Performance for equity markets was weak in December with both the Australian equity market (-1.9%) and MSCI World Equity Index (-0.9%) posting losses. The Core Value Portfolio (CVP) capped off the year with a flat monthly return of +0.02%, a pleasing result which brought the calendar year return to +11.2%.

Despite the Australian equity market falling in December, SGH ICE delivered a small positive return (+0.1%). The remaining managers detracted for the month, led by the beta exposure in Macquarie Australian Shares True Index (-2.0%). The active managers all outperformed the index with Allan Gray Australian Equity (-1.9%), IML Equity Income (-1.8%) and Firetrail Australian High Conviction (-1.4%).

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