The Stonehouse Core Value Portfolio (CVP) returned +0.29% in July. Negative sentiment vied for prime position in global markets through the month but in the end both Australian markets (+1.2%) and the MSCI World Index (+2.5%) posted gains.
The domestic component of the Portfolio’s equity investments performed well in July with IML Equity Income (+1.6%) the strongest performer, followed by the beta exposure held in Macquarie Australia Shares True Index (+1.3%) and smaller cap exposure through SGH ICE (+0.6%). The portfolio’s Asian specific investments via J O Hambro Asia Ex Japan (+2.2%) and iShares Japan High Dividend ETF (+2.0%) rebounded after a difficult period, posting the strongest gains in the international equity component. Performance of other global managers was mixed with positive returns from Old Mutual World Equity (+1.9%) and Wingate Global Equity (+1.6%). The main detractors were regional specific exposures Lazard Global Small Caps (-0.3%) and Lansdowne European Equity (-0.2%). Northcape Emerging Markets (+0.5%) continues to invest in pockets of value and celebrated 10 years of best of breed performance.
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