Volta Finance Ld Volta Finance Limited - Net Asset Value As At 28 February 2019

Data : 15/03/2019 @ 18:00
Fonte : UK Regulatory (RNS & others)
Titolo : Volta Finance Limited (VTA)
Quotazione : 6.57  0.01 (0.15%) @ 09:26
Quotazione Volta Finance Grafico

Volta Finance Ld Volta Finance Limited - Net Asset Value As At 28 February 2019

 
TIDMVTA 
 
 
   Volta Finance Limited (VTA / VTAS) -- February 2019 monthly report 
 
   NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR 
INTO THE UNITED STATES 
 
   ***** 
 
   Guernsey, 15 March 2019 
 
   AXA IM has published the Volta Finance Limited (the "Company" or "Volta 
Finance" or "Volta") monthly report for February. The full report is 
attached to this release and will be available on Volta's website 
shortly (www.voltafinance.com). 
 
   PERFORMANCE and PORTFOLIO ACTIVITY 
 
   In February, Volta's NAV* total return performance was +0.4%, bringing 
the YTD performance to 3.5% after a volatile end to 2018. 
 
   Volta will pay its quarterly dividend (EUR15 cents per share) on the 
28(th) March (the ex-dividend date was the 7(th) March). 
 
   This positive performance was driven mainly by the good performance of 
bank balance sheet transactions (+1.2% for the month) and of CLO debt 
tranches (+0.8%). The performances of Volta's other asset classes in 
local currencies were: -0.4% for CLO Equity tranches; +0.1% for Cash 
Corporate Credit deals; and +0.5% for ABS. 
 
   Volta is almost fully invested when taking into account the need to keep 
cash for the dividend being paid in March. In February we added $2m 
capital to a CLO warehouse.  Currently, we hold only one warehouse, 
which was opened in late 2018. At the time of writing this warehouse 
facility has been successfully converted into a CLO. Because this 
warehouse was opened late in 2018 we avoided the painful situation faced 
by some market participants who have warehouse facilities holding 
expensive loans purchased several months previously and who now are 
struggling to convert the warehouse into a CLO. 
 
   Despite the recent volatility, Volta's assets continue to perform well. 
As an example, our CLO Equity positions, both in Europe and the US, are 
exposed to loan portfolios that hold fewer Caa1 or below rated loans 
than the market: 1.5% for our European positions against 1.6% for the 
market and 2.6% for our US positions against 4.1% for the market(1) . 
 
   These statistics together with the very low level of defaults 
experienced both for US and European loans are signs that despite the 
recent volatility, the fundamentals are still supportive. 
 
   As we are increasing our CLO equity tranches and reducing CLO debt 
tranches, we are reducing Volta's leverage on its CLO debt by $10m. We 
now prefer to take exposure to leverage through the long-term embedded 
borrowings provided by CLO Equity rather than leveraging CLO Debt 
through the repo, even though the repo is attractively structured.  This 
repayment was done through cashflow generation and not through sales of 
debt tranches. 
 
   In February, Volta generated the equivalent of EUR0.6m in interest and 
coupons net of repo costs (non-Euro amounts translated into Euro using 
end-of-month cross currency rates). This brings the total cash amount 
generated during the last six months in terms of interest and coupons to 
EUR20.1m; 13.8% on an annual basis of Volta's NAV. The projected IRR of 
Volta's current portfolio is 12% using reasonable and market standard 
assumptions.  The 1.3% difference from the current yield of the 
portfolio reflects the assumption that at some point in time we will 
experience more defaults than we have experienced in recent years. 
 
   As at the end of February 2019, Volta's NAV was EUR292m or EUR7.98 per 
share. The GAV stood at EUR340.9m. 
 
   *It should be noted that approximately 10.5% 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 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 are valued 
using the most recently available NAV for each fund or quoted price for 
such subordinated note. The most recently available fund NAV or quoted 
price was for 6.5% as at 31 January 2019 and for 4.0% as at 28 September 
2018. ** "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 bucket. 
 
   (1) Source Intex : comparable deals with same vintage and currency 
 
   CONTACTS 
 
   For the Investment Manager 
 
   AXA Investment Managers Paris 
 
   Serge Demay 
 
   https://www.globenewswire.com/Tracker?data=QX-nDkvPYe0Fz9pRF75PVUIYNdCKEk1V3DvSI6pbLYPh_zHRRMzdKws-QH0GP9wOVSlXEG0vA-rIcueWKsXlUmni3NNOogyQNvva9sRDbGA= 
serge.demay@axa-im.com 
 
   +33 (0) 1 44 45 84 47 
 
   Company Secretary and Administrator 
 
   BNP Paribas Securities Services S.C.A, Guernsey Branch 
 
   https://www.globenewswire.com/Tracker?data=aQOozh54uhQEqyv5hPCn-E-vtTINejixNlitEg_jop6HuZteXiKJcNnEa0bqYy_SwFaa1C3X6bXlFS4hBnMpjyJ8FwTYSfp_3CnHnI8jLJujTbQfnX9MpVKt9H0xMaILHjiocCQSqFSFxTcXbuOqK3pqbKe7PjFQ9vkSv1QAqsk_SQYt6-ZrQcwgKnVdKc3pXraFDvoJB6Ihm-UdryQcFXkGhNhXZPvDo0R5vJl9gq6N2S_0uyKAC4DuE9Pnwevd-FbTHX1Lr_hEnZy7ctIaU_Sa8D_yTawdNwABwnIBpMcCacENhxC8dVmu_kyHJvlCcRTidayYi-4y7JQvcCro_0VMytV_tn9CaoXUGc-CdscK8aQr_NSAxOveIuWM5ZKB 
guernsey.bp2s.volta.cosec@bnpparibas.com 
 
   +44 (0) 1481 750 853 
 
   Corporate Broker 
 
   Cenkos Securities plc 
 
   Andrew Worne 
 
   Oliver Packard 
 
   Sapna Shah 
 
   +44 (0) 20 7397 8900 
 
   ***** 
 
   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. 
 
   ***** 
 
   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 766 investment professionals and EUR759 billion in assets 
under management as of the end of June 2018. 
 
   ***** 
 
   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. 
 
   ***** 
 
   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 
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. 
 
   ***** 
 
   Attachment 
 
 
   -- February 2019 Monthly Press Release final 
      https://ml-eu.globenewswire.com/Resource/Download/f1292b0a-0f44-407e-a196-6d16b47a1626 
 
 
 
 
 

(END) Dow Jones Newswires

March 15, 2019 13:00 ET (17:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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