Financial markets experienced a significant pullback in June 2013. That said, from a relative standpoint the Core Value Portfolio performed well, falling only -0.53% compared with, for example, the -2.6% fall in the All Ordinaries Index. Since then markets have rallied and so too has the Portfolio. Still, we are adopting a reasonably conservative stance as valuations in some markets – particularly some facets of fixed income and global equity markets – remain, in our opinion, stretched.
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