The Aegon-owned asset manager is now applying an 8.5% adjustment rather than 10%. The 8.5% adjustment equates to 6.2% of the value of the funds as at 16 August.
In similar way to some of its peers Kames initially implemented a 5% fair-value pricing adjustment to the funds in the wake of the Brexit vote on 28 June, which it subsequently increased to 10% on 7 July.
Kames said the property market has benefited from ‘a general improvement in sentiment.’
It is the latest sign that the crisis which hit UK property funds in the weeks following the referendum is easing.
Aberdeen had already lifted the suspension of trading applied to its property fund, while Legal & General Investment Management reduced the adjustment on its UK property fund to 7.5% from 10%.
Kames did issue a note of caution however, saying there continues to be insufficient evidence in the market for property values to form an accurate judgement on valuations.
Kames said it will continue to monitor the level of market volatility in conjunction with the standing independent property valuer.