The other important factor (I accept the loan portfolio is a...

The other important factor (I accept the loan portfolio is a current negtive and fund mgmt sentiment re placement at $1.03) is that the current distribution is partly held up by the forex hedges they took out against the euro. They are making gains on this which is good but perhaps longterm investors are worried about a distribution decrease a few years down the track when they have to renegotiate new hedges at less than attractive rates from their previous hedges.

Certainly this is in play for RAT where the distribution from forex gains is even stronger than with euro. Though conversely REU has probably fallen a bit further in % terms. Go figure!