Volta Finance Limited - Net Asset Value as at 29 February 2024 - Seite 2

From the perspective of cashflow generation, over the last 6-month period Volta received 21.6% annualized cash flow compared to NAV (€27.5m of interests and coupons), a level that is largely stable since early 2023. We expect distributions to be broadly stable at the April distribution date.

In terms of relative value, we currently see more value in equity over BB/B. We appreciate the high cash-on-cash nature of CLO equity and its shorter duration profile. Our preferred route for CLO equity is in the primary market, where we can select the right manager and source sizes to target mid-teens returns. We also opportunistically explore the secondary market to optimize our fund.

Volta’s underlying sub asset classes monthly performances** were as follow: +1.2% for Bank Balance Sheet transactions, +1.7% for CLO Equity tranches, +1.6% for CLO Debt tranches and -14.3% for Cash Corporate Credit and ABS.

As of end of February 2024, Volta’s NAV was €254.7m, i.e. €6.96 per share.

*It should be noted that approximately 5.47% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 5.22% as at 31 January 2024 and 0.25% as at 30 September 2023.

** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

CONTACTS

For the Investment Manager
AXA Investment Managers Paris
François Touati
[e-mail]
[phone]

Olivier Pons
[e-mail]
[phone]

Company Secretary and Administrator
BNP Paribas S.A, Guernsey Branch
[e-mail] 
[phone]

Corporate Broker
Cenkos Securities plc
Andrew Worne
Daniel Balabanoff
[phone]

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