 |
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
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
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
The Sigma NAV fell 18.9%, the Benchmark dropped 22.1% and the share price fell 16.6% in what was undoubtedly one of the toughest months we will ever see. We invested a net £1.7m over the month and moved £4.5m into a Treasury Bill as concern over banks grew. We ended the month with net cash (including income and the T Bill) of 14.4% of NAV. Aside from the T Bill, almost all cash was held in Euros over the period. At the end of November we will pay our share of the 8.125% Debenture, which will reduce gross cash but leave the net position unchanged. As Chris has highlighted in his comments on the Ordinary shares, we have renewed our borrowing facilities for a further 12 months. At times like this, it is hard not to become despondent. The clouds seem to grow darker day by day and the silver linings grow fainter. Nonetheless, this is precisely the time when the greatest vigilance is called for, and attention to detail has never been more important. Whilst markets may see the real estate sector as an amorphous blob to be treated as one, there are massive variations between the companies in terms of balance sheets, P&Ls, quality of income and management. For example, the detailed loan terms negotiated by CFOs over the last few years may well come to determine future company survival and the ability to participate in any eventual market recovery. Sigma is a close-ended, permanent capital investment trust with a long term outlook. Rather than staring open-mouthed at a sea of blinking numbers, we are investing our time refining our analysis, talking to company management and focusing on which companies are likely to emerge from the current recession in a position to take advantage of the opportunities available at that time. There is no time for despondency.
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
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