Volta Finance Limited Net Asset Value(s) as at 30 November 2025

Core Insights - Volta Finance reported a net return of -0.6% for November 2025, bringing the year-to-date performance to +2.3% [4] - The performance of Volta Finance lagged behind US High Yield bonds, which returned +7.8%, and Euro High Yield bonds, which achieved +4.8% during the same period [4] Performance and Market Conditions - Financial markets experienced increased unpredictability, with concerns over the valuation of technology stocks, particularly those related to artificial intelligence (AI) [5] - Economic data showed mixed signals, with strength in the US economy but weakness outside the technology sector, alongside a softening job market [6] - The US central bank maintained steady interest rates, but weakening consumer confidence and retail sales led to expectations of potential rate cuts [6] Loan Market Activity - The Morningstar LSTA Leveraged Loan Indices recorded returns of +0.32% in the US and +0.58% in Europe [7] - CLO tranches saw stabilization in spreads for senior tranches, while Mezzanine tranches experienced spread widening, particularly in Europe [7] Investment Activity - Volta Finance actively invested approximately €5.5 million in new investments during November, focusing on new issues that offered better value [8] - The fund's cash position decreased to 13% of its assets, generating about €26 million in cash flow, which represents approximately 20% of November's NAV on an annualized basis [8] Performance Breakdown - Volta's CLO Equity tranches returned -1.5%, while CLO Debt tranches achieved a return of +0.8% [9] - As of the end of November 2025, Volta's NAV was €263.6 million, equating to €7.21 per share [10]