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In our note, Hardman presentation: Carpe Diem, we summarised the manager’s recent Hardman Talks presentation, Seizing opportunities in volatile times. The key messages were i) refi/reset helped build annualised cashflows to a high-teen percentage of NAV, more than double the dividend payout, which should allow the NAV to grow over the medium term, ii) most underlying loans are floating rate, and so income will rise with interest rates, and iii) the net US exposure is positive in the current environment. Recent months have shown that the MTM can be volatile ‒ both negative (May/June) and positive (July), but Volta is about identifying long-term cashflows, which remain strong and stable.
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