Annual Report 2010 Part IV Investment Returns

The MSCI All Country World Gross Index gained 13.21% for the year while we only gained 9.78% in USD terms. But over the last two years we gained almost double the index. Over 10 years we also outperformed the index but over the last 3 or 5 years we underperformed. Relative investment performance matters a lot depending on the period measured. In Australian Dollar terms we have lost over all but the 2 year time frame and even in currency neutral terms the long-run return has been about zero. It hasn't been a good period for investing.