The Elstree Enhanced Income Fund lost -8.24% in February, including a -2.5% loss on a further markdown on the unlisted AXA note currently owned by the Fund.
This result brings the Fund's 12 month return to -33.23%. The manager however was encouraged by signs that the underlying issuers of securities held by the Fund are taking steps to stabilise their balance sheets. This was done mainly by selling assets or raising equity, or both.
