Share Name Share Symbol Market Type Share ISIN Share Description
Volta Fin LSE:VTA London Ordinary Share GG00B1GHHH78 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00 € +0.00% 7.40 € 7.35 € 7.45 € 7.40 € 7.40 € 7.40 € 6,008 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 12.6 34.5 21.5 270.49

Volta Fin Share Discussion Threads

Showing 176 to 199 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
02/10/2017
10:48
Liberum; Event Volta Finance has agreed a reduction in management fees and a revised performance fee under an amended investment management agreement. The management fee will be 1.5% of NAV up to €300m and 1.0% of NAV above €300m (previously 1.5% of NAV). The performance fee will be 20% of NAV outperformance over an 8% hurdle (subject to a High Water Mark) and will be calculated on an annualised basis. Liberum view The simplified performance fee and tiered management fee is a positive move as the prior performance fee calculation was overly complex and did not have a strict High Water Mark. The management fee is still at the higher end of the range in the peer group (range of 1.0% for Fair Oaks to 1.5% for Carador). Volta trades on an 11.7% discount to NAV.
davebowler
20/9/2017
11:18
Also worth considering TORO imho.
rambutan2
20/9/2017
09:49
Davebowler: tks for posting the research, always useful. Do you have any view on BGLF/BGLP? it seems similar to Volta
yieldsearch
20/9/2017
09:17
Liberum; Event Voltas Finance's NAV was €8.38 at 31 August. NAV return in the month was +0.4% after negative impact of 0.2% from USD depreciation against the Euro; USD exposure is 31% of NAV. The mark-to-market movement across portfolio sub-sectors was CLO equity +0.8%, CLO debt +4.0%, Cash corporate credit +0.4%, synthetic corporate credit +0.7% and ABS -0.1%. Cash as a percentage of NAV was 9.6% at the end of the month. Three assets were acquired in the month, all US CLO Debt, with total capital deployed of €9.5m. The average projected yield on the new acquisitions was 9%. One US CLO debt position was called in the month, with the equivalent of €6.7 of principal received. Liberum view Volta has generated a NAV total return of 5.3% year to date and 13.1% over the past 12 months. Cash still represents a relatively high proportion of NAV at 9.6%, on the back of higher pre-payments. The manager will seek to deploy this cash into CLO equity positions as spreads on CLO debt continue to tighten. The shares currently trade at an 11.7% discount to NAV, compared to a 1.1% average premium for the other CLO funds in the peer group; the current yield is 8.3%.
davebowler
18/8/2017
15:47
Thanks DB for your TFIF commentary and was interested in their observation for demand for yielder junior levels. I see that for the second month running $ weakness against the Euro has impacted the VTA NAV performance:at least VTA did well in moving up their Euro exposure during the last year though I see that they are reversing this.
cerrito
15/8/2017
14:30
HTtp://www.twenty-fouram.com/action/click/?id=2I30181568946P746 TFIF's portfolio is 37.5% in CLOs and it trades at a 4% premium to NAV
davebowler
10/8/2017
10:38
RNS 9 August 2017 According to our early computations, the end of July Early Estimated NAV(*) of Volta is at EUR8.40 per share. Volta's Early Estimated NAV(*) performance is +0.4% for July 2017. The Early Estimated NAV(*) is published for information purposes only; the official Estimated NAV will be disclosed in the Monthly Report of Volta which will be published in the course of the month, on or around 17 August 2017.
davebowler
22/6/2017
10:23
Liberum; CLO funds Slowdown in loan spread compression Event Carador Income Fund and Blackstone GSO Loan Financing (BGLF) have both announced NAV gains of 0.9% for May. US CLO debt tranches performed relatively well in the month (gains of 1.1% and 1.8% BB and B tranches) during a broadly positive period for credit markets. BGLF completed a €50m investment in Blackstone / GSO US Corporate Funding, the adviser's US affiliate which established two new US CLOs in the month. BGLF now has exposure to three US CLOs in its portfolio. BGLF has also applied to the UKLA for a premium listing on the Main Market (currently specialist fund segment). The quote will also change to Sterling to enable the company to be included in indices. CLO funds - NAV performance May-17 YTD 12 months Fair Oaks Income Fund n/a 5.8%* 31.5%* Carador Income Fund 0.9% 3.7% 24.9% Volta Finance 0.6% 3.3% 19.3% Blackstone/GSO Loan Financing 0.9% 1.3% 7.3% Source: Liberum estimates *figures to end of April 2017 Despite relatively low supply, spread compression across the loan market has decelerated. Loan issuance was the lowest month YTD with €5.6bn in Europe and $44.3bn in the US. In Europe, low loan supply in addition to a high level of prepayments led to an increase in the supply shortage. Loan repricing remains relatively high in the US and this is expected to continue into the end of Q2 2017 with 68% of the loan market trading above par. CLO equity investors have largely been able to offset the reduced yield on loan portfolios by refinancing/resetting CLO liabilities although the pace of refinancing activity slowed in May. Carador reset once CLO during the month which resulted in a 16% increase in valuation. Liberum view The reduction in yield compression echoes what NB Global Floating Rate Income Fund has been experiencing in relation to a slowdown in repricing activity as the yield to maturity on new issues has remained steady. CLO equity investors have benefited from the ability to refinance/reset CLO debt tranches at a lower average cost to maintain the arbitrage of the portfolio spread over the cost of funding. The length of reinvestment periods is also increasing to the benefit of equity investors. The CLO funds trade on an average 0.7% discount to NAV (10.9% dividend yield).
