The Stonehouse Core Value Portfolio (CVP) generated a small loss of -0.09% during August in a month which saw volatility return to markets and Australian and global equity markets all declined in local dollar terms.
Within the domestic equity component of the Portfolio, all managers experienced negative returns as the Australian equity market was dragged lower (-2.2%). The biggest detractor was Allan Gray Australian Equity (-2.4%). This was followed by the beta exposure held in Macquarie Australian Share True Index (-2.3%). The remaining two managers SGH ICE (-1.8%) and IML Equity Income (-1.5%) experienced smaller losses compared to the market.
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