DJ Hardman & Co Research: Volta Finance (VTAS): Simple Simon Says
Hardman & Co Research Hardman & Co Research: Volta Finance (VTAS): Simple Simon Says 30-Nov-2021 / 12:10 GMT/BST
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Hardman & Co Research: Simple Simon Says
In this note, we explore three aspects of Volta's portfolio, highlighting their simplification - simplified. Firstly, unless there is a compelling, opportunistic case, new investments will be in CLO structures only, and not in other structured finance instruments. The asset mix is being simplified. Second, there should be an increased weighting to AXA IM managed CLO vehicles, reflecting good performance and lower fees. The manager mix is being simplified. Third, we detail why CLOs are, at heart, simple cashflow structures, which should be viewed as such, free from the terminology that may confuse a clear story.
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1252945 30-Nov-2021
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(END) Dow Jones Newswires
November 30, 2021 07:10 ET (12:10 GMT)
