Elstree Investment Management Limited

AFSL 225721


The Executives Directors of Elstree are:

Campbell Dawson (B.Comm) CFA

Campbell has over 30 years of investment management experience. From 1993 to 2000 he was head of fixed interest at GIO Asset Management where he was responsible for the team that managed over A$6 billion of domestic and international fixed interest securities.

At the end of December 1999 GIO Asset Management was in the top quartile of the Mercer survey for all periods from 1 to 5 years. The fund was ranked number 2 over 1 year, number 1 over 2 years and number 1 over 3 years.

In addition to investment management, Campbell has extensive experience in debt workouts, structured finance, insurance and financial institution asset / liability management, securitisation and an understanding of corporate treasury issues.

Campbell is responsible for research, portfolio construction and risk management.

Norman Derham (B.Ec)

Norman has over 30 years experience in the Financial Services Industry including 3 as Head of Fixed Income Trading and Sales at the National Australian Bank in London.

From 1990 to 1994 Norman was Victorian Manager Fixed Income Sales and Distribution at the National Australia Bank in Melbourne. In 1994 he was transferred to London as Head of Trading and Sales.

In addition to sales and distribution Norman has extensive experience in funds management, derivatives trading, relationship management, writing and editing.

Norman is responsible for business development, investor relations and compliance.

John Abbott (B.Comm)

John Abbott has had over 25 years experience in fixed interest markets in a variety of roles.

From 1989 to 2000 he was with the GIO group where he was responsible for the management of AUD fixed interest, including the highly ranked Australian Fixed Interest Fund. In addition he was responsible for the DEM/EUR portion of the fixed interest assets.

Between 2000 and 2002, John worked at AMP/Henderson and at ABB where he was responsible for the principal trading division of ABB

He has experience in a wide range of fixed interest instruments including listed floating rate credit.

John is responsible for managing the portfolio on a day to day basis.

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Our Funds

Australian Enhanced Income Fund NAV (ASX Code AYF)

Latest: 29 December 2017 $6.161 I(Ex-Distribution $6.0735
Previous 30 November 2017 $6.107.

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To view the latest Monthly Review Click here

Elstree Enhanced Income Fund NAV

Latest: 6 February 2018 $0.7981.
Previous:6 February 2018 $0.7998.

Previous month end: 31 January 2018 $0.8032.

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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