The Stonehouse Core Value Portfolio (CVP) rose +1.79% over July with a solid start to the new financial year.
Stand out performances were primarily generated by Equity holdings including the ASX 200 ETF +6.69%, JO Hambro +6.61%, SGH ICE +5.97% and our new position in Japan High Dividend ETF +4.39%. European exposure through Lansdowne -0.26% and Emerging Market manager Northcape -0.49% were two Equity detractors for the month. The CVP’s Fixed Income holdings, Ardea +1.25%, T Rowe +1.31%, CQS +1.56% and Payden +1.09% all delivered positive returns as high yield and loan markets in particular performed strongly.
The Portfolio’s domestic Property investments also performed well for the month with SG Hiscock +5.38% and Cromwell +5.05% continuing their stellar run as investors have continued to clamour for yield; our global listed Infrastructure manager Lazard +3.65% posted a strong return after a muted earlier period.
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