Elstree's investment philosophy is based on the observation that the Australian listed debt equity hybrid market is inefficient. It is inefficient because;

• The investor base is comprised largely of retail investors and wholesale equity and fixed interest managers for whom the listed hybrid sector is peripheral to their mainstream business activities
• Security structures are complex and require a comprehensive understanding of issuer behaviour and the value of options embedded in the structure
• The secondary market is very inefficient and requires dedicated resources to actively manage the portfolio and exploit trading opportunities on a daily basis.

We have been consistently able to add value because;

• We possess a comprehensive understanding of issuer behaviour
• We understand the complex nature of individual securities
• We provide dedicated resources to actively manage the portfolio on a daily basis
• We have developed advanced risk management techniques which enable us to better understand and evaluate the risks we are undertaking