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In our note, FY’24: another year of outperformance, we highlighted that Volta’s monthly to its FY-end of July reported a NAV total return of 19.7%, while annualised cash receipts are 22% of the July NAV, consistent with levels seen since mid’22. In this note, we detail the different elements that have driven this performance. We note both positive markets and incremental value added by the manager. To put Volta’s returns into perspective, YTD to end-July, there has been a +10.8% total NAV return, more than twice the level of high-yield debt markets (US and Europe), which returned ca.4.5%. For 18 consecutive months, now, it has generated positive NAV returns. The discount appears to be anomalous with such a performance.
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