The Core Value Portfolio (CVP) returned +1.6% in July, a strong result given the fairly defensive posture of the portfolio.

The Australian equity market increased marginally in July (+0.9%). The largest contributions within the Portfolio came from the Bennelong Concentrated Australian Equities Fund (+2.3%) and SGH ICE (+2.6%). The Macquarie True Index Fund (+0.6%) and Firetrail High Conviction (+0.6%) also contributed but underperformed the market slightly. The only detractor was the Allan Gray Australia Equity Fund (-2.8%).

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