davebowler
12/6/2017
10:43
Twenty Four views on CLOs; wentyFour Asset Management The recent trend of spread tightening across the fixed income space is also impacting the leveraged loan market, with spreads tightening from 4.8% to 4.25% (Moody’s Analytics) on average over the past year. Not surprisingly, the more recently issued CLOs are more acutely impacted as they lack a base of more seasoned, higher yielding assets. These new CLOs are forced to buy lower spread assets, with the most recent deals investing with a weighted average spread of 3.8-4.1%. In addition, prepayment speeds are at elevated levels and hence we expect the average spread for 2015-2016 transactions to reduce further. Over the same period, however, average returns for the equity tranches have remained fairly stable. We have looked at the relevant statistics to understand what is happening to these transactions and how they can still pay the equity with a stable return. The initial reaction would be that managers must be increasing risk to maintain the same equity pay-out. However, we can see this has not been the case, when we look at the “Weighted Average Rating Factor” (WARF); it has deteriorated slightly but remains relatively comfortably around the B2 rating level. Encouragingly, over the same period we have seen portfolio diversification significantly improve. Source: Moody’s Analytics So managers have not added a significant amount of risk, spreads are tighter, but equity yields have been fairly stable? The first factor contributing to this is that default rates of leveraged loans are running at very low levels and even “distressed221; assets (priced below 80c on the dollar) are running at the lowest level seen since the financial crisis. The second factor has been managers selling assets, especially fixed rate bonds, that rallied a long way above par that became inefficient for the CLOs. Selling these assets at a premium resulted in a yield boost for the equity tranches. Lastly, and probably the most important factor, has been the ability of CLOs to adjust the cost of the liabilities to the new assets’ environment. Around €15bln of CLOs (source : Morgan Stanley) already repriced their liabilities focusing mainly on the senior, IG-rated part of the capital structure especially the AAA rated tranches that are the main driver of a CLO’s cost of funding, representing on average 60% of the total stack. As a result CLO spreads have tightened 60-250bps over the past 12-months in the AAA to B rated classes; although there remain large differences between managers and between vintages. This is one of the reason why CLOs were one of our top picks for 2017, and with BBs yielding around L+6% they still deliver attractive returns in a low yield environment without compromising on credit quality. That said we remain cautious on equity tranches, as the arbitrage is thin with little room for error and specific manager selection is now more important than ever!
davebowler
02/6/2017
13:58
TFG looks to be at a big discount to NAV.Some CLOs amongst motley other stuff in the portfolio.
davebowler
20/5/2017
22:40
Just gone through the April Monthly report. What is interesting(to me at least) is the reduction of CLO debt as a percentage of GAV-40% at end of April 17 compared to 53% at end of April 16 and the increase in CLO equity up from 19% to 27% in the same period. For now at least te increased risk is dampened as they have 10%+ of GAV in cash whereas last summer they had minimal cash balances.
cerrito
18/5/2017
12:33
10 May 2017 According to our early computations, the end of April Early Estimated NAV(*) of Volta is at EUR8.52 per share. Volta's Early Estimated NAV(*) performance is +0.1% for April 2017. The Early Estimated NAV(*) is published for information purposes only; the official Estimated NAV will be disclosed in the Monthly Report of Volta which will be published in the course of the month, on or around 19 May 2017. (*) Please note that this Early Estimated NAV has been computed on the basis of fair values for the portion of the portfolio for which end of months prices were available or were able to be collected as of 9 May 2017 and on the basis of estimated prices for the rest of the portfolio. Such estimated prices have been estimated based on market observations as of the end of April 2017. The Early Estimated NAV is therefore not an accurate or reliable reflection of the value of the assets of Volta as of the end of April 2017 and can significantly differ (upwards or downwards) from the published Estimated NAV that will be disclosed in the next Monthly Report of Volta and that will be subject to the limitations set forth therein.
