Elstree Investment Management Limited

AFSL 225721

Contact Us

Elstree Investment Management Limited

Level 10, 30 Collins Street

Melbourne  Victoria  3000

Telephone : +61 3 8689 1348

Fax : +61 3 8689 1389

Email : info@eiml.com.au



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Our Funds

Australian Enhanced Income Fund NAV (ASX Code AYF)

Latest: 28 February 2017. $6.051.
Previous 31 January 2016. $6.045.

Find Out More

To view the latest Monthly Review Click here


Elstree Enhanced Income Fund NAV

Latest: 21 March 2017 $0.7799
Previous: 14 March 2017 $0.7770.

Previous month end: 28 February 2017 $0.7740

Find Out More

To view the latest Monthly Review Click here


Latest Share Price AYF

Click here for up to date share price
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Latest Fact Sheets

Elstree Enhanced Income Fund. To view the latest Fact Sheet Click here

Australian Enhanced Income Fund. To view the latest Fact Sheet Click here

Latest Press. November 2016. Elstree in the ASX

To view the article produced by the ASX Click here

Crown Notes - a 2nd postscript (July 2016)


It was only a month or so ago that we wrote a piece on the Crown demerger and the implication for the 2 outstanding pieces of sub debt, CWNHA and CWNHB. In our piece we said that we were not surprised by the demerger and the resultant revaluation of the Notes.

We continue to believe the Notes are undervalued.

We base our view on the fact that there is an inconsistency between the pricing of senior debt issued by Crown and the Notes. At a spread margin of greater than 8% (based on the closing price of $85 on July 13) the CWNHB appears mispriced relative to senior debt issued by Crown at circa 2.1%. Perhaps the market is not as sanguine about Crown’s corporate message and the maintenance of an investment grade credit rating as we are.

In our piece we explain our thinking.

To view our thoughts in more detail Click here

Deutsche Bank AG. Talk of a 'bail out or bail in'. Should we be concerned?


There has been a lot of commentary recently about Deutsche Bank in relation to the US Justice Department’s US$14 billion fine imposed on the bank for its activities in the lead up to the GFC. Concerns about the viability of Deutsche Bank and talk of the possibility of a ‘bail in or a bail out’ have been doing the rounds for a while now.

We thought we would add our 2 Euro’s worth!

To read our thoughts in more detail please
Click here