Ordinary Share Class

Objective

The Objective of the Ordinary Share Class is to maximise shareholders' total returns by investing in property shares and property on an international basis. Approximately 90% of TR Property's assets are invested in Pan European listed property securities with the balance in directly owned UK real estate.

Investment selection

Our investment selection process seeks to identify well-managed companies of all sizes, especially those with a focus on a particular type of real estate business. We generally regard future growth and capital appreciation potential more highly than immediate initial yield or discount to asset value.

Total return is the aim

The net asset value of TR Property over the past five years has risen by 157%. Over the same period the benchmark index has risen by 105%. Over the past five years the net dividend has grown by 116%, equivalent to 16.6% p.a. compound.

Sigma Share Class

Background

The creation of the Sigma Share Class was approved by the shareholders at an EGM held on 24th July 2007. Holders of the Ordonary Shares were given the option to convert existing Ordinary shares to the New Sigma shares and new shareholders were invied to join through a placing. To see the results of the EGM, conversion and placing click here.(link to EGM announcement of 24th July)

Objective

The Objective of the Sigma Share Class is to maximise shareholders' total returns by investing predominantly in shares of property companies with a market capitalisation of less than £1billion, on an international basis.

Investment Selection

As for the Ordinary Share Class, the investment selection process seeks to identify well-managed companies especially those with a focus on a particular type of real estate business, but in shares of property companies with a market capitalisation of less than £1 billion. Future growth and capital appreciation are regarded more highly than immediate initial yield or discount to asset value. The Sigma portfolio will not hold any direct property investments but may invest in unlisted companies and pre-IPO opportunities, although the Manager does not expect this to comprise a significant proportion of the portfolio.

Dividend Policy

The Sigma Shares are expected to have a lower dividend yield than the Ordinary Shares because the underlying investments in the Sigma portfolio will be focused on companies with smaller market capitalisations, which are likely to comprise development companies and less mature companies with lower or no dividend yield. This may also cause the dividend to have increased volatility.