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Home»Personal Finance»Volta Finance Limited – Net Asset Value as at 28 February
Personal Finance

Volta Finance Limited – Net Asset Value as at 28 February

14/03/2023No Comments8 Mins Read
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Volta Finance Limited (VTA / VTAS) – Februaryy 2023 Monthly report

NOT FOR RELEASE, DISTRIBUTION, Published in whole or in part in the United States or in the United States

*****
Guernsey, 1Four march 2023

AXA IM has published the monthly report of Volta Finance Limited (“Company” or “Volta Finance” or “Volta”) for February 2023. A full report is attached to this release and can be found on Volta’s website (www.voltafinance.com).

performance and portfolio activities

Volta Finance is pleased to report another positive performance of +1.7% in February following its strong performance of +5.5% in January.

February’s performance reflects portfolio carry during a relatively quiet month. In terms of defaults, the default rate for the 12th consecutive month increased by 0.2% (0.8% to 1%) in the US, but fell by 0.2% (0.4% to 0.2%) for European loans. Current levels are well below those projected by rating agencies, with default rates expected to reach 2.5% to 4.5% in 2023. We remain more constructive than that and expect default rates to remain at the bottom of the range.

The Q4 2022 earnings season once again confirmed our view that inflation could bring some benefits. When overall prices fluctuate (compared to flattening), selling prices are easier to adjust, passing on higher costs to customers and helping to remain profitable. As a result, February earnings exceeded expectations.

February has been a structurally weak month in terms of interest rates and cash flows collected from Volta’s assets. Volta received interest and coupons worth his €1 million. However, in his usual six-month timeframe, Volta received his €22.2 million in interest and coupons. Annualized cash flow to NAV is 19.4%.

Given that defaults are still materializing at a slow pace, even if we are proven wrong and the default rate hits the upper end of the range above, CLO stocks’ quarterly We believe this could have a significant negative impact on payments.

In February, the volume of loan refinancings (modifications and extensions) increased again, allowing CLOs still reinvesting to widen their WAS (weighted average spread) on their underlying loans. All other things being equal, the higher the WAS, the higher the cash flow distributed to the equity. As a result, we expect Volta’s cash flow to increase in the next few quarters.

The monthly performance** of Volta’s underlying sub-asset classes are as follows: +0.8% for bank balance sheet transactions, +3.7% for CLO equity tranches and +2.2% for CLO debt tranches. -0.1% for Cash Corporate Credit and ABS (equivalent to about 2.2% of his NAV for the fund).

There were no big purchases in February. We believe weakness in loan pricing will emerge in the coming months if higher interest rates are confirmed to live longer. Volta has amassed a small amount of cash over the past two months. We hope this will allow you to make the right investment at a discounted price in the coming weeks or months.

At the end of February 2023, Volta had a NAV of €229.1 million, or €6.26 per share.

*In addition, approximately Five.87% of Volta’s GAV is typically made up of investments for which the related NAV will be available only after Volta’s NAV is published. Volta’s policy is to publish his NAV in as timely a manner as possible to provide shareholders with Volta’s relevant and up-to-date information on his NAV. Accordingly, such investments are valued using each fund’s latest NAV or subordinated debenture quotes.sLatest fund NAV or the quoted price is Five.32% As of January 31, 2023, 0.55% as at 30 Septemberembers 2022.

**”Performance” of the asset class that is It is calculated as the Dietz performance of the assets within each bucket, taking into account the assets’ mark-to-market valuation at . period endspayments received from the asset over time, and ignoring changes in the cross–currency rate. Nonetheless, when aggregating each bucket, residual currency effects can affect the portfolio’s aggregated value.

contact address

For investment managers
AXA Investment Managers Paris
Serge Doumey
serge.demay@axa-im.com
+33 (0) 1 44 45 84 47

Company Secretary and Administrator
BNP Paribas SA, Guernsey Branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853

corporate broker
Sencos Securities
Andrew Warne
Daniel Balabanov
+44 (0) 20 7397 8900

*****
About VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Act 2008 (as amended) and is listed on Euronext Amsterdam and the Main Market of Listed Securities on the London Stock Exchange. Volta’s home country for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by AFM, the Dutch financial market regulator.

Volta’s investment objective is to preserve capital throughout the credit cycle and provide a steady stream of income to shareholders through dividends. Volta seeks to achieve its investment objectives primarily through diversified investments in structured finance assets. Assets in which we may invest directly or indirectly include, but are not limited to: sovereign and quasi-sovereign debt; mortgages; and auto loans. Our approach to investing is through vehicles and arrangements that inherently provide leveraged exposure to a portfolio of such underlying assets. We have appointed AXA Investment Managers Paris, an investment management company with a division dedicated to structured credit, for the investment management of all our assets.

*****

About AXA Investment Managers
AXA Investment Managers (AXA IM) is a multi-expert asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of Europe’s largest asset managers with 2,460 professionals and €887 billion in assets under management at the end of December 2021.

*****

This press release confirms that the portfolio of Volta Finance Limited (“Volta Finance”) is managed by AXA IM.

This press release is for informational purposes only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its distribution may be prohibited in certain jurisdictions, and recipients may not distribute copies of this document in violation of such restrictions or restrictions. It is not an offer to sell the securities referenced herein to any person who is a “U.S. person” for purposes of Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”).or in the circumstances in which such an offer is made rLimited by applicable law. Such securities may not be sold in the United States absent registration or exemption from registration under the United States Securities Laws. Volta Finance There is no intention to register any part of the offering of such securities in the United States, nor to make any public offering of such securities in the United States.

*****

This communication is intended for (i) persons outside the United Kingdom, or (ii) investment professionals falling under Section 19(5) of the Financial Services and Markets Order 2005 (Financial Promotion) Order 2005 ( iii) High Net Worth Enterprises and other persons who may lawfully be notified under Section 49(2)(a) to (d) of the Order) (as “affiliates”). Securities referred to herein may only be used by relevant persons and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities is made only with the relevant person. . Do not act on or rely on this document or its contents unless you are an authorized person. Past performance cannot be relied upon as a guide to future performance.

*****
This press release contains statements that are or may be deemed to be “forward-looking statements.” These forward-looking statements “believe,” “expect,” “expect,” “intend,” “expect/anticipate,” “may,” “will can be identified by the use of forward-looking terminology, including terms such as or “should”. They include statements regarding dividend levels, current market conditions and the impact on Volta’s long-term earnings. financeinvestment. By their nature, forward-looking statements involve risks and uncertainties. Readers are cautioned that such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by forward-looking statements. Axa IM undertakes no obligation to publicly update or revise any forward-looking statements.

Target information is based on certain assumptions about future events that may not materialize. Due to the uncertainties surrounding these future events, the targets are not intended to be, and should not be considered, projections of profits or profits or any other kind. There is no guarantee that any of these goals will be achieved. In addition, it does not guarantee the achievement of investment objectives.

Numbers provided relating to past months or years and past performance should not be relied upon as a guide to future performance or interpreted as a reliable indicator of future performance. Throughout this review, citations of specific trades or strategies are intended to illustrate some of Volta Finance’s investment methodologies and philosophies implemented by AXA IM. AXA IM’s belief in the historical or future success of these transactions or strategies is not indicative of, and is not related to, future results.

The valuation of financial assets may differ materially from the price AXA IM could obtain if it were to liquidate the position on behalf of Volta Finance, depending on market conditions and the prevailing economic environment. Such ratings do not constitute fair or similar opinions and should not be viewed as such.

Editor: AXA INVESTMENT MANAGERS PARIS is a company incorporated under French law with its registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMPs are Autorité des Marchés Financiers As an alternative investment fund manager within the meaning of the AIFM Directive, under registration number GP92008.

*****

  • Volta – Monthly Report – February 2023



Source

Asset February Finance Limited net Volta
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