
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

November 2008
November was no exception to this year’s inexorable decline in the value of real estate equities. FTSE EPRA/NAREIT Europe (in GBP) fell -10.3% bringing the YTD figure to -43.5% (in GBP). Sigma’s NAV fell -7.93% outperforming the index primarily due to its significant cash position (17.9% of NAV). In Euros, the same index fell -14.9% reflecting the 4% strengthening of the Euro against Sterling over the month. The majority of Sigma’s cash is held in Euros. Investors have numerous concerns. Chief among them are that expensive debt refinancing, as companies approach scheduled maturities or seek covenant waivers, and weakening income streams (tenant defaults and negative rental growth) will lead to cuts in dividends. More worryingly, there is uncertainty about whether banks will take a firm view on covenant breaches – potentially even foreclosing on loans or demanding equity recapitalisations. The fund remains very defensively positioned. Over the month the cash position moved from 12.2% to 14.1% of NAV. In addition to the cash, the fund’s equity exposure has continued to rotate into stocks with stronger balance sheets, avoiding businesses with refinancing obligations in H1 2009.

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