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Volta Finance Ltd.
Earnings Release • Oct 27, 2025
9950_rns_2025-10-24_b24321ee-722c-4892-aa9c-debc25ec108f.pdf
Earnings Release
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Volta Finance Ltd
Monthly Report - September 2025
Data as of 30 Sep 2025
Gross Asset Value €279.2m €272.6m NAV per share €7.45 Outstanding Shares 36.6m
Share Price (Euronext) €6.92 Share Price (LSE)* €6.98 VTA.NA
VTA.LN Tickers VTAS.LN ISIN GG00B1GHHH78
Base currency
Asset types
Fund Facts Launch Date Dec-2006 Fund Domicile Guernsey AEX Listing and Trading LSE Type of Fund Closed-ended Dividend Quarterly Dividend Cover4 2.6 times
Background and Investment Objective
AXA Investment Managers Paris ("AXA IM") has been the Investment Manager of Volta Finance Limited ("Volta") since inception. Volta's investment objectives are to preserve capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends. For this purpose, Volta pursues a multi-asset investment strategy on deals, vehicles and arrangements that provide leveraged exposure to target Underlying Assets (including corporate credit, residential and commercial mortgages, auto and student loans, credit card and lease receivables).
Fund Performance
9.7% 22.6% 0.3% Annualised over 5 years1 1 month2 Annualised since inception1
€272.6m
8.7%
NAV as of September 2025
Trailing 12-month Div. Yield3
| Returns | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 1.7% | 1.6% | -2.9% | -2.4% | 3.3% | 0.4% | 2.5% | -0.8% | 0.3% | 3.5% | |||
| 2024 | 2.8% | 1.0% | 2.3% | 1.3% | 1.7% | 0.3% | 0.9% | 0.1% | 2.3% | 4.3% | 2.1% | 0.3% | 21.2% |
| 2023 | 5.5% | 1.7% | -1.5% | 3.0% | 1.9% | 0.0% | 3.8% | 1.3% | 1.6% | 0.5% | 1.8% | 2.6% | 24.5% |
| 2022 | 1.7% | -3.9% | 1.5% | 2.3% | -11.8% | -4.6% | 4.5% | 2.8% | -7.2% | -2.6% | 6.3% | -0.9% | -12.7% |
| 2021 | 3.9% | 1.0% | 1.1% | 2.1% | 0.4% | 2.2% | 1.9% | -0.5% | 1.9% | 1.2% | 1.0% | 0.3% | 17.9% |
| 2020 | 1.1% | -2.6% | -32.4% | 5.7% | 4.5% | 6.9% | -1.2% | 1.9% | 4.8% | 1.6% | 7.2% | 4.3% | -5.7% |
<sup>1 Share (VTA.NA) performance (annualised figures with dividends re-invested). Source: Bbg (TRA function)
Asset Breakdown
As a % of Gross Assets Value
- USD CLO Equity 17.3%
- USD CLO Debt 14.5%
- EUR CLO Equity 26.3%
- EUR CLO Debt 22.4%
- CMV 3 5%
FUR
and ABS
Corporate Credit
- CLO Warehouse 0.0%
- Bank Balance Sheet Transactions 0.0%
- Cash Corporate Credit Equity 0.1%
- ABS Residual Positions 0.0%
- Cash or equivalent 15.9%
- Others 0.0%
Top 10 Underlying Exposures
| Virgin Media Secured Finance PLC | 0.7% | Media |
|---|---|---|
| Action Holding BV | 0.6% | Retail |
| Masorange Finco PLC | 0.6% | Telecommunications |
| INEOS Group Holdings SA | 0.5% | Chemicals |
| Nidda Healthcare Holding GmbH | 0.5% | Pharmaceuticals |
| Ahlsell AB | 0.5% | Distribution/Wholesale |
| McAfee LLC | 0.5% | Computers |
| Panaleo HoldCo GmbH | 0.5% | Real Estate |
| Froneri International Ltd | 0.5% | Food |
| Clarios | 0.4% | Telecommunications |
Historical Performance
Portfolio Rating Breakdown
<sup>2 Performance of published NAV (including dividend payments).
