Volta Finance Limited : Net Asset Value(s)
(Thomson Reuters ONE) -
Volta Finance Limited (VTA) - January 2015 monthly report
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES
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Guernsey, 26 February 2016
PERFORMANCE
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 ABS.
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.
MARKET REVIEW AND PORTFOLIO ACTIVITY
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 bucket.
CONTACTS
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
Serge.demay(at)axa-im.com
+33 (0) 1 44 45 84 47
Company Secretary and Portfolio Administrator
Sanne Group (Guernsey) Limited
voltafinance(at)sannegroup.com
+44 (0) 1481 739810
Liberum Capital Limited
Richard Bootle
Jonathan Wilkes-Green
+44 (0) 20 3100 2222
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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 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.
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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 ?694
billion in assets under management as of the end of June 2015. AXA IM employs
approximately 2,360 people around the world.
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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.
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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.
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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.
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January 2016 monthly report:
http://hugin.info/137695/R/1989689/730754.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Volta Finance Limited via GlobeNewswire
[HUG#1989689]
Unternehmensinformation / Kurzprofil:
Datum: 26.02.2016 - 08:01 Uhr
Sprache: Deutsch
News-ID 453547
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