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Volta’s March monthly report reported a 32.4% drop in NAV ‒ better than most of its peers. We believe the price falls reflect both economic realities (the likelihood of higher defaults, rating downgrades seeing partial diversion of cashflows from CLO equity positions) and sentiment effects exaggerating these realities. We note that BGLF’s mark-to-model NAV, which looks through sentiment, fell by only 14%. Volta is managing its cashflows (e.g. dividend cut) to ensure liquidity through the crisis, but also to take re-investment opportunities. Returns from investments post the financial crisis were about twice those in the years immediately before.
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