timeless investing. an investor should, before making any investment decisions, consider the...

TIMELESS INVESTING

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SUCCESSFUL STRATEGIES THAT HAVE PASSED THE

TEST OF TIME

2017 EDITION

IMPORTANT NOTE

While every care has been taken in the preparation of this document, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL

232497) (AMP Capital) makes no representation or warranty as to the accuracy or completeness of any statement in it including,

without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This document has been prepared

for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or

needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this document,

and seek professional advice, having regard to the investor’s objectives, financial situation and needs.

This document is solely for the use of the party to whom it is provided and must not be provided to any other person or entity without

the express written consent of AMP Capital. Certain information in this document identified by footnotes has been obtained from

sources that we consider to be reliable and is based on present circumstances, market conditions and beliefs. We have not

independently verified this information and cannot assure you that it is accurate or complete.

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INTRODUCTION

The past few years have seen heightened share market volatility and uncertainty. While markets and

investments change constantly, there are a set of fundamental investment principles that are

timeless: buy good quality investments; don’t pay too much; diversify widely (including outside the

mainstream asset classes) and allow your investments sufficient time to perform. These principles

are tested by markets periodically, but they have stood the test of time.

This presentation will guide you through:

• What to expect from investments

• Managing risk

• Why most investors fail

• Getting started

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WHAT TO EXPECT

FROM INVESTMENTS

CLIMBING THE RISK/RETURN LADDER

The higher you climb on the risk/return ladder, the greater the risk taken to achieve a higher potential

return. Term deposits are generally very safe but returns are usually low. Shares involve more risk

but the potential returns are higher. For more long-term investors, it’s not a case of choosing one or

the other. To spread risk without sacrificing return, it’s usually smart to have a combination of

investments.

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE.

SOURCE: AMP CAPITAL, 31 DECEMBER 2016. LONG-RUN EXPECTATIONS PROVIDED ARE NOT FORECASTS AND ARE INTENDED PURELY TO ILLUSTRATE PREMIUMS. PREMIUMS PROVIDED ARE BASED

ON AN INFLATION RATE OF 2.5%.

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Expected long term returns and risks

Cash

4.5 – 5%

Government bonds

5 – 6%

Corporate bonds

6 – 7%

Listed property

7 – 8%

Equities

8 – 9%

Term/liquidity premium

Default premium

Risk premium

Risk premium

Risk

Return

TIME IS ON YOUR SIDE

Over time, investing in shares will almost always provide a higher return than investing in term

deposits. As you can see, investors who switched out of shares into cash seeking short-term reprise

from falling markets and market events (November 2008 – March 2009) have not recovered the

value of their investments. However, investors who remained fully invested in shares were better

placed for longer-term gains.


SOURCE: AMP CAPITAL, BLOOMBERG. S&P/ASX 200 INDEX DATA AS OF 31 DECEMBER 2016. | 6

Switching out of shares to cash Accumulated balance ($)

370

184

253

212

0

50

100

150

200

250

300

350

400

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Shares (ASX200)Term DepositsSelling shares for TDs in Nov 2008 (after Lehman Brothers collapse)Selling shares for TDs in March 2009 (equity market bottom)

SHARES PASS THE TEST OF TIME IN AUSTRALIA

The shape of this chart tells a story. On the left of the vertical line are the years that the Australian share market has fallen since 1981, the first full year after the Australian share market index started. On the right are the years the market rose. Since 1981, markets have risen by approximately 20% or more in a year on 10 occasions and fallen by more than 20% just once. Over long periods, the good has definitely outweighed the bad. This shows that it pays to stay committed to investment objectives over the long term.


SOURCE: BLOOMBERG, S&P/ASX 300 ACCUMULATION INDEX. DATA AS OF 31 DECEMBER 2016

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Returns of the Australian share market since 1981

2013

2012

2007

2003

2001

1999

2002 1998

2011 1994 2015 1997 2006

1990 1992 2014 1996 2005

1982 1987 2010 1989 2004 2009 1993

2008 1981 1984 2000 1988 1995 1991 1985 1986 1983

-50 - -60% -40 - -50% -30 - -40% -20 - -30% -10 - -20% -0 - -10% 0 - 10% 10 - 20% 20 - 30% 30 - 40% 40 - 50% 50 - 60% 60 - 70%

2016

SHARES PASS THE TEST OF TIME IN THE US

Quality shares have also passed the test of time in the US. On the left of the vertical line are the

years the US share market fell. On the right are the years it rose. Over the last century, the market

has produced positive returns far more often than not. It has fallen more than 20% in a calendar year

on six occasions but risen more than 20% in a calendar year 25 times. Most years have been more

sedate, of course, but the good times still far outweigh the bad.

