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In 2019, Volta continued to outperform like-for-like CLO peers, although its ca.7% absolute performance is a little below historical averages (10.5% p.a. over five years and 9.2% p.a. since inception). Looking forward, we note that the six-month annualised income yield is running at a near-record 15.7% and, over time, it is this income yield, not capital volatility, that will pay the dividend (current shareholder dividend yield 9.4%). We believe the capital movements reflect volatile market price movements and that the dividend is not being paid out of ongoing reduction in capital. Over time, recognition of this may make Volta more attractive to income funds.
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