The Kames Property Income and Kames Property Income Feeder funds have had their fair-value pricing adjusted down by 5% today. This follows a previous 5% adjustment on 28 June.
This 10% total adjustment to direct property values equates to 8.51% of the value of the fund as at 7 July 2016.
A Kames spokesperson said: “While we continue to expect market volatility in the near-term, it is difficult to forecast the longer-term impact of the referendum on the UK economy and the UK property market in particular.” During periods of uncertainty, our immediate objective is always to be fair and transparent with our clients regarding the impact market conditions may have on their investments.”
“We have made this change to the funds’ pricing in accordance with provisions in the funds’ prospectus, taking account of broader market indicators and other economic variables,” the spokesperson continued. The independent valuation reports we refer to have not had time, as yet, to reflect the transaction activity since the referendum vote was conducted.”
He added that the Kames Fair Value Pricing Committee meets regularly to ensure the valuations of property fund assets are as fair as possible. The firm will continue to monitor market events closely.
