Following on from the recovery in the second half of July, the Fund saw a further uplift in the month of August. There were 2 key drivers for this shift in sentiment to the sector: Firstly, the interest rate sensitive property sector returned to favour as investors increasingly anticipate the possibility of interest rate cuts with falling commodity prices and a worsening economic outlook set to significantly reduce inflationary pressures ahead;secondly, the two largest shopping centre Real Estate Investment Trusts (REITs) in Australia and US simultaneously declared stakes in UK shopping centre REIT Liberty International, raising the possibility of consolidation of the UK REIT sector. Shares on wide discounts to heavily marked-down asset values are looking increasingly attractive to predators.