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Volta Finance Ltd. Net Asset Value 2025
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Volta Finance Ltd
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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
1 Share (VTA.NA) performance (annualised figures with dividends re-invested). Source: Bbg (TRA function) 2 Performance of published NAV (including dividend payments).
3 Calculated as the most recent annual dividend payments versus the month-end share price (VTA.NA).
4 Calculated as total income divided by the most recent annual dividend payments.
Asset Breakdown
Top 10 Underlying Exposures
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Historical Performance
Portfolio Rating Breakdown
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Volta Finance Ltd
Monthly Commentary
In October, Volta Finance posted a net return of -0.6%, taking the year-to-date performance to +2.9%. For context, US High Yield bonds returned +7.3% and Euro High Yield bonds achieved +4.7% over the same period, while the Morningstar Leveraged Loan indices were up +4.9% in the US and +3.2% in Europe.
Market activity this month was shaped by political events, central bank decisions and company earnings reports. Early optimism, driven by strong AI-related revenues and high valuations in the tech sector, quickly turned to volatility as renewed trade tensions emerged. The announcement of fresh tariffs triggered the sharpest single-day fall in the S&P 500 since April. With little economic data available due to the US government shutdown, investors looked to central banks for direction. The US Federal Reserve responded by cutting interest rates by 25 basis points, as widely expected. Meanwhile, US corporate earnings were strong, with around 85% of S&P 500 companies beating expectations, which helped fuel a late rally and push US equities to new record highs.
In the credit markets, the Morningstar LSTA Leveraged Loan Indices recorded returns of +0.22%*** in the US and -0.27% in Europe. Both indices experienced some decline in price, but the high yields offered by these loans helped cushion the impact. CLOs saw spreads stabilise for senior and investment grade tranches, with AAA-rated CLOs trading around 120 basis points in the US and 130 basis points in Europe. However, deeper mezzanine tranches, particularly BB-rated CLOs, saw spreads widen modestly, especially in Europe, where levels moved towards 575 basis points depending on the deal. In the CLO Equity market, negative headlines—such as concerns around First Brands—and tighter spreads in the underlying loan portfolios (with compression of 10–30 basis points in Europe and 30–40 basis points in the US for CLOs in their reinvestment periods) led to softer prices in secondary trading.
During the month, Volta invested c. EUR 5m into 6 unique trades focusing on BB-rated and single-B rated tranches of European CLOs. BBs were sourced in the +560bps context while single-Bs were sourced in the +850bps context, i.e. slightly wider than September prints for similar risk profiles. The company’s cash position consequently continued to decrease and moved sub 16% while the cash-flow generation reached c. EUR 26m equivalent, or 20% of October’s NAV on an annualized basis.
In terms of performance breakdown, Volta’s CLO Equity tranches returned -1.9% while CLO Debt tranches returned +0.1% performance. The EUR/USD move from 1.1757 to 1.1537 had a +0.3% positive impact on Volta performance given the long dollar exposure (13%).
As of end of October 2025, Volta’s NAV* was €265.3m, i.e. €7.25 per share.
*It should be noted that approximately 0.17% of Volta’s NAV 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 equivalent % proportions of Volta’s NAV as of 30 September and 30 June were 0.10% and 0.07%, respectively.
** “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 – October 30th, 2025
Currency and Geography exposures (%)
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Portfolio Composition by Asset Type
Last Eighteen Months Performance Attribution
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Volta Finance Ltd
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 direc- tors, 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