2016

2010

2009

2006

1998

2014 1993 2013

2012 1988 2003

2011 1982 1999

2007 1980 1997

2015 2004 1976 1996

2005 1994 1972 1991

2001 1992 1967 1989

2000 1987 1965 1986

2002 1990 1979 1964 1985

1977 1984 1971 1963 1983

1973 1981 1970 1961 1955

1969 1978 1968 1959 1945

1966 1960 1956 1951 1938

1962 1953 1952 1950 1936

1957 1948 1947 1949 1927 1995

2008 1941 1946 1942 1944 1925 1975

1937 1974 1940 1939 1934 1943 1924 1958 1954

1931 1930 1932 1929 1923 1926 1921 1922 1935 1928 1933

-50 - -60% -40 - -50% -30 - -40% -20 - -30% -10 - -20% -0 - -10% 0 - 10% 10 - 20% 20 - 30% 30 - 40% 40 - 50% 50 - 60% 60 - 70%


SOURCE: BLOOMBERG, DOW JONES INDUSTRIAL AVERAGE (EX-DIVIDENDS) $US. DATA AS OF 31 DECEMBER 2016.

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Returns of the US sharemarket since 1921

DIVIDENDS DELIVER STABLE INCOME

While term deposits have recently been offering attractive interest rates, we are now seeing a fall in the

rates on offer. Currently, dividends delivered by Australian companies are attractive, and when we include

the benefit of franking credits, this income stream is even more attractive. In addition to this, investing in

shares provides an opportunity for capital growth. The key to sustaining this more stable income stream is

to remain fully invested in shares.


SOURCE: AMP CAPITAL, BLOOMBERG, RESERVE BANK OF AUSTRALIA. DATA AS AT 31 DECEMBER 2016.

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The yield offered by term deposits is less than that of Australian shares

Yield (%)

RIDE THE UPS AND DOWNS

Share markets have their ups and downs as the major events of our time have an impact on investor

sentiment and the performance of listed companies – this is demonstrated in the chart below. However, it’s

important to keep in mind that the market has always recovered from major events and moved on to new

highs. While markets have not yet recovered to the levels they were at before the Global Financial Crisis,

we can look at other share market falls, and take a lesson from these.

SOURCE: BLOOMBERG, ASX ALL ORDINARIES INDEX. DATA AS OF 31 DECEMBER 2016.

.

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0

1000

2000

3000

4000

5000

6000

7000

8000

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

Actual index level

Sharemarket crash

Russian crisis

Asian crisis

Global bond markets

Gulf War I

9/11 terrorist attacks

Gulf War II

US Fed questions

sustainability of growth

US subprime concerns

Lehman

collapse

Oil hits $70

Global financial

crisis

European debt

concerns

US Government

partial shutdown

Oil drops

to under

$50

REMEMBERING THE CRASH OF 1987

In the mid-1980s the market soared, and things were looking good for investors. But it all came crashing

down in October 1987. Two years later, markets had recovered, but were still below the high point before

the crash.


SOURCE: BLOOMBERG, ASX ALL ORDINARIES INDEX.

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Performance of Australian share market, 1987 - 1990

Actual index level

Where is

the index

a decade

later?

+43.3% +55.0%

-50.1%

0

500

1000

1500

2000

2500

Jan-87 Jul-87 Jan-88 Jul-88 Jan-89 Jul-89 Jan-90

Price

TIME HEALS

While the 1987 share market crash had a major impact at the time, over the years it has become a ‘blip’ in

the long-term upward trend in markets. The Australian share market has been through many ups and

downs since, but by the end of 2016, it had risen 310% since October 1990. Time heals.

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Performance of Australian share market, 1987 - 2016


SOURCE: BLOOMBERG, ASX ALL ORDINARIES INDEX. DATA AS OF 31 DECEMBER 2016.

Actual index level

310%

MARKET BUBBLES

While the international share price index has more than doubled since 1987, the past decade has been a

torrid time for overseas share markets with not one but two distinct bubbles followed by severe downturns.

Unfortunately, timing these ups and downs reliably is impossible. No one knows for sure when these

markets will reach the bottom – however, history shows that having the courage to stay invested through

the market’s ups and downs usually pays off.


SOURCE: BLOOMBERG, MSCI WORLD (PRICE) INDEX IN US$. DATA AS OF 31 DECEMBER 2016.

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Actual index level

0

200

400

600

800

1000

1200

1400

1600

1800

2000

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

71%

-48% -55%

139% 128%

MANAGING RISK

TIME IN THE MARKET HELPS MANAGE RISK

Over the past 20 years, the short-term performance of international share markets has been volatile.

Markets have risen in most years but have also gone backwards on occasion. The best year was 2013

when markets rose 48.0% while the worst year was 2002 when shares lost more than a quarter of their

value.


