The Stonehouse Core Value Portfolio (CVP) continued it’s positive momentum in November, returning +0.87% in a strong month for equities that saw the Australian share market gain +1.6% and the MSCI World Index up +1.7% (in AUD Hedged terms). The Australian dollar (-1.2%) continued to weaken while Australian bonds were up (+1.0%) during the month.
All CVP Equity investments (Australian, Global and Regional) produced positive, albeit more subdued returns compared to the previous month. The strongest performance came from Wingate Global Equity Income (+3.1%) and Lazard Global Small Caps (+3.0%). The portfolio’s largest exposures via Old Mutual (+0.9%)1 and Platinum International (+1.0%) both continued their impressive run for 2017. Regional standouts were Northcape Emerging Markets (+2.2%) and JO Hambro Asia ex Japan (+1.5%)1 while Australian active managers Allan Gray (+2.3%) and SGH ICE (+1.9%) both outperformed the index and the more defensive holding via IML Equity Income (+1.0%) continued to provide steady positive returns.
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