Volta Finance Ltd: R&A shining light on 20%+ IRR base-case scenarios
In our note, Cash is king and the king is rocking and rolling, published on 16 September 2022, we examined Volta’s success in generating cashflows at near-record levels, and looked forward, considering why defaults would rise – but not to the level then built into loan prices. We also highlighted Volta’s diversification and geographical exposure. These positive underlying features continue, and we briefly update them in this note. We also consider how investors can use the recent Report and Account (R&A) disclosure to better understand the true business drivers and that Volta’s mark-to-market accounting creates volatility around these positive fundamentals.Volta Finance is a closed-ended investment company with the objective of investing, among other asset types, in the following main asset classes: Collateralized Loan Obligation, Synthetic Corporate Credit, Cash Corporate Credit and ABS. Co. has appointed AXA Investment Managers Paris S.A., as its Alternative Investment Fund Manager to manage the investments of Co.
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