The Stonehouse Core Value Portfolio (CVP) generated a positive return of +1.48% in April. Global equity markets continued to grind higher in April fuelled by optimism around the US/China trade dispute being resolved and a better than expected quarterly reporting season in the US. The MSCI World Ex Australia Index posted strong gains (+4.6%) while the Australian equity market was also up (+2.5%).

Within the domestic equity component of the Portfolio, all managers generated positive returns, led by the small company exposure held through SGH ICE (+3.2%). This was followed by Macquarie Australian Shares True Index (+2.5%), IML Equity Income (+2.1%) and Allan Gray Australian Equity (+2.0%).

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