The Core Value Portfolio (CVP) generated a return of +3.43% for the month, a solid return given the current defensive positioning of the Portfolio.

The Australian equity market finished the month up +8.8%. SGH ICE (+16.1%), Firetrail High Conviction (+14.7%), and Allan Gray (+12.5%) all provided significant alpha. The other investments from this asset class, the beta exposure through Macquarie True Index (+9.1%) and IML Equity Income (+8.4%) generated results similar to the index.

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