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In our note, Credit resilience from CLO structure and manager, we noted the fall in the prices of loans that could be affected by recent events in the Middle East (e.g. surge in energy prices). Also, concerns related to AI disruption have penalised software companies’ loans. In our note, 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 write-down in FY’26 (ending July), largely recovered in FY’27. The underlying portfolio drives long-term performance.
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