The Stonehouse Core Value Portfolio (CVP) generated a return of +1.42% in November. Performance of equity markets was strong during the month with the Australian equity market and MSCI World Equity Index both posting gains of +3.1% and +3.6% respectively.
Within the domestic equity allocation, all funds in the portfolio produced positive returns. The best preforming strategy was the Firetrail Australian High Conviction Fund (+5.6%), followed by Allan Gray Australian Equity (+4.7%). Both funds outperformed the index strongly as shown by the return of our beta exposure in Macquarie Australian Shares True Index (+3.2%) and the position was trimmed during the month to take profits after a strong calendar year from the Australian market. SGH ICE (+3.1%) also produced a positive return as did IML Equity Income (+1.5%), however not as strong as other managers given its more defensive characteristics.
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