<sup>3 Calculated as the most recent annual dividend payments versus the month-end share price
(VTA.NA). Including September 2024 dividend.
<sup>4 Calculated as total income divided by the most recent annual dividend payments.
Volta Finance Ltd
Monthly Report - September 2025
Monthly Commentary
In September, Volta Finance achieved a net performance of +0.3% bringing year-to-date performance to +3.5%. This performance can be compared with US High Yield and Euro High Yield which respectively returned +7.1%*** and +4.6% over the same period and Morningstar Leveraged Loan indices which returned +4.6%*** in the US and +3.6% in Europe.
Global markets showed resilience. US equities posted robust gains, driven by investments in artificial intelligence and expectations of interest rate cuts by the Federal Reserve, which did occur. In fixed income, yields increased early in the month with long-term rates in France and Germany reaching multi-year highs. However, volatility remained contained and broader market stability persisted. UK gilts advanced ahead of the Autumn Budget on fiscal considerations, then stabilized as softer US payroll data reinforced expectations for monetary easing. The Federal Reserve delivered its first rate cut in nine months - a pivotal moment - while the ECB and Bank of England maintained a cautious stance. Fitch's downgrade of France's credit rating, driven by political factors, was largely anticipated by markets. Inflation remained a key focus but positive economic data in the US and in Europe supported a constructive outlook.
In the loan and CLO markets, refinancings activity was strong with Morningstar LSTA US & European LL Indices closing nearly unchanged at 97.10% / 97.00% price respectively. In fact, stable loan prices with low level of new money loan issuance supported elevated CLO supply in both regions in the form of resets. Still, at the end of the quarter, news around First Brands, a loan issuer representing c.20bps exposure in both US and European leveraged loan markets, triggered some concerns among CLO investors. Putting aside that we believe in the need to be highly selective in this environment, as far as Volta is concerned, First Brands represents less than 10bps of its aggregated underlying loan portfolio.
During the month, Volta reinvested c.10m EUR into 5 different US and European BB and B CLO debts with an average margin above base rate north of 675bps and an average price close to par. This reduced the company's cash position from 18% down to 16%. September is a usual quite month for CLO distributions, resulting in stable interest and coupons generation over the past six months (about €28m equivalent, or c.21% of September NAV on an annualized basis).
Over the month, Volta's CLO Equity tranches returned +0.3%** while CLO Debt tranches returned +1.2% performance**. The EUR/USD move to 1.1757 from 1.1702 had a -0.05% negative impact on Volta performance given our long dollar exposure (12%).
As of end of September 2025, Volta's NAV* was €272.6m, i.e. €7.45 per share.
*It should be noted that approximately 3.60% of Volta's GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta's NAV has already been published. Volta's policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta's appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.06% as at 31 August 2025, 3.46% as at 31 July 2025, 0.07% as at 30 June 2025.
