The Stonehouse Core Value Portfolio (CVP) posted a return of -1.48% in November. The month saw further equity market weakness with the MSCI World Ex Australia Index losing -1.8% and the Australian equity market losing -2.8%.

Within the domestic equity component of the Portfolio, the largest detractor was Allan Gray Australian Equity (-4.7%), a contrarian manager whose energy and commodity positions fell during the month. This was followed by SGH ICE (-2.2%) and the beta exposure held in the Macquarie Australia Shares True Index (-2.2%). The defensive domestic equity manager, IML Equity Income Fund (-1.0%) performed its role by providing some cushioning in a falling equity market.

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