Hardman & Co Research on Volta Finance (VTAS)
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FY’24 - another year of outperformance
- Volta Finance reports 19.7% NAV total return FY’24.
- Consistent cash receipts at 22% of July NAV since mid’22.
- Outperformed high-yield debt markets by over 6% YTD.
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Hardman & Co Research Hardman & Co Research | Closed End Investments |
Volta Finance Limited (VTAS) | FY’24: another year of outperformance
Volta’s monthly to its FY-end of July reported an NAV total return of 19.7% while annualised cash receipts are 22% of the July NAV, consistent with levels seen since mid’22. For 16 consecutive months, it has generated positive NAV returns. In this note, we detail the different elements that have driven this performance. We note both positive markets and incremental value added by the manager. To put Volta’s returns into perspective, YTD to end-July, there has been a +10.8% total NAV return, more than twice the level of high-yield debt markets (US and Europe), which returned ca.4.5%. The discount appears anomalous with such a performance.
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https://hardmanandco.com/research/corporate-research/volta-fy24-anothe ...
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1986311 11-Sep-2024
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