davebowler
05/5/2017
14:18
hTTp://www.voltafinance.com/media/16470/march-2017-monthly-report.pdf
davebowler
19/4/2017
12:53
Liberum; Volta Finance (Mkt Cap £224m) Cautious short-term outlook Event Volta's NAV return in March was 0.9%. The mark-to-market performance of the various portfolio sub-sectors was +1.8% for CLO equity, +1.5% for CLO debt, +0.7% for synthetic corporate credit, -10.9% for cash corporate credit and 0.2% for ABS. Cash corporate credit reduced NAV by 0.4% in March. Cash corporate credit was impacted by the final payment of a German SME CDO that depended on the value of a pool of defaulted SME loans. Cash flows from the investment have been well ahead of expectations in recent years. Volta invested a total of €13.4m in the month in two USD CLO debt tranches, a new USD CLO equity position and a drawdown under the risk retention vehicle investment. The expected yield on new investments was 10.7% compared to a yield of 5.5% on the €10.8m of CLO debt tranches sold in the month. Cash is still relatively high at 9% of NAV and reflects the manager's caution on credit market valuations. The manager has also added a short S&P 500 position representing 2.5% of NAV to protect against short-term market volatility. Liberum view Volta continues to deliver attractive returns with a NAV return of +3.2% for Q1 2017 and +22.3% over the past 12 months. The company is on track to deliver another year of double-digit NAV performance. The manager has consistently used hedging and portfolio positioning to protect returns during periods of market volatility. The shares currently trade on an 11.4% discount to NAV
davebowler
10/4/2017
10:46
Liberum; Volta Finance (Mkt Cap £250m) 0.9% NAV gain in March Event Volta has published an early estimate of its NAV at 31 March 2017 which indicates growth of 0.9% over the month to €8.51. The monthly report will follow in due course around the 20 April. Liberum view Volta continues to deliver attractive returns with a NAV return of +3.2% for Q1 2017 and +22.3% over the past 12 months. The company is on track to deliver another year of double-digit NAV performance. The company's recent interim report projects the portfolio IRR at 10.4% and the manager has consistently outperformed the portfolio projections in recent years. The shares currently trade on an 11.9% discount to NAV.
davebowler
20/3/2017
11:15
Liberum; Volta Finance (Mkt Cap £234m) 0.9% NAV return in February Event Volta's NAV at 28 February 2017 was €8.58 per share which represents an increase of 0.9% over the month. The mark-to-market performance of the various portfolio sub-sectors was +0.2% for CLO equity, +0.5% for CLO debt, +1.8% for synthetic corporate credit, +1.5% for cash corporate credit and 0.1% for ABS. Volta invested a total of €15.7m in February in six USD CLO debt tranches and a drawdown request on the risk retention vehicle that was announced in January. Cash has increased to 10% of NAV as the manager's view is that credit markets are now quite fully valued and better opportunities should emerge in due course. Liberum view We calculate approximately half of the NAV return in the month was attributable to FX gains given the 2.1% appreciation of the US Dollar (portfolio exposure is 24% US Dollar). Volta continues to generate attractive returns and is well-placed to deliver another year of double-digit NAV performance. The shares currently trade on an 12.9% discount to NAV.
davebowler
09/3/2017
12:34
Liberum; Volta Finance (Mkt Cap £234m) FX gains drive NAV growth Event Volta has published an early estimate of its NAV at 28 February 2017 which indicates growth of 0.8% over the month to €8.57. The monthly report will follow in due course around the 20 March. Liberum view We calculate the majority of the NAV return in the month was attributable to FX gains given the 2.1% appreciation of the US Dollar during the month. Volta is well-placed to deliver another year of double-digit NAV performance. The shares currently trade on an 12% discount to NAV and offer an 8.2% prospective dividend yield. Specialist Fi
davebowler
23/2/2017
11:36
Its Tetragon HTtp://www.tetragoninv.com/about-us/about-us-overview HTtp://www.tetragoninv.com/~/media/Files/T/Tetragon-V2/financial-report/2017/161231-tfg-monthly-letter.pdf
davebowler
22/2/2017
21:36
Never heard of TFG, davebowler will try and fine time to take a look
cerrito
21/2/2017
14:28
Have you looked at TFG.L, Cerrito and atholl91?
