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In our note, Simple Simon Says, we explored three aspects of Volta’s portfolio, highlighting their simplification – simplified. Firstly, unless there is a compelling, opportunistic case, new investments will be in CLO structures only, and not in other structured finance instruments – the asset mix is being simplified. Second, there should be an increased weighting to AXA IM-managed CLO vehicles, reflecting good performance and lower fees – the manager mix is being simplified. Third, we detailed why CLOs are, at heart, simple cashflow structures, which should be viewed as such, free from the terminology that could confuse a clear story.
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