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In our 15 September note, Value added by active portfolio management, we explored how Volta’s portfolio positioning had delivered relative resilience amid the COVID-19 crisis. AXA IM selected investments i) whose price reflected a downturn, ii) of recent vintage, and iii) in defensive sectors. Volta marks to market its investments and has suffered from sentiment-driven effects. Annualised received cashflows, now, represent 15% of September NAV, and market conditions have been improving. Volta’s recent discount to NAV is anomalous with trends in comparable corporate debt markets despite having the same fundamental exposures.
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