Title: Volta Finance Ltd Monthly Report- July 2023 URL Source: https://is.gd/FAksWG Published Time: Thu, 08 May 2025 14:07:54 GMT Markdown Content: Background and Investment Objective ## Fund Performance ## Asset Breakdown ## Historical Performance ## Top 10 Underlying Exposures ## Portfolio Rating Breakdown AXA Investment Managers Paris (“AXA IM”) has been the Investment Manager of Volta Finance Limited (“Volta”) since inception. 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. For this purpose, Volta pursues a multi-asset investment strategy on deals, vehicles and arrangements that provide leveraged exposure to target Underlying Assets (including corporate credit, residential and commercial mortgages, auto and student loans, credit card and lease receivables). # Volta Finance Ltd > 1 Share (VTA.NA) performance (annualised figures with dividends re-invested). Source: Bbg (TRA function) > 2 Performance of published NAV (including dividend payments) . > 3 Calculated as the most recent annual dividend payments versus the month-end share price (VTA.NA) . > 4 Calculated as total income divided by the most recent annual dividend payments . L : 60 mm X 110,5 mm L : 97,5 mm X 55 mm L : 97,5 mm X 50 mm L : 97,5 mm X 50 mm Data as of 31 Mar 2025 Gross Asset Value €271.5m NAV €269.6m NAV per share €7.37 Outstanding Shares 36.6m Share Price (Euronext) €6.50 Share Price (LSE)* €6.45 VTA.NA VTA.LN VTAS.LN ISIN GG00B1GHHH78 Fund Facts Launch Date Dec-2006 Fund Domicile Guernsey AEX LSE Type of Fund Closed-ended Dividend Quarterly Dividend Cover 4 2.7 times Base currency EUR Tickers Corporate Credit and ABS Asset types Listing and Trading Virgin Media Secured Finance PLC 0.7% Media Action Holding BV 0.6% Retail Laboratoire Cerba 0.5% Healthcare-Services Emeria Europe SAS 0.5% Real Estate BMC Software Finance Inc 0.5% Software Altice France SA 0.5% Telecommunications INEOS Group Holdings SA 0.5% Chemicals Verisure Holding AB 0.5% Commercial Services Biogroup-LCD SCM 0.4% Commercial Services McAfee LLC 0.4% Computers As a % of Gross Assets Value USD CLO Equity 19.4% USD CLO Debt 12.9% EUR CLO Equity 30.6% EUR CLO Debt 18.5% CMV 4.5% CLO Warehouse 4.2% Bank Balance Sheet Transactions 0.0% Cash Corporate Credit Equity 0.3% ABS Residual Positions 0.0% Cash or equivalent 9.6% Others 0.0% 1% 19% 14% 66% BBB BB BNR / NA Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2025 1.7% 1.6% -2.9% 0.3% 2024 2.8% 1.0% 2.3% 1.3% 1.7% 0.3% 0.9% 0.1% 2.3% 4.3% 2.1% 0.3% 21.2% 2023 5.5% 1.7% -1.5% 3.0% 1.9% 0.0% 3.8% 1.3% 1.6% 0.5% 1.8% 2.6% 24.5% 2022 1.7% -3.9% 1.5% 2.3% -11.8% -4.6% 4.5% 2.8% -7.2% -2.6% 6.3% -0.9% -12.7% 2021 3.9% 1.0% 1.1% 2.1% 0.4% 2.2% 1.9% -0.5% 1.9% 1.2% 1.0% 0.3% 17.9% 2020 1.1% -2.6% -32.4% 5.7% 4.5% 6.9% -1.2% 1.9% 4.8% 1.6% 7.2% 4.3% -5.7% -150 -100 -50 050 100 150 200 250 300 350 400 450 500 550 600 650 700 > 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 > Cumulative Total Return (Gross Dividends) > Source: AXA IM, as of March 2025 > Source: Intex, Bloomberg, AXA IM Paris as of March 2025 – unaudited figures - not accounting for unsettled trades Figures expressed in % of the NAV > Source: Bloomberg, as of March 2025 > Source: AXA IM, as of March 2025 > MONTHLY REPORT VOLTA FINANCE LIMITED - March 2025 ⯀1 9.5% 24.1% -2.9% Annualised since inception 1 Annualised over 5 years 1 1 month 2 €269 .6m 9.2% NAV as of March 2025 Trailing 12-month Div. Yield 3 Monthly Report - March 2025 > The sum of percentages may not add up to 100.00% due to rounding. Volta Finance’s net performance for the month of March was negative -2.9%, taking the Aug 2024-to-date performance at +9.7%. Both our investments in CLO Debt and CLO Equity were impacted by the broader volatility and risk repricing across global markets. In line with its dividend policy, Volta declared a 15.5c quarterly dividend through the month. CLO markets exhibited classic cyclical patterns characterized by spread tightening in January followed by some widening towards the end of the Quarter. However, market movements in March extended beyond typical seasonal