The Stonehouse Core Value Portfolio (SCVP) was up +1.43% over the quarter despite a fall of -0.24% over the month of September. The September quarter proved a challenging period for financial markets with equity markets in particular selling off heavily toward the close (e.g. the ASX 200 was down -5.4% through September). Our defensive positioning in anticipation of a market sell-down paid off and indeed continues to do so in light of what appears to be another volatile month to date performance for equity markets in October.
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