assist in paying down some of Brixton’s short term debt. In the case of St Modwen’s rights issue, a number of new institutional investors joined the register as the founding families did not take up all their rights. For Hammerson, these sales of trophy assets were painful but necessary. For market observers, they have provided useful transactional evidence, albeit of top quality properties. In Continental Europe, there were 10 capital raisings in the month, for Sigma the important ones were Befimmo and Warehouses de Pauw, both Belgium stocks successfully raised an additional 30% of equity at small discounts to their respective share prices. In both cases, the new capital will be deployed in acquisitions rather than shoring up balance sheets which was the case with most rights issues back in March and April. Sigma’s relative outperformance reflected our continuing net cash position together with a significant underweight in a number of the largest fallers in the month Brixton (-40%), Fabege(-23.2%), Kungsladen (-11.9%) and Deutsche Wohnen (-11.7%). The share price closed the month at 52.75p a fall of 2.3%. The discount to narrowed to just under 24%. The Sigma shares went ex the final div of 1.1p on 1st July. The dividend is payable on 4th August and the AGM is at noon on July 28.