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In our note, Credit resilience from CLO structure and manager, we noted the fall in prices of loans that could be affected by events in the Middle East (e.g. energy price surges). Also, concerns related to AI disruption have penalised software companies’ loans. We reiterated why Volta’s underlying portfolio exposure is limited, noting the double benefits from i) incremental protections embedded within CLO vehicles, ii) the manager’s track record of better-than-CLO market risk management. MTM accounting means NAV will show sentiment-driven volatility, and we have now reflected a large writedown in FY’26 (ending July), largely recovered in FY’27. The underlying portfolio will drive long-term performance.
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