AIMS Property Securities Fund (APW)

I last wrote about APW back in May. Back then, the unit price was 10c and the NTA 15c. Now, the unit price is 11.5c and the NTA 18.1c. Prima facie, the unit price performance has been a bit of a yawn, however a 15% appreciation in a market that has been increasingly on the nose (market was down over 2% today (1 December) is actually pretty good.

I think the price could appreciate more (and has been higher - please note I have previously sold some stock at higher levels). Certainly there have been sellers of the stock lately, however if management can keep etching out NTA growth the unit price will invariably start moving again. The stock is trading at a big discount to NTA and has lots of cash so the margin of safety is high in my opinion, so for me it's justified holding on looking for more gains. 

Kristian

Disclosure: own APW