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In this note, we remind investors of Volta’s many attractions, and examine what would be required for the Volta 9%+ yield to be seriously threatened. We note the broad diversification of underlying cashflows, the consistency of income and monthly returns, and the manager’s excellent track record. We also explore the business dynamics in a downturn and how investor sentiment may be less volatile with increased cov-lite documentation. The discount appears anomalous relative to peers given Volta’s track record and the issues identified above.
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