dynamics as geopolitical tensions and uncertainties surrounding President Trump's trade policies had a significant impact. The announcement of tariffs targeting Canada, Mexico and increased levies on China in February shook Equity markets across the globe and triggered a general repricing of risk. March saw additional tariff threats hinting towards a total revamp of US trade agreements in the making. Major Equity indices sold off, with pressures on technology, automotive and consumer discretionary sectors notably. These announcements overshadowed positive news on the inflation front (cooling PCE), while the Fed maintained its key rate on March 19. Lower GDP growth projections were on everybody’s mind, while markets were left in limbo ahead of the tariff announcements of the US administration due to take place on April 2nd. It was no surprise to see Credit markets repricing in March as well: the European High Yield index (Xover) closed around 40bps wider at 328bps. In the loan market, Euro Loans dropped c. 1pt to about 97.80px (Morningstar European Leveraged Loan Index) while US Loans felt by 85cts down to 96.30px. The primary CLO market remained active as many transactions were executed, although levels moved wider across the capital structure, notably BBs towards +600bps (from +475bps context). In terms of performance, BBs had a total return of -1.5%, US High Yield returned -1.07% and Euro High Yield were down by -1%. Looking at Volta Finance’s cashflow, the portfolio generated c. €28m equivalent of interests and coupons over the last six months, representing c.21% of February’s NAV on an annualized basis. Over the month, Volta’s CLO Equity tranches returned -4.3%** while CLO Debt tranches returned -0.5% performance**, cash representing c. 10% of the NAV. Volta is around 21% exposed to USD, the March currency moves having a meaningful impact on the overall funds’ performance (-0.94%). As of end of March 2025, Volta’s NAV was €269.6m, i.e. €7.37 per share. *It should be noted that approximately 0.29% 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 0.18% as at 28 February 2025, 0.11% as at 30 September 2024. ** “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. ## Monthly Commentary ## Currency and Geography exposures (%) ## Portfolio Composition by Asset Type Last Eighteen Months Performance Attribution # Volta Finance Ltd L : 97,5 mm X 50 mm L : 97,5 mm X 83 mm L : 97,5 mm X 83 mm L : 97,5 mm X 50 mm 79% 21% 0% Currency EURO USD GBP 46% 54% 0% Geography US Europe Other -15% -10% -5% 0% 5% 10% Interests & Coupons Net MtoM Impact Ex Ccy > MONTHLY REPORT VOLTA FINANCE LIMITED - March 2025 ⯀2 > Source: Intex, Bloomberg, AXA IM Paris as of March 2025 – unaudited figures - not accounting for unsettled trades Figures expressed in % of the NAV > Source: AXA IM, as of March 2025 USD CLO Equity 19.4% USD CLO Debt 12.9% EUR CLO Equity 30.6% EUR CLO Debt 18.5% CMV 4.5% CLO Warehouse 4.2% Synthetic Corporate Credit Equity 0.0% Synthetic Corporate Credit Debt 0.0% Bank Balance Sheet Transactions 0.0% Cash Corporate Credit Equity 0.3% Cash Corporate Credit Debt 0.0% ABS Residual Positions 0.0% ABS Debt 0.0% > Cash or equivalent 26.0 Cash or equivalent 9.6% GAV 271.5 Liability - Debt from Repurchase Agreement 0.0% Payables (1.9) Fees, dividend and other payables (0.7)% > Estimated NAV 269.6 Per Share 7.37 Synthetic Credit 0.1 Cash Corporate Credit 0.8 ABS - Market Value ( €m) Breakdown (% GAV) CLO 244.6 > Source: AXA IM, as of March 2025 Monthly Report - March 2025 Important Information This monthly report 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 «Company») whose portfolio is managed by AXA IM. This monthly report is intended only for the person to whom it has been delivered. By obtaining access to and reviewing this monthly report, you acknowledge and agree to be bound by the following: No part of this document may be reproduced in any manner without the prior written permission of AXA IM. This monthly report does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of the Company whose portfolio is managed by AXA IM, or securities of any other entity (together, the “Securities”). The Securities described in this monthly report may not be eligible for sale in some states or countries and may not be suitable for all types of investors. