 |
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
July 2009
June 2009
May 2009
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December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
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March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
The markets continue to be spooked by the fear of the unknown – the depth of losses associated with the sub-prime crisis. The concern is not that there is any particular direct linkage; the vast majority of real estate investors do not hold debt products in these areas. The critical issue is whether the banks, which are becoming increasingly reluctant to lend against commercial property, withdraw from the market and precipitate a credit ‘crunch’ rather than a ‘squeeze’. The correction in share prices, particularly in the UK, have now priced in c.20% reductions in underlying NAVs. However, set against this weakening financial backdrop, the occupational markets, for the moment remain robust. There is little overdevelopment and IPD recorded, albeit modest, rental growth in October (+0.2%). Against this backdrop we remain cautious and the fund was holding (net of the debenture) cash of £6.3m (4.45% of NAV). The process of sale and reinvestment into smaller caps continues but at a careful pace. The weakness in equity markets has been particularly acute in UK larger cap and once again I report that selling stocks on wide discounts to NAV and buying into smaller ones on premiums is not a strategy which protects shareholder value. I continued to sell Lands Securities (the fund is now market weight) and Liberty (which has held up extraordinarily well). I also sold ImmoEast (a large Austrian stock no longer in our index) and Minerva (Cental London development sites). On the acquisition side, I added to holdings in Local Shopping Reit, Shaftesbury and Unite in the UK and further east we opened a position in Mirland (Russian developer) and Northern European Properties (Baltic and Nordic investor). Over the month, the benchmark fell 2.51% and Sigma’s NAV fell 2.14%, leading to relative outperformance of 37bps. The discount to NAV widened during the month enabling us to buyback 1.925m shares for cancellation at an average discount of over 15%.
September 2007
August 2007
July 2007
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