The dilution adjustment on the property part of the portfolio and thus excluding the cash portion has gone from 18% to 8%, which equates to a dilution adjustment on the entire portfolio of 6.3%. This, the firm said, translates into a 7.5% uplift on the fund’s dealing price. However, the firm continues to apply a 7% fair value adjustment on the underlying property portfolio.
Martin Gilbert, Aberdeen CEO, said: “Our hope is that trading in the Funds continues to revert to more normal levels. This should allow us, in time, to remove the dilution adjustment altogether. The post-referendum environment now seems to be settling down with thoughts of reducing property holdings being balanced by the fundamental long-term attractions of the asset class.”
The latest move comes a week after it announced it had lifted the trading suspension on the fund.