The Stonehouse Core Value Portfolio (SCVP) rose +0.48% over the month of October in what proved to be quite a tumultuous period for financial markets. Equity markets sold off heavily during the first two weeks, only to recover most of their ground toward the end of October. Fears of US Federal Reserve tightening, the Ebola outbreak and generalised seasonality / valuation concerns appeared to grip markets early on. These concerns then began to abate almost as quickly as they arose. Our defensive positioning in anticipation of a market sell-off continued to pay off with a considerably smoother performance profile over the month SCVP as compared to most other financial assets.
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