Share Name Share Symbol Market Type Share ISIN Share Description
Volta Finance Limited 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 0.0% 6.05 5.80 6.30 6.05 6.05 6.05 4,447 08:00:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 38.7 106.0 5.7 221

Volta Finance Ld Volta Finance Limited - Net Asset Value As At 31 May 2021

09/06/2021 5:15pm

UK Regulatory (RNS & others)

   Volta Finance Limited (VTA / VTAS) -- May 2021 monthly report 
   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 
   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 
   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 
   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 
   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 
   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 
   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. 
   For the Investment Manager 
   AXA Investment Managers Paris 
   Serge Demay 
   +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 
   Corporate Broker 
   Cenkos Securities plc 
   Andrew Worne 
   Daniel Balabanoff 
   +44 (0) 20 7397 8900 
   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 
   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. 
   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. 
   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 
   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 
   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. 
   -- Volta - Monthly Report - May 2021 

(END) Dow Jones Newswires

June 09, 2021 12:15 ET (16:15 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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