Voya Financial (VOYA) Status Update summary

Fund structure and management

• Three closed-end funds (IGA, IGD, IDE) focus on global equities and infrastructure, using a combination of long equity portfolios and call writing strategies for income generation.

• All funds transitioned to monthly distributions in May 2024, with annualized distribution rates increased to 10-11% of NAV to meet market demand for higher yields.

• Recent portfolio management changes left Justin Montmany and Susanna Jacobs as the named PMs, with no expected impact on strategy implementation due to the quantitative, model-driven process.

Fund performance and discount trends

• IGA and IGD posted strong 12-month NAV returns (14.7% and 15.4%) and even higher market returns (23.8% and 22.4%), reflecting narrowing discounts as global markets outperformed the U.S.

• IDE delivered a 10.1% NAV return over 12 months, with year-to-date performance at 3.7%, benefiting from unique sector exposures and lower volatility.

• As of April 2025, fund discounts narrowed to -3.5% (IGA), -6.8% (IGD), and -6.7% (IDE), supported by strong performance and share repurchase approvals.

Investment process and strategy

• Equity sleeves for IGA and IGD use a sector- and region-neutral, multi-factor model targeting a 15% higher dividend yield and lower beta than the MSCI World Value Index.

• IDE’s equity sleeve provides thematic infrastructure exposure, outperforming its custom benchmark by 30 bps, with performance driven by valuation, sentiment, and operational factors.

• Derivative overlays systematically sell out-of-the-money calls to capture volatility risk premia, with IGA and IGD also employing currency hedging.