The Stonehouse Core Value Portfolio began the new financial year slightly down (-0.18%), in a month that also saw the Australian share market finish flat. The MSCI World Index returned -1.2% in unhedged currency terms which spoke to a month where the Australian dollar had substantial consequences for the Australian investor, appreciating strongly (+3.7%) to be now 10% higher for the calendar year, hampering unhedged global asset returns. With respect to other Asset Classes, Australian bonds rose +0.3%, global credit markets also gained and Australian listed property was slightly negative (-0.1%).
The Portfolio’s global equity managers were mixed for the month, with the major contributors including Old Mutual World Equity (+2.5%), MSCI Japan High Dividend ETF (+1.8%), Henderson Global Natural Resources (+3.6%) and Platinum (+1.1%), while detractors included Northcape Emerging Markets (-2.1%), Lazard Global Small Caps (-1.7%) and Wingate (-2.3%), with the latter particularly impacted by the strong rise in the Australian dollar.
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