davebowler
21/2/2017
10:12
Liberum; Specialist Finance CLO Funds Slower start to 2017 Event January was a weaker month for both Carador and BGLF, returning 0.8% and 0.1% over the month respectively following a strong 2016 for both funds and the sector as a whole. The year started strongly for the sector with the JP Morgan CLOIE post-crisis B-rated index up 10.9% in January. As CLO debt rallied CLO equity valuations were softer, driven by concerns around loan refinancings and an increased supply of CLO equity paper in the secondary market. CLO issuance in January totalled $1bn through two US CLOs and one €0.4bn European CLO. Refinancing and reset activity volumes totaled $8.0bn in the US and €1.3bn in Europe. Blackstone also announced this morning its intention to raise further capital under the 12 month placing programme announced in March 2016. The issue price will be €1.02, which constitutes a 2% premium to January NAV after adjusting for the dividend declared on 20 January, to be paid on 24 February. The number of new shares to be issued will be decided and announced following the close of the placing on 2 March 2017. Liberum view Carador now trades at a 1.9% premium to NAV, with Blackstone trading at a 2.4% premium; this compares to a -2.1% discount for the peer group. The CLO funds offer a 10% average prospective dividend yield and believe it represents one of the more attractive sub-sectors in the alternative funds universe given relatively low default outlook for the market. Volta and Fair Oaks remain our top picks in the sector.
davebowler
16/2/2017
18:40
Thanks to DB. I've sold some of my VTA as the discount doesn't seem to shift and I am Euro bearish. Bought some more CIFU & FAIR due to USD and better yields. Still think FAIR has the best Manager in this space but will be interesting to see how its fund raising goes Cerrito.
atholl91
13/2/2017
18:19
Thank you very much Dave Bowler for posting that note which as a holder of VTA,FAIR and CIFU I read with interest. IMO they are right to say that CLO products are very attractive compared to most other fixed income products; that is not saying very much given the to me poor fixed income prospects. They correctly note the good default history over the recent past for the industry-especially excluding energy loans-and comment on the lack of interest rate duration risk. As in the past FAIR have said that an interest rate increase would have a reasonably important impact on the portfolio, I read note 21 of the VTA last AR more thoroughly than I had in the past; they did not quantify what would be the impact of an interest rate move . They did say that CLO equity(24% of portfolio) would be hit by any increase in rates given the floors and that floating rate assets would benefit from any increase. Incidentally this note 21 refers to the VTA holding in Alba UK Mortgage pool-which holders of QWIL/ERII will remember. On a broader level, the article did confirm my feeling that things are going very well for the sector at the moment…but is there scope for it to get much better?? For that reason I am not buying anymore and do not currently plan to participate in the FAIR equity raise(and it will be interesting to see how that goes)-nor am I selling In the next days we will be getting Jan 31 NAV figures and I am expecting a good increase
cerrito
13/2/2017
12:20
General opinion of CLO's from; John Magrath Partner, Head of Distribution 020 7015 8912 TwentyFour Asset Management Good Afternoon, It has been a very strong start of the year for risk assets as cash is being put to work but supply has been relatively limited, creating a strong technical backdrop. Within ABS, one of the best performing sectors has been mezzanine CLOs, where spreads have tightened 25-100 basis points for BBB to B rated bonds, and a greater degree of tiering has opened up between managers and vintages. 2013-2015 deals in particular are being priced to mature at the end of their 2 year non-call periods and prices have naturally gravitated towards par. New and refinanced CLOs are being printed at roughly 3.5-4.0% yield for BBB, 6-7% for BB and close to 9% for single-B rated bonds. However, loan issuance remains subdued hence CLO managers are struggling to ramp up new deals and get the old ones fully invested. For this reason you would expect single-Bs to price wider, as investors are taking the risk that the manager will not be able to ramp the deal efficiently, and it increases the chances of next year’s credit skeletons finding their way into the underlying collateral pool (as Mark wrote about last Friday). Last week CVC priced their new CLO, Cordatus 8, with the underlying portfolio being just 33% of the deal ramped. Although CVC is a very well respected CLO manager, we believe that there is better value in the older CLOs that are currently being refinanced, as the investor has greater transparency surrounding the collateral and there is less exposure to the primary loan market, where yield levels are tight and leave little margin for any market price correction. We have been selective sellers so far this year in the 2014/2015-vintage BB CLOs (trading at 99-100 with a coupon below Euribor + 550bps), in favour of the 2016 refinanced transactions that are trading close to par with Euribor +650-700bps coupons. The downside in any sell-off is limited as ramping a CLO in the first half of 2016 was attractive, due to the relative value of the underlying loans during that period. This does not take away from the fact that there is a lot of option value in potential call stories. We also recognise the value in selective single-B rated classes, where some tranches are trading at a discounted price in the mid-80s (due to their lower coupons at issuance). Underlying loan performance has been strong over the past year, aided by general improvement in ratings and a default rate of virtually zero. Despite the rally in the underlying loans, we think CLOs remain very attractive compared to most other fixed income products, with the added benefit of CLOs exhibiting no interest rate duration risk. With no obvious pick-up in leverage loan issuance and limited CLO primary supply, the strong market technical looks set to continue, hence our view that the outperformance of the CLO sub-sector is unlikely to change anytime soon.
davebowler
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