Elstree is a boutique fixed income fund manager.

Elstree is exclusively owned by interests associated with the executive. The executive comprises Campbell Dawson, Norman Derham and John Abbott. Details of the executive can be found by clicking on the People menu.

Established in December 2002 Elstree has been managing portfolios of listed debt equity hybrids securities since May 2003.

Included in Elstree's investible universe are most Australian Stock Exchange (ASX) listed debt equity hybrid securities including converting reset and step up preference shares, perpetual income securities and convertible notes. As at June 30, 2010 Elstree's investible universe exceeded A$20 billion.

Elstree's investment philosophy is based on the observation that demand (investor) and supply (issuer) imbalances lead to securities being consistently mispriced relative to their intrinsic value. These mispricings create opportunities for active managers, such as Elstree to exploit.

Latest News: Australian Enhanced Income Fund NAV for June 2010

The Fund’s NAV at the close of business on 30 June, 2010 was $6.566 per unit. This compares with the NAV of a unit on 31 May, 2010 of $6.639 per unit. The change in NAV over the period from 31 May 2010 to the close of business on 30 June 2010 represents a return of -1.10%. This compares with the UBS Bank Bill Index return over the month of +0.40%. After the payment to unit holders registered at the close of business on June 30 of the 12.5 cent per unit cash distribution the Fund’s ex distribution NAV of a unit was $6.441.

The franking benefit for June 2010 was estimated to be 0.04%.

Additional information can be found by clicking on the Australian Enhanced Income Fund heading and downloading the document entitled 'Monthly Performance Review'

Australian Enhanced Income Fund Securities Purchase Plan successfully completed

The Board of the Fund’s Responsible Entity, Elstree Investment Management Limited is pleased to announce that the Australian Enhanced Income Fund successfully raised $989,200 in the Fund’s Security Purchase Plan (SPP) that closed on August 13. A total of 167,649 units were issued to participating unit holders at a price of $5.903 per unit.

Please note that the Registered Office and postal address of Elstree Investment Management Ltd is;

Level 15, 333 Collins Street, Melbourne VIC 3000

The telephone, facsimile and email addresses remain unchanged.

New Information Memorandum (July 12, 2008)

Due to the introduction of the Anti Money Laundering and Counter-Terrorism Financing Act (2006) Act (AML/CTF) we need to collect more detailed information about investors applying for units in the Elstree Enhanced Income Fund.

The information we are required to collect is detailed on pages 18 and 19 of the Information Memorandum.

Current investors in the Elstree Enhanced Income Fund will note that the information we are required to collect is not retrospective.