After a very difficult month in December, the Stonehouse Core Value Portfolio (CVP) generated a positive return of +1.68% for January. This was assisted by strong equity markets, with both the MSCI World Ex Australia Index (+4.1%) and Australian equity market (+4.0%) bouncing back.
Within the domestic equity component of the Portfolio, all managers provided positive returns led by Allan Gray Australia Equity (+6.0%) which outperformed the market thanks to its top holdings in gold, oil and energy. This was followed by the beta exposure held in the Macquarie Australian Shares True Index (+3.4%), IML Equity Income Fund (+2.7%) and the smaller cap exposure through SGH ICE (+2.4%).
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