** "performances" of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
*** These figures are presented in USD. Source: AXA IM Alts – Bloomberg – Morningstar – September 30th, 2025
Currency and Geography exposures (%)
Source: Intex, Bloomberg, AXA IM Paris as of September 2025 – unaudited figures - not accounting for unsettled trades Figures expressed in % of the NAV
Portfolio Composition by Asset Type
Source: AXA IM, as of Septe
| Market Value | e (€m) | Breakdown (% GAV) | |
|---|---|---|---|
| USD CLO Equity | 17.3% | ||
| USD CLO Debt | 14.5% | ||
| CLO | 234 4 | EUR CLO Equity | 26.3% |
| CLO | 234.4 | EUR CLO Debt | 22.4% |
| CMV | 3.5% | ||
| CLO Warehouse | 0.0% | ||
| Synthetic Corporate Credit Equity | 0.0% | ||
| Synthetic Credit | 0.1 | Synthetic Corporate Credit Debt | 0.0% |
| Bank Balance Sheet Transactions | 0.0% | ||
| Cash Corporate | 0.4 | Cash Corporate Credit Equity | 0.1% |
| Credit | 0.4 | Cash Corporate Credit Debt | 0.0% |
| ABS | ABS Residual Positions | 0.0% | |
| ABS | ABS Debt | 0.0% | |
| Cash or equivalent | 44.3 | Cash or equivalent | 15.9% |
| GAV | 279.2 | ||
| Liability | - | Debt from Repurchase Agreement | 0.0% |
| Payables | (6.6) | Fees, dividend and other payables | (2.3)% |
| Estimated NAV | 272.6 | Per Share | 7.45 |
Last Eighteen Months Performance Attribution
Source: AXA IM, as of September 2025
Volta Finance Ltd
Monthly Report - September 2025
Important Information
This monthly report is published by AXA Investment Managers Paris ("AXA IM"), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the "AIFM Directive") of Volta Finance Limited (the «Company») whose portfolio is managed by AXA IM. This monthly report is intended only for the person to whom it has been delivered. By obtaining access to and reviewing this monthly report, you acknowledge and agree to be bound by the following: No part of this document may be reproduced in any manner without the prior written permission of AXA IM. This monthly report does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of the Company whose portfolio is managed by AXA IM, or securities of any other entity (together, the "Securities"). The Securities described in this monthly report may not be eligible for sale in some states or countries and may not be suitable for all types of investors. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Securities in the Company may not be offered or sold directly or indirectly into the United States or to U.S. Persons. Nor shall this monthly report or any part of it nor the fact of its distribution or publication (on the Company's website or otherwise) form the basis of, or be relied on in connection with, any contract or investment decision in relation to the Securities. This monthly report does not constitute a recommendation to buy, sell or hold the Securities. The information contained herein is for information purposes only, does not purport to contain all the information that may be required to evaluate the Company or any other entity or their respective financial positions. This monthly report speaks only as of its date and neither AXA IM nor the Company is under any obligation to update the information contained herein. Certain information and estimates contained herein are originated by or derived from third parties and the accu- racy and completeness of such information and estimates has not been verified. It should also be noted that the financial information contained herein has not been audited. No representation or warranty whatsoever, whether express or implied, is given by or on behalf of AXA IM, the Company, their affiliates, or their respective directors, officers or employees or any other person as to (a) the accuracy or completeness of the information or (b) the opinions contained in this monthly report. None of AXA IM, the Company, any of their affiliates, or their respective directors, officers or employees or any other person accepts any liability whatsoever for any such information or opinions. Nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance of the Company, any other entity, any Securities or any asset class in the Company's portfolio. The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of the Company, as implemented by AXA IM. The historical success or AXA IM's belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results. No statement in this monthly report is intended to be nor may be construed as a profit forecast and there can be no assurance that the assumptions described herein, the returns and targets (including without limitation target portfolio composition) indicated herein will be achieved. The views and opinions expressed herein include forward-looking statements which may or may not be accurate. Forward-looking statements can be identified by words like "believe", "expect", "anticipate", or similar expressions. You should not place undue reliance on forward-looking statements, which are current as of the date of this report. AXA IM disclaims any obligation to update or alter any forward- looking statements, whether as a result of new information, future events or otherwise. The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Company due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such. They follow the valuation policy of the Company as adapted from time to time in the best interests of the shareholders, taking into account the conditions of financial markets at that time. Volta qualifies as an alternative investment fund within the meaning of the AIFM Directive and is notified as such under the license held by AXA IM with the Autorité des Marchés Financiers (the "AMF") in France.
Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide 92908 Paris – La Défense cedex – France, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF Approval no. GP 92-08, issued on 7 April 1992.
Contact:
For the Investment Manager
AXA Investment Managers Paris
François Touati
[email protected]
+33 (0) 1 44 45 80 22
Company Secretary and Administrator
BNP Paribas S.A, Guernsey Branch
[email protected]
+44 (0) 1481 750 853