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In our note, Follow the money, published on 3 February 2020, we reminded investors of Volta’s attractions and risks and how it generates the cash to pay the dividend (yield 9.4%); we also reviewed the Report and Accounts. The core to paying the dividend is generating cash from the underlying 700 borrowers, a broad diversification by counter-party, geography and economic sector. Currently, a near-record level of income yield is being generated. While recent months have seen both forex and sentiment volatility, with a range of positive and negative capital movements, the long-term performance will be driven by cash generation. The discount appears anomalous given Volta’s track record.
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