The Stonehouse Core Value Portfolio (CVP) generated a small negative return (-0.81%) in the month of May. This was against a backdrop of disappointing returns in global equity markets, with the MSCI World Ex Australia Index posting a loss of -4.2%.

Within the domestic equity component of the Portfolio, the best performing strategy was the index exposure held through Macquarie Australian Share True Index (+1.7%). This was followed by Allan Gray Australian Equity (+0.9%) and SGH ICE (+0.0%). IML Equity Income (-0.5%) posted a small loss.

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