Over the month of May 2014 the Stonehouse Core Value Portfolio (SCVP) performed well rising +0.76%. Markets returned to some degree of normality after a very choppy and momentum driven start to the year.
The most substantial positive performances over the month came from Brookfield Global Property (+5.80%), Lazard Global Infrastructure (+3.86%), and the Ardea Inflation Linked Bonds (+3.37%). Detractors to performance over the month were Gold Bullion (-2.89%), volatility trader 36 South (-1.96%) and Bennelong Long/Short Australian Equities (-0.80%). Not surprisingly, these encompass somewhat defensive alternative positions within the SCVP. In a period where both fixed income and equity markets rallied it stands to reason that the performance of these defensive positions would suffer. Longer term we continue to support these holdings as should markets take a turn for the worse, the positive performances recorded for these defensive positions should help to offset losses elsewhere.
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