TRPIT puts share classes together

Property’s longest-standing and largest equity fund has merged its two share classes into a single offering.

Shareholders in TR Property Investment Trust, formerly run by Chris Turner and now by Marcus Phayre-Mudge, agreed last week to convert the Sigma shares into ordinary shares and to merge the underlying portfolios.

The Sigma share class was launched five years ago to buy shares in small-cap companies, but as the trust got bigger, Phayre-Mudge said there was “an ever-increasing need for size and liquidity”.

Under the previous structure,  ordinary shares outperformed the benchmark by 1.3% and Sigma ones by 2.2% of net asset value, up to the last half-year.

TRPIT is part of F&C Asset Management-owned Thames River Capital, which offers five funds, including a new UCITs version of the Longstone long/short real estate hedge fund.