The Stonehouse Core Value Portfolio (CVP) returned a solid +1.23% in August. The month saw the Australian and global markets (as represented by the unhedged MSCI World Index), post gains of +1.4% and +4.1% respectively, but a large dispersion of returns between sectors was evident. Bond markets were volatile and the Australian dollar depreciated further against the major currencies.
The domestic component of the Portfolio’s equity investments contributed positively to overall performance with the smaller cap exposure SGH ICE (+2.50%) the strongest performer. This was followed by the beta exposure held in Macquarie Australia Shares True Index (+1.4%), Allan Gray Australia Equity (+0.8%) and IML Equity Income (+0.2%).
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