SOURCE: MSCI WORLD EX-AUSTRALIA INDEX ($A UNHEDGED). DATA AS OF 31 DECEMBER 2016.

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One-year returns of international share markets, 1996 - 2016

6.2 41.6

32.3 17.2

2.2 -10.1

-27.4 -0.8

9.9 16.8

11.5 -2.6

-24.9 -0.3

-2.0 -5.3

14.1 48.0

15.0 11.8

7.9

-40 -30 -20 -10 0 10 20 30 40 50

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Return per annum (%)


Over five-year periods, the performance of international share markets has been more consistent than over

one year periods. Over the past 20 years, markets have produced positive five-year returns on

14 occasions.



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Five-year returns of international share markets, 1996 - 2016

9.8 16.7

18.2 24.1

19.0 15.1

0.7 -5.0

-6.2 -3.6

0.6 6.7

0.9 -1.0

-4.4 -7.5

-4.5 9.3

12.5 15.5

18.6

-10 0 10 20 30

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016



Over 10-year periods, the performance of international share markets has been even more consistent than

the performance over one and five-year periods. Shares are not without risk however. This is demonstrated

by the impact of the Global Financial Crisis on the 10-year periods ending 2008 to 2011. In all other 10-year

periods, international share markets have performed very well.



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10-year returns of international share markets, 1996 - 2016

8.6 11.7

14.4 13.6

15.7 12.4

8.4 6.0

7.9 7.1

7.6 3.6

-2.1 -3.6

-4.0 -3.5

0.9 5.0

5.5 5.1

4.7

-10 -5 0 5 10 15 20

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016


WHY MOST INVESTORS

FAIL

WHY MOST INVESTORS FAIL

Most investors fail. A strong statement? Consider this – the US research firm DALBAR Inc. found that the

average investor in US share funds achieved a return of just 5.2% p.a. over the 20-year period from 1996 to

2015, even though the market they invested in returned 9.9% p.a. Why? It appears investors tried to time

the market and, in switching their funds in and out at the wrong time, simply missed the best days.

5.2%

9.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Average S&P 500

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE. SOURCE: DALBAR INC. THE MEASUREMENT OF SUCCESS. QUANTITATIVE ANALYSIS OF INVESTOR BEHAVIOUR, PERFORMANCE OF AVERAGE SHARE INVESTOR VERSUS THE MARKET, 1996-2015.

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Performance of average share investor versus share market, 1996-2015

% return per annum

THE CHASER Most investment markets perform well over long periods of time – but all markets experience ups and

downs along the way. Chasing the best performing markets from one year to another may sound like a

good strategy but it results in a very bumpy ride indeed. The following chart shows what the ‘chaser’ would

get if they invested in the market which produced the strongest return in the previous year.


SOURCE: MORNINGSTAR, RBA, AUSTRALIAN SHARES: S&P/ASX 300 ACCUMULATION INDEX, AUSTRALIAN BONDS: BLOOMBERG AUSBOND COMPOSITE BOND INDEX (ALL MATURITIES), INTERNATIONAL SHARES: MSCI WORLD EX AUSTRALIA IN $A (UNHEDGED), GLOBAL BONDS: BARCLAYS CAPITAL GLOBAL AGGREGATE HEDGED IN $A, AUSTRALIAN LISTED PROPERTY: S&P ASX 200 A-REIT ACCUMULATION (ASX PROPERTY ACCUMULATION INDEX TO 2000), AUSTRALIAN CASH: BLOOMBERG AUSBOND BANK BILL INDEX, INFLATION: HEADLINE CPI ALL GROUPS INDEX. DATA AS OF 31 DECEMBER 2016.

