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In our 15 September note, Value added by active portfolio management, we explored Volta’s portfolio positioning (increasing CLO equities and reducing CLO debt). We showed how this 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, though, represent 16% of August NAV, and market conditions have been improving. We also examined the upside optionality that Volta’s portfolio provides to any further recovery.
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