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While 2018 proved a challenging market, Volta still delivered YTD NAV performance to end-November of ca.5% (well ahead of most peers). Market uncertainty, however, has seen a further widening of its discount to NAV, to ca.20%. Looking forward to 2019, it is likely that defaults may rise through the course of year. This is also likely to widen credit spreads and increase the number of mis-pricing opportunities in the market. The effect of increased returns on new investments needs to be balanced against likely MTM movements driven by credit. The discount to NAV is unusually high, and Volta has a good track record of delivering returns, although some volatility may be expected in 2019.
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