ACM European Enhanced Income posted negative NAV returns during April due to the continued weakness ...
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 ...
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