Bli medlem
Bli medlem

Du är här


Volta Finance Limited : Net Asset Value(s)

Volta Finance Limited (VTA) - January 2015 monthly report



Guernsey, 26 February 2016


At the end of January 2016, the Estimated NAV* of Volta Finance Limited (the
"Company", "Volta Finance" or "Volta") was €274.4m or €7.51 per share, a
decrease of €0.31 per share.

The NAV performance for January was -4.0% following a gain of 10% for calendar
year 2015 (including the April and December dividend payments). This negative
performance for January was mainly caused by the decline in prices of CLO
debt tranches.

The GAV stood at €318.2m at the end of January 2016.

In January, mark-to-market variations** of Volta's asset classes were: -0.2%
for Synthetic Corporate Credit deals; -2.4% for CLO Equity tranches; -5.7%
for CLO Debt tranches, +2.5% for Cash Corporate Credit deals; and, +0.6% for

Once again in January, Volta benefited from its diversification across and
within various sub-asset classes, being able to partially mitigate the sharp
downward revision in CLO debt prices thanks to the varying correlation that
exists with some other portions of the portfolio.


In January 2016, credit markets were shaky again, with a negative performance
from corporate credit bonds and both the US and the European loan markets.

In January, Volta received the equivalent of €5.1m in interest and coupons
(non-Euro amounts translated into Euro using end-of-month cross currency
rates) bringing the total cash amount received in terms of interest and
coupons during the last six months to €15.9m.

In early January, Volta sold 2 USD CLO debt tranches (at an average projected
yield of Libor+350bp) and received the principal payment from one Euro CLO
debt tranche for a total of €7.2m. These funds were reinvested in February at
significantly wider spreads (Libor + 975bp on average). For several months,
we have redeemed and sold CLO 1.0 debt tranches, replacing them with higher
yielding CLO 2.0 tranches.

Cash or cash equivalent instruments at the end of January totalled €16.7m. The
cash flows received from our assets have increased in the most recent months
and should continue to do so.

Despite the significant stress in credit and equity markets over the past 6
months, this has not been reflected materially on the Company's Estimated NAV
which, with a fall of 4.8% between the end of July 2015 and end of January
2016 has exhibited relative stability. This has been achieved thanks to the
relatively conservative approach adopted over recent years, combined with the
breadth and flexibility of mandate available to Volta, which enables us to be
selective and opportunistic. That has been reflected in alpha relative to
both opportunity set and peer group.

We continue to see opportunities in several structured credit sectors
including mezzanine or equity tranches of CLOs, RMBS tranches as well as
tranches of Cash or Synthetic Corporate Credit portfolios.

Announcement of election of Home Member State

EU Directives 2004/109/EC, 2007/14/EC and 2013/50/EU, which are frequently
referred to together as the EU Transparency Directive ("EUTD") require
issuers of securities listed on an EU regulated market to publicly disclose
their Home Member State. In accordance with the EUTD, Volta hereby discloses
that its Home Member State is the Netherlands.

*It should be noted that approximately 11.0% of Volta's NAV 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. As at 31 January 2016, the most recently
available fund NAV was as at 31 December 2015 for 10.4% of Volta's NAV and as
at 30 September 2015 for 0.6% of Volta's NAV.

**"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


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

Liberum Capital Limited

Richard Bootle
Jonathan Wilkes-Green
+44 (0) 20 3100 2222



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 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
€694 billion in assets under management as of the end of June 2015. AXA IM
employs approximately 2,360 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.


January 2016 monthly report


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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


Författare WKR

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.