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The NAV has risen 6.9% since the end of 2018; slightly above the average run rate over the past five years (9.6% p.a.). In the past month the discount has widened from 12% to 13%) a similar trend to the peer average (discount widened 5% to 7%). In our Directors Talk interview, we highlighted why we believe Volta has the right approach to valuation (e.g. all its CLO positions, ca 75% of gross asset value use an independent pricing provider not prices from arranging banks), corporate governance, and how it manages its liquidity to never be a forced seller of assets. The latter is through its permanent capital structure and only having 16% of assets which by nature could not be sold overnight.
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