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What the 'chaser' gets

Year Australian

shares

Australian

bonds

Global shares Global bonds Australian

listed property

Cash Inflation

1996 14.5 11.9 6.2 9.5 14.5 7.6 1.5

1997 12.2 12.2 41.6 10.7 20.3 5.6 -0.3

1998 9.7 9.5 32.3 10.1 18.0 5.1 1.5

1999 19.5 -1.2 17.2 0.3 -5.0 5.0 1.9

2000 6.3 12.1 2.2 9.7 17.9 6.3 5.8

2001 10.5 5.4 -10.0 8.3 14.6 5.2 3.1

2002 -8.6 8.8 -27.4 11.6 11.8 4.8 2.9

2003 15.0 3.0 -0.8 6.6 8.8 4.9 2.4

2004 27.9 7.0 9.9 8.9 32.0 5.6 2.5

2005 22.5 5.8 16.8 6.6 12.5 5.7 2.8

2006 24.5 3.2 11.5 4.4 34.0 6.0 3.3

2007 16.2 3.5 -2.6 6.6 -8.4 6.7 2.9

2008 -38.9 14.9 -24.9 9.2 -54.0 7.6 3.7

2009 37.6 1.7 -0.3 8.0 7.9 3.5 2.1

2010 1.9 6.0 -2.0 9.3 -0.4 4.7 2.8

2011 -11.0 11.4 -5.3 10.5 -1.5 5.0 3.0

2012 19.7 7.7 14.1 9.7 33.0 4.0 2.2

2013 19.7 2.0 48.0 2.3 7.1 2.9 2.7

2014 5.3 9.8 15.0 10.4 27.0 2.7 1.7

2015 2.8 2.6 11.8 3.3 14.3 2.3 1.7

2016 11.8 2.9 7.9 5.2 13.2 2.1 1.5

Annualised

20 year return 8.8 6.3 6.2 7.5 7.9 4.8 2.5

MISSING THE WORST DAYS – CAN YOU DO THIS?

If you were fully invested in the Australian share market index for the 20 years to 31 December 2016, you

would have achieved an average annual return of 4.4% (excluding dividends and franking). If you could

somehow miss the 10 worst days during the period, the average return would increase to 7.6%. Miss the 20

worst days, and you’re up 9.8%. Nice work if you can do it, but there’s a catch. It’s near impossible to pick

when the worst days will come, and you’re just as likely to hurt returns by missing some of the best days.

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Return on investment (annualised)

Time invested in the Australian share market, beginning 1997 – end 2016


SOURCE: BLOOMBERG. ASX ALL ORDINARIES INDEX. DATA FROM 2 JANUARY 1997 TO 31 DECEMBER 2016

4.4%

7.6%

9.8%

11.7%

13.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Fully invested Miss 10 worst Miss 20 worst Miss 30 worst Miss 40 worst

MISSING THE BEST DAYS DESTROYS RETURNS

If you were fully invested in the Australian share market index for the 20 years to 31 December 2016, you

would have achieved an average annual return of 4.4% (excluding dividends and franking). If you include

dividends, the average annual return would have been higher. Miss the 10 best days during this period, and

the return falls to 2.0%. Miss more of the best days, and it falls further. The only way to be sure of capturing

the best days is to stay in the market. Market timing increases risk – get it wrong and it destroys returns.

| 22 PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE.

SOURCE: BLOOMBERG. ASX ALL ORDINARIES INDEX. DATA FROM 2 JANUARY 1997 TO 31 DECEMBER 2016

Return on investment (annualised)

Time invested in the Australian share market, beginning 1997 – end 2016

4.4%

2.0%

0.1%

-1.5% -2.8%

-12.0%

0.0%

12.0%

Fully invested Miss 10 best Miss 20 best Miss 30 best Miss 40 best

HISTORY NEVER REPEATS

Unfortunately you can’t use last year’s performance numbers to tell which fund managers are best for your

portfolio. Look at the rankings of Australian share managers between 2002 and 2016. Most of the

top-ranked managers from 2002 are a long way down the rankings within one or two years. So how

confident would you feel picking one of today’s top-ranked managers? How would you make the right

decision?

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* PREVIOUSLY KNOWN AS TYNDALL AUST SHARE PORTFOLIO ** PREVIOUSLY KNOWN AS THE BGI AUSTRALIAN ALPHA EQUITY FUND. SOURCE: MERCER WHOLESALE AUSTRALIAN SHARE

DATABASE – ONE YEAR RETURNS AS AT DECEMBER EACH YEAR. DATA AS OF 31 DECEMBER 2016, N/A OR NOT AVAILABLE MEANS THE FUND NO LONGER EXISTS.

Fund managers 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Tyndall Aust Share Portfolio 7 40 56 84 49 52 25 95 36 31 44 18 n/a n/a

Dimensional Aust Value 6 4 72 30 79 18 28 35 99 92 86 92 83 2

Investors Mutual 23 66 76 78 72 3 103 26 2 4 61 6 51 35

Lazard Aust Equity 16 57 71 74 83 35 102 50 5 5 4 21 89 8

Perennial Value Aust Shares Comp 15 34 66 63 63 46 8 90 79 84 40 33 65 n/a

Constellation Capital Management 19 57 62 41 80 23 20 84 92 n/a n/a n/a n/a n/a

Perpetual Aust Shares Composite 11 5 56 66 61 42 41 11 6 20 21 83 55 n/a

AMP Capital Value Plus 5 15 63 86 39 42 38 44 28 37 73 79 68 n/a

Aberdeen Aust Equity 29 65 47 87 19 18 93 50 85 60 94 n/a n/a n/a

GMO Aust Equity Trust 60 13 54 19 65 67 100 88 54 n/a n/a n/a n/a n/a

Challenger Aust Equities 16 52 18 21 71 87 51 n/a n/a n/a n/a n/a n/a n/a

Maple-Brown Abbott