The increase in DORE’s Q1 NAV (+1.5p, net of a 1.3p dividend) is contrary to the bulk the sector’s Q1 reporting and reflects the fund’s asset mix and value drivers. Key factors driving this outperformance include that 73% of their UK revenues are fixed for 10 years (limiting the impact of forecast changes), strong performance from DORE’s Swedish hydropower portfolio and active asset management. Trading on a c35% discount (versus 12m av. and sector av. discounts of c27% & 24%, respectively), DORE ....
