The Core Value Portfolio (CVP) generated a return of +3.8% in November, following the resolution of the US election and encouraging developments with the Covid-19 Vaccine.
The Australian equity market rose on the back of this promising news and finished the month up +10.2%. The best performers were the Allan Gray Australia Equity Fund (+18.1%) and the Firetrail Australian High Conviction Fund (+13.7%), with both generating significant value-add for the portfolio. These two holdings were also increased early in the month in an effort to tilt the Portfolio toward segments of the market which presented the most value, the timing of which played out well. The Macquarie True Index Fund (+10.2%) was in line with the market, while SGH ICE (+6.2%) and the Bennelong Concentrated Australian Equities Fund (+5.8%) lagged the index but still made solid contributions.
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