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Volta Finance Limited : Net Asset Value

Volta Finance Limited (VTA) - September 2016 monthly report



Guernsey, 20 October 2016

Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") has
published its monthly report. The full report is attached to this release and
is available on Volta's website (


In September, Volta's Estimated NAV*performance was 1.4%, adjusting for the
dividend of €0.15 per share paid in the month, in line with modest positive
performance in most credit and equity markets.

As at the end of September, the year-to-date Estimated NAV*performance was
8.8%, adjusting for the April and September dividend payments. After 12.4% in
2014 and 10.0% in 2015, 2016 is expected to be another good year for Volta
and its shareholders.

In September, Volta sold four positions (two USD CLO debt and two European CLO
debt). On average and based on standard market assumptions, these assets were
sold with expected yields close to 4.5%. During the month no assets were

At the end of September 2016, Volta's Estimated NAV*was €294.2m or €8.05 per
share. The GAV stood at €335.0m.

In September, mark-to-market variations**of Volta's asset classes were: +1.2%
for Synthetic Corporate Credit deals; +1.8% for CLO Equity tranches; +1.7%
for CLO Debt tranches, +1.8% for Cash Corporate Credit deals; and, +0.7% for

In September, Volta generated the equivalent***of €1.0m in interest and
coupons (net of Repo costs), bringing the total cash amount generated during
the last six months in terms of interest and coupons (net of Repo costs)
during the last six months to €14.4m.

Cash holdings or cash equivalent instruments at the end of September totaled
€8.0m and the Company can be considered as almost fully invested. Considering
the significant rally that occurred on CLO debt tranches during the summer,
AXA IM expects to continue selling some of its old positions and buying more
recently issued deals in order to increase the projected yield of the

AXA IM continues to see opportunities in several structured credit sectors
including mezzanine and equity tranches of CLOs, RMBS tranches and tranches
of Cash Corporate Credit and Synthetic Corporate Credit portfolios.

*It should be noted that approximately 11.1% of Volta's GAV comprises
investments in funds 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 own NAV on as timely a basis as possible in order to
provide shareholders with Volta's appropriately up-to-date NAV information.
Consequently, such investments in funds are valued using the most recently
available NAV for each fund. The most recently available fund NAV was as at:
31 August 2016 for 10.3% of Volta's GAV and as at 30 June 2016 for 0.8% of
Volta's GAV.

"Mark-to-market variation" is calculated as the Dietz-performance of the
assets in each bucket, taking into account the Mark-to-Market of the assets
at month-end, 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

on-euro amounts translated into euro using end-of-month cross currency rates.


For the Investment Manager

AXA Investment Managers Paris
Serge Demay

+33 (0) 1 44 45 84 47

Company Secretary and Portfolio Administrator

Sanne Group (Guernsey) Limited

+44 (0) 1481 739810

Corporate Broker

Cenkos Securities plc
Alan Ray
Oliver Packard
Sapna Shah
+44 (0) 20 7397 1916



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.



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 billion in assets under management as of the end of June 2016. AXA IM
employs approximately 2,399 people around the world.


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. The
company 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'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.
Volta Finance 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.


September 2016 Monthly Report


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Volta Finance Limited via Globenewswire

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