from legg mason's june report

plaese find the following from Legg Mason's june report


Performance

The Legg Mason Property Securities Trust slightly underperformed its
benchmark over the month.
Portfolio performance this month was negatively impacted by the portfolios
exposure to some of the smaller capitalised A-REITs and those with
exposure to offshore assets. The underperformance from these factors
was largely on a thematic basis rather than any significant negative stock
specific news.
In particular, the portfolios overweight exposure to Valad Property Group
(-14.3%) detracted from performance as it lost ground this month over
macro concerns regarding developments in Europe. We note that Valad
has enjoyed positive developments from its European business over recent
months and believe that investors have underestimated the value and
growth potential of Valads European business.


Profile

Overweight Positions Active %
EDT Retail +5.6
Charter Hall Retail REIT +4.0
Valad Property Group +3.9
Charter Hall Office REIT +3.8
Dexus Property Group +3.6


Outlook

Our view is that the recent market weakness is overdone and that it may
partially be explained by memories of 2008.
We maintain that there remains significant value on offer in selected
underlying A-REIT securities and that the sector should be able to move
higher on a medium term time horizon. This view is supported by evidence
that A-REITs have reduced their risk profiles over the past year and they
have returned to focus on traditional property rental streams.
Stock specific developments are likely to be a critical driver of A-REITs
over the remainder of 2010, as the valuation spread between the most
attractive and least attractive names in the investment universe remains at
four times historical averages. As such, we have positioned the portfolio to
benefit from stock specific opportunities and we continue to expect to
produce above normal portfolio returns over the medium term.


more info from
http://www.leggmason.com.au/en/product/detail/M0010AU_detail.aspx