Elstree Investment Management Limited

AFSL 225721

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Disclaimer

The information and opinions contained in material published on this website have been obtained from sources that Elstree Investment Management Limited (ABN 20 079 036 810) believed to be reliable, but no representation or warranty, express or implied, is made that such information is accurate or complete and it should not be relied upon as such. Information and opinions contained in material published on this website are published for the assistance of recipients, but are not relied upon as authoritative and may be subject to change without notice. Except to the extent that liability cannot be excluded, Elstree Investment Management Limited does not accept liability for any direct or consequential loss arising from any use of material published on this website.

The information contained on this website is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information disclosed on this website, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant Product Disclosure Statement (PDS) or other offer document prior to acquiring a financial product.

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Our Funds

Australian Enhanced Income Fund NAV (ASX Code AYF)

Latest: 14 July 2017 $6.127.
Previous 30 June 2017 (ex-distribution) $6.071.

Find Out More

To view the latest Monthly Review Click here


Elstree Enhanced Income Fund NAV

Latest: 18 July 2017 $0.7915.
Previous:11 July 2017 $0.7930.

Previous month end: 30 June 2017 $0.7875

Find Out More

To view the latest Monthly Review Click here


Latest Share Price AYF

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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