
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

May 2008
The FTSE EPRA/NAREIT Europe Index fell -4.9% (GBP) but this masks a dramatic underperformance from the UK stocks which fell -9.4% (GBP) whilst the remainder of Europe fell only -2.1% (EUR). For the first time this year, Euro/Sterling was virtually unchanged on the month. It was a busy month of reporting, particularly in the UK, with both Land Securities and British Land publishing their March year end results. Although the figures were broadly in line with market expectations, both managements reiterated their concerns about the continuing restrictions in the debt markets, as well as the lack of investment activity and the probability of slowing tenant demand. As share prices move to ever greater discounts to asset value, the likelihood of public-to-private transactions grows. Dubai World’s announcement that they were ‘considering their options’ in respect of the City development company Minerva is likely to be the first this year. On the Continent, Vastned Retail’s shares fell 10% after IEF Capital abandoned its bid for the Dutch company. This was disappointing news as the bidder had the blessing of the largest shareholder (PGGM). The proposal was at €70 per share and the stock closed at €58.6 per share. Sigma’s NAV fell -4.4% in the month which led to 50bps of outperformance relative to the benchmark which fell -4.9%. The share price fell -8.5% as the discount to NAV widened. The fund continues to be defensively positioned with 7% net cash (after adjustment for the debentures).

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