 |
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
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May 2009
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December 2008
November 2008
October 2008
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August 2008
July 2008
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March 2008
February 2008
January 2008
December 2007
November 2007
Real estate equities fell heavily in November as the market continued to anticipate further falls in asset values. EPRA Europe was down 7.4% (in GBP) in the month. Market commentary focused on rumours and expectation that some highly leveraged portfolios could experience refinancing difficulties. Negative outlook was demonstrated by several open-ended institutional real estate funds announcing alterations to their redemption procedures, either by widening ‘bid-offer’ spreads or introducing temporary moratoriums on redemptions. Interbank lending continues to be sparse and the concern that this will continue well into the New Year is fuelling negative sentiment. However, we have seen no sign of tenant delinquency and very few real estate submarkets are suffering oversupply (although we are watching City office supply closely). Against this backdrop, we continue to remain cautious and the fund is holding (net of the debenture) cash of £8.7m (6.2% of NAV). This is a 1% increase on the previous month. Transactions were principally sales (£3.5m) and dominated by Vastned Retail. This Dutch REIT was the subject of a hostile takeover bid at €70 per share (the stock was trading at €57 per share prior to the bid). The market remains dubious about the financing of the bid and I have sold 75% of the holding. Equity acquisitions were limited (£1.0m) increasing our holdings in Hahn (Germany) and Local Shopping REIT (UK). In addition, a widening in the discount to NAV enabled us to buyback a further 1.02m shares at an average discount of over 18%. Over the month the benchmark fell 7.4% and Sigma’s NAV fell 6.60% leading to relative outperformance of 81 bps.
October 2007
September 2007
August 2007
July 2007
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