 |
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
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
The outlook for real estate equity markets continues to look choppy and therefore we continue to be cautious. The volatility we saw in August continued into September with an intra month peak to trough of 12.3%. Large cap liquid stocks continued to bear the brunt of selling pressure. Prices, particularly in the UK, are reflecting significant write downs in asset values in the forthcoming results season. Cash for investment (after netting off the inherited debentures) has increased to 6.5% (from 5%) as we continue to raise funds for future investment into smaller caps. The sales were principally large cap, Land Securities and Liberty International in the UK, together with ImmoEast and Corio in Europe. However we have sold our holding in Minerva, a UK developer focused on speculative development in the City of London. Purchases were mainly additions to existing holdings, Local Shopping REIT, St Modwen and Shaftesbury in the UK, Fonciere Paris France, Zublin and Argan in France and IFM in Germany. Over the month, the NAV fell -2.95% whilst the benchmark fell -2.43% leading to relative underperformance of 52bps. However the share price rose during the month from 101.9p to 103.1p thus narrowing the discount to NAV.
August 2007
July 2007
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