ACM loses 4.3%

ACM European Enhanced Income posted negative NAV returns during April due to the continued weakness of the euro versus sterling. The NAV fell by 4.3%, but this was marginally ahead of the 4.63% decline in the trust's benchmark, which consists of 50% Merrill Lynch High Yield index and 50% Lehman Brothers Europe Corporate Bond index leveraged by 125%. The closed-end fund's share price fell by only 0.25% over the month but demand for the shares did not fall as much as the NAV as investors regarded the 9% yield as attractive. Since the start of the year the fund, managed by Chris Wilson at ...