Volta Finance Ld Volta Finance Limited - Net Asset Value As At 31 May 2021
09 Junio 2021 - 11:15AM
UK Regulatory
TIDMVTA
Volta Finance Limited (VTA / VTAS) -- May 2021 monthly report
NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR
INTO THE UNITED STATES
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Guernsey, 9 June 2021
AXA IM has published the Volta Finance Limited (the "Company" or "Volta
Finance" or "Volta") monthly report for May. The full report is attached
to this release and will be available on Volta's website shortly
(www.voltafinance.com).
PERFORMANCE and PORTFOLIO ACTIVITY
Volta has continued to perform well in May with +0.4%, reaching a total
return of 8.9% for the first five months of 2021.
This time around, the performance was driven almost evenly by the good
performance from CLO equity, CLO debt tranches, and Bank Balance sheet
transactions. This month, the USD depreciation cost 0.7% of the monthly
performance.
The monthly asset class performances** were: +1.4% for Bank Balance
Sheet transactions, +1.6% for CLO equity tranches; +1.2% for CLO debt;
-2.6% for Cash Corporate Credit and ABS (together representing 3.1% of
GAV).
In terms of fundamentals, trailing-12-month default rates continued to
decline in May, reaching post-Covid new lows with 1.7% default rate both
for US loans and European loans. We were expecting default rates to
converge between the US (where the impact of the Covid was more
important) and Europe thanks to a faster economic recovery in the US at
some point in time in 2021. It came sooner than expected and toward a
lower default rate (our view was to expect a convergence in the area of
2/2.5%).
This relatively low default rate is manageable for CLOs and the
improving situation should be favourable to the Company. It gives some
ground to our strategy to reinforce our CLO Equity bucket in the recent
years.
In terms of cash flows, May is structurally a weak month for Volta.
Interests and coupons received during the month totaled the equivalent
of EUR1.7m. On a 6-month rolling basis, Volta received the equivalent of
EUR20.7m at the end of May, representing a 15.9% annualised cash flow
yield, based on the end May NAV. We still expect overall cash flows to
continue to increase in the coming months/quarters.
In May, Volta transformed a USD CLO warehouse into a new CLO and one
existing USD CLO tranche was reset. All together the equivalent of
EUR2.3m was allocated to these deals. On average, under market standard
assumptions, the projected IRR of these add-ons was in the area of 13%.
As at the end of May 2021, Volta's NAV was EUR260.6m or EUR7.12 per
share.
The month-end cash position was EUR14.5m.
*It should be noted that approximately 9.5% 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 8.5% as at 30 April 2021 and 1.0% as at 31 March 2021.
** "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
Serge Demay
serge.demay@axa-im.com
https://www.globenewswire.com/Tracker?data=98aih19PWNT3XQ8yK-ZmMEhR94oVXj-KhhFoBFlskMim_iZYkCz9qpOwsvCK57czNWldOct0VbQUN200bUrbxvn1LnXnncNrG94MR90biCU=
+33 (0) 1 44 45 84 47
Company Secretary and Administrator
BNP Paribas Securities Services S.C.A, Guernsey Branch
guernsey.bp2s.volta.cosec@bnpparibas.com
https://www.globenewswire.com/Tracker?data=uIM9JPbOFrTxZ25xj5zia3baZXkyFiJbUEWkpAgu2QsippB0VNu-MKkRTfFY6zFS8x4O6eEc48Gbk1m_fBZnRHTW334e7vh9-2KT_4hQRiqgMVTztv5Z7BjVIFKx7Z4ELEEIpM0ztVofIZpGO8wAhC9Z4afg5jkWrNDGb-66IlzbZY_hlNpto0XIn_k67PgE9EOZ65x5ZNLZIsPfc6_jCvs-Jll4aOSV83Jn_eYciZqBZPEuvKXmevC6ALJt6QL9JHMXlvTqSyOvEHcjfzNTTlb_f2z-CxY2xl12Kv0Y1fUCr-WKKsZ6ZFbrVyTVKuKzHgJdQMs5aG1AzuepRqo2K7oUhucTsowRvD8dbH4ZWV5A-h5oTuLIdz79OovTKzrx
+44 (0) 1481 750 853
Corporate Broker
Cenkos Securities plc
Andrew Worne
Daniel Balabanoff
+44 (0) 20 7397 8900
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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.
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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 679 investment professionals and EUR858 billion in assets
under management as of the end of December 2020.
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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.
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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.
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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.
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Attachment
-- Volta - Monthly Report - May 2021
https://ml-eu.globenewswire.com/Resource/Download/a2a3a6d2-0067-4803-bd17-bae3190f9924
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June 09, 2021 12:15 ET (16:15 GMT)
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