The Stonehouse Core Value Portfolio (CVP) posted a return of -3.34% in October. The month produced the most significant pull-back in global equity markets since 2015 with the MSCI World Index losing (-5.4%) and the Australian Equity Market losing (-6.5%).
Within the domestic equity component of the Portfolio, the largest detractor was the beta exposure held in the Macquarie Australia Shares True Index (-6.2%). The active Australian equity managers all outperformed the market, led by IML Equity Income (-3.6%) and followed by Allan Gray Australian Equity (-5.4%) and SGH ICE (-6.0%).
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