The Stonehouse Core Value Portfolio (SCVP) rose +1.89% over the month of November – a good result considering the ASX 200 fell -3.25% over the same period. It appears the penny has finally dropped that Australia’s economic growth prospects are not as buoyant as those offshore and this aided the SCVP as our strategic tilt toward unhedged international equities paid off handsomely.
For the month, positive performances came from our international equities exposures – Platinum Japan (+5.5%), Platinum International (+5.2%), Wingate Global Equity Income (+3.2%) and Epoch Global Equity Yield (+3.0%). It was also pleasing to see strong performances from some our defensive positions such as 36 South (+9.0%), AQR Managed Futures (+12.7%) and an encouraging return into the black for Bennelong (+3.1%).
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