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Securities in the Company may not be offered or sold directly or indirectly into the United States or to U.S. Persons. Nor shall this monthly report or any part of it nor the fact of its distribution or publication (on the Company’s website or otherwise) form the basis of, or be relied on in connection with, any contract or investment decision in relation to the Securities. This monthly report does not constitute a recommendation to buy, sell or hold the Securities. The information contained herein is for information purposes only, does not purport to contain all the information that may be required to evaluate the Company or any other entity or their respective financial positions. This monthly report speaks only as of its date and neither AXA IM nor the Company is under any obligation to update the information contained herein. Certain information and estimates contained herein are originated by or derived from third parties and the accu- racy and completeness of such information and estimates has not been verified. It should also be noted that the financial information contained herein has not been audited. No representation or warranty whatsoever, whether express or implied, is given by or on behalf of AXA IM, the Company, their affiliates, or their respective directors, officers or employees or any other person as to (a) the accuracy or completeness of the information or (b) the opinions contained in this monthly report. None of AXA IM, the Company, any of their affiliates, or their respective direc- tors, officers or employees or any other person accepts any liability whatsoever for any such information or opinions. Nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance of the Company, any other entity, any Securities or any asset class in the Company’s portfolio. 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 the Company, 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. No statement in this monthly report is intended to be nor may be construed as a profit forecast and there can be no assurance that the assumptions described herein, the returns and targets (including without limitation target portfolio composition) indicated herein will be achieved. The views and opinions expressed herein include forward-looking statements which may or may not be accurate. Forward-looking statements can be identified by words like ’’believe’’, ‘’expect’’, ‘’anticipate’’, or similar expressions. You should not place undue reliance on forward-looking statements, which are current as of the date of this report. AXA IM disclaims any obligation to update or alter any forward- looking statements, whether as a result of new information, future events or otherwise. 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 Company 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. They follow the valuation policy of the Company as adapted from time to time in the best interests of the shareholders, taking into account the conditions of financial markets at that time. Volta qualifies as an alternative investment fund within the meaning of the AIFM Directive and is notified as such under the license held by AXA IM with the Autorité des Marchés Financiers (the “AMF”) in France. 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 92908 Paris – La Défense cedex – France, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF Approval no. GP 92-08, issued on 7 April 1992. ## Contact: For the Investment Manager AXA Investment Managers Paris François Touati Francois.touati@axa-im.com +33 (0) 1 44 45 80 22 Company Secretary and Administrator BNP Paribas S.A, Guernsey Branch guernsey.bp2s.volta.cosec@bnpparibas.com +44 (0) 1481 750 853 # Volta Finance Ltd > MONTHLY REPORT VOLTA FINANCE LIMITED - March 2025 ⯀3 Monthly Report - March 2025