The Core Value Portfolio (CVP) returned +0.57% in June as markets settled and the volatility seen in recent
months subsided. This brings the returns for the June quarter to +6.1%.

The Australian equity market posted a small gain of +2.3% in June. The best performing investments in the
Portfolio were the beta exposure via Macquarie True Index (+2.5%) and the smaller cap exposure through SGH
ICE (+2.5%). This was followed by a new addition to the portfolio, Bennelong Concentrated Australian Equities
Fund (+0.3%). IML Equity Income (+0.2%) and Firetrail High Conviction (+0.1%) also delivered small positive
returns; and the only detractor was Allan Gray (-0.1%).

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