The company’s aim is to provide investors with an annual dividend that increases in line with RPI inflation (equivalent to 6.76p for 2017, a yield of 5.6%) while preserving the real value of the NAV in the long term through reinvestment of excess cashflow and the use of portfolio gearing. The company has now achieved critical mass, having recently announced a further investment of £163m into its 30th wind farm, bringing total assets to £1.6bn. As the company grows, the managers expect operational and further purchasing efficiencies. The board have guided that the OCF will fall this year to 1.15% (from last year’s 1.24% and 1.46% at listing). UKW buys only operating wind farms in the UK, and have expected lives of 25 years at the time they are built. The company recently announced for the first time the portfolio discount rate of 7.7%, which also represents the currently expected total return on the assets in the portfolio. Appropriately geared, this enables the company to pay a high level of dividends as well as (in an average year) to reinvest around a third of cashflows in new assets to maintain the NAV in real terms. The dividend is the ultimate measure of whether the managers and board have or have not been successful. To date, the company has delivered on all its promises, and in contrast to peers, the managers recently reaffirmed their confidence in being able to pay a dividend that matches inflation (dividend cover averages 1.7x). At the current share price, UKW’s prospective yield is 5.6%. Aside from valuation and operational risks, political risks are the main external risk to be aware of. Barring any major changes to the political landscape or long-term power prices, the company aims to be able to reinvest surplus cashflows to maintain the NAV in real terms. Relative to most funds, the key drivers - and risks - to the NAV are uncorrelated to equity markets, which means UKW might be considered to have portfolio diversification properties.