The Stonehouse Core Value Portfolio (CVP) returned -0.20% in September as volatility returned to equity markets. The Australian equity market posted a negative return (-1.60%) while the MSCI World Index posted a modest gain (+0.60%) led by the Japanese equity market (+5.5% in local terms).

Within the domestic equity component of the Portfolio, Allan Gray Australian Equity was the standout performer (+1.8%) positing a positive return while the local market was negative, indicative of its contrarian characteristics. The remaining managers posted negative returns led by the beta exposure held in Macquarie Australia Shares True Index (-1.2%), IML Equity Income (-0.9%) and the small cap exposure SGH ICE (-0.2%).

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