As the owner of some bombed-out property funds – Capital & Regional, Primary Health Property and TR Property – I can’t say I’m surprised by the emergence of shareholder activists in the sector.

I’m not always convinced by the altruistic arguments of these activists. Let’s face it, they build up stakes in order to put pressure on funds to wind up and realise their value – and they are in it to make money (they are predominantly hedge funds, after all). But I do think they play an essential role in imperfect markets, such as the small-cap and investment trust sectors, where investors frequently misprice risk and under-
estimate value.