The Stonehouse Core Value Portfolio (CVP) returned -0.39% in May, as volatility during the month and mixed performance from underlying holdings impacted returns.

Within the Portfolio’s Australian Equity holdings, SGH ICE (+2.6%) outperformed the index whilst Allan Gray (-1.4%) underperformed. Our International Equity managers exposed to Asia and Emerging Markets were the largest detractors, as J O Hambro Asia ex-Japan (-4.0%), Blackrock Japan High Divided Yield ETF (-3.8%) and Northcape (-2.0%) detracted from returns along with diversified global managers Wingate Global Equity Income (-2.2%) and Platinum International (-1.3%). Lansdowne European Equity (+4.5%) had a strong month benefitting from their short positions. Old Mutual World Equity (+2.4%) and Lazard Global Small Caps (+2.2%) also contributed positively.

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