Volta Finance Limited: Net Asset Value as at 31 July 2022
Volta Finance Limited (VTA / VTAS) –July2022 monthly report
NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES
AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).
PERFORMANCE and PORTFOLIO ACTIVITY
July saw a recovery from the losses faced the previous two months. The fund gained +4.5%, mainly driven by EUR CLO equity holdings (+2,7% contribution in NAV performance).
Through asset classes, the monthly performances** were: -2.8% for Bank Balance Sheet transactions, +5% for CLO equity tranches; +2.3% for CLO debt; -5% for Cash Corporate Credit and ABS (together representing 2.3% of NAV).
In the footsteps of most markets (July was one of the best months for the High Yield bonds market since years), the loan markets rallied and therefore CLO followed.
Across CLO market, USD CLO equity received cashflows below expected due to the loss of the Libor floor, in contrast with EUR deals that received higher cashflows than expected. In addition to the EUR CLO equity prices rally (after two tough months), it leads to a double digit performance for this asset class in July.
During the last month, the fund sold 2 USD CLO tranches rated BB and B, and acquired 2 EUR tranches (of the same deal) rated BB and B too. The purchases were based on the following assumptions : 18 months to call, 15% and 22% IRR respectively.
For the coming weeks, Volta will participate in two CLO warehouses, one short USD warehouse and an EUR warehouse thereafter, both investments will be rolled in the CLO equity issuance. Under the current assumptions, the target IRR is around 15% for both deal, with limited risk for the USD warehouse as the fund is investing after CLO pricing. More details will be communicated in the next report.
In July, Volta received the equivalent of €9.8m in terms of interest and coupons. For the 6 months ended July 2022, Volta received €24.3m interest and coupons representing a 21.4% annualized cash flow to NAV.
As already stated in the past, Volta didn’t suffer from any diversion of cash flows from its CLO Equity positions, we think that it would continue for the coming quarters.
As at the end of July 2022, Volta’s NAV was €227.7m or €6.22 per share.
*It should be noted that approximately 7.0% 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 6.4% as at 30 June 2022 and 0.6% as at 31 March 2022..
** “performances” of asset classesare 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.
For the Investment Manager
AXA Investment Managers Paris
+33 (0) 1 44 45 84 47
Company Secretary and Administrator
BNP Paribas Securities Services S.C.A, Guernsey Branch
+44 (0) 1481 750 853
Cenkos Securities plc
+44 (0) 20 7397 8900
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange's Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.
Volta’s investment objectives are to preserve capital across the credit cycle and to provide a stable stream of income to its shareholders through dividends. Volta seeks to attain its investment objectives predominantly through diversified investments in structured finance assets. The assets that the Company may invest in either directly or indirectly include, but are not limited to: corporate credits; sovereign and quasi-sovereign debt; residential mortgage loans; and, automobile loans. The Company’s approach to investment is through vehicles and arrangements that essentially provide leveraged exposure to portfolios of such underlying assets. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,460 professionals and €887 billion in assets under management as of the end of December 2021.
This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the "Volta Finance") whose portfolio is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.
This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any 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 the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.
The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.
The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.
Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide - 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Appointment of new CEO for Scientific Beta30.9.2022 17:45:00 CEST | Press release
Press Release – September 30, 2022 Appointment of new CEO for Scientific Beta Scientific Beta wishes to announce that from October 1, 2022, Mr Kin Yee Ng will be appointed CEO of Scientific Beta. Professor Noël Amenc, who wishes to orient his career towards non-executive roles after more than 30 years dedicated to setting up and managing firms in the field of asset management, will remain in Scientific Beta as Senior Adviser. Mr. Ng, who is Managing Director and Head of Data, Connectivity and Indices (DCI) at Singapore Exchange (SGX Group) – Scientific Beta’s main shareholder – has a wealth of experience in the financial industry, particularly in the data and indices business. Commenting on this development, Mr. Ng said, “Over the years, Noël has established a strong management team and together they have built Scientific Beta’s reputation for robust index research and offerings. I am excited with Scientific Beta’s growth opportunities and SGX Group is committed to supporting its expan
THE CITY OF TOLEDO WILL HOST THE 42nd ITALIAN BOWL ON JULY 1, 2023 IN THE GLASS BOWL30.9.2022 17:30:51 CEST | Press release
First-ever Italian Football League Championship Held Outside of Europe; Italian-themed Events Will Take Place Throughout the Weekend Toledo, Ohio, Sept. 30, 2022 (GLOBE NEWSWIRE) -- MEDIA RELEASE THE CITY OF TOLEDO WILL HOST THE 42nd ITALIAN BOWL ON JULY 1, 2023 IN THE GLASS BOWL First-ever Italian Football League Championship Held Outside of Europe; Italian-themed Events Will Take Place Throughout the Weekend Toledo, Ohio – September 30, 2022 – Today with the Toledo skyline in the background, a large group of Italian Bowl organizers and partners – including Italian Federation of American Football (FIDAF) Deputy Vice President Fabio Tortosa, and FIDAF Board Member and General Manager of the reigning Italian champions Guelfi Firenze Edoardo Cammi) – announced the 42nd Italian Bowl is coming to Toledo’s Glass Bowl Stadium on Saturday, July 1, 2023. The game will mark the first time in Italian Football League (IFL) history that Italy’s national championship will be played outside of Europ
Flex LNG - Annual General Meeting 202230.9.2022 16:38:09 CEST | Press release
FLEX LNG LTD. (the “Company”) advises that the 2022 Annual General Meeting of the Shareholders of the Company was held on September 30, 2022 at 09:30 a.m. at Par-la-Ville Place, 4th Floor, 14 Par-la-Ville Road, Hamilton Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2021 were presented to the Meeting. In addition, the following resolutions were passed: 1. To set the maximum number of Directors to be not more than eight. 2. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorised to fill such vacancies as and when it deems fit. 3. To re-elect David McManus as a Director of the Company. 4. To re-elect Ola Lorentzon as a Director of the Company. 5. To re-elect Nikolai Grigoriev as a Director of the Company. 6. To re-elect Steen Jakobsen as a Director of the Company. 7. To elect Susan Sakmar as a Director of the Company. 8. To re-appoint Ernst & Young AS of Os
Agfa’s inkjet printing solutions conquer five Pinnacle Product Awards30.9.2022 16:00:00 CEST | Press release
Agfa sets a record as five of its inkjet printing solutions received a Pinnacle Product award from PRINTING United Alliance. The Pinnacle Product Awards recognize products that improve or advance the printing industry with exceptional contributions in quality, capability, and productivity. Carlstadt, NJ, USA / Mortsel, Belgium – September 26, 2022 “The fact that we outperformed competitors in every major print category that we play in, is a testament to our dedication to deliver innovative technology with superior performance and reliability to print service providers. We are extremely honored to receive this recognition”, said Vincent Wille, President of Digital Print and Chemicals at Agfa. The following Agfa products won top honors: Avinci CX3200– category RTR dye-sublimation on textile (more than $100k) This new 3.2 meter wide textile printer produces vibrant high-quality prints on a wide range of polyester-based fabrics for indoor or outdoor soft signage, interior decoration, and f
Madison Newbond Hotel Lending Platform Originates $20 Million Loan for the Balfour Hotel in Miami Beach30.9.2022 14:00:00 CEST | Press release
NEW YORK, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Madison Newbond, the institutional lending platform of Madison Realty Capital and Newbond Holdings that provides first mortgages, mezzanine loans and preferred equity to hotel owners and developers nationwide, today announced that it has provided a $20 million loan to FullG Capital’s equity sponsorship group for the acquisition of the Balfour Hotel Miami Beach (the “Balfour”), an independent boutique hotel located at 350 Ocean Drive in Miami Beach, Florida. Located within Miami’s famed South Beach Art Deco District and situated less than one block from the beach, the Balfour contains 82 guestrooms across two towers, as well as an upscale restaurant and bar, an outdoor plunge pool, complimentary beach services, and approximately 1,300 square feet of rooftop terrace space. The hotel is managed by Driftwood Hospitality Management under a third-party hotel management agreement. Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capi