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In this note, we explore Volta’s portfolio positioning, increasing its CLO equity weight and reducing the CLO debt proportion. We show how this has helped deliver relative resilience amid the COVID-19 crisis to date, with AXA IM selecting investments i) whose price already reflected a downturn, ii) of recent vintage, and iii) in defensive sectors. Volta marks to market its investments, and has suffered from sentiment-driven effects. Annualised received cashflows, though, represent 17% of July NAV, and market conditions have been improving. We examine the upside optionality that Volta’s portfolio provides to any further recovery.
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