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FONDUL : closed-end fund

Fondul Proprietatea: closed-end fund

High yield and potential for further discounts from this utility and infrastructure giant.

A Bucharest- and London-listed closed-end fund originally set up to provide restitution to Romanian citizens whose property was seized by the Romanian Communist government. Fondul provides exposure to some of Romania’s most attractive utility and infrastructure assets, including Hidroelectrica, ENEL’s Romanian distribution subsidiaries, Bucharest Airport and OMV Petrom. The fund pays a 7%^ dividend yield and offers the potential for several corporate events to unlock value and help narrow the 26%* discount. ^Source: Morningstar as at 31 December 2019

*AVI estimate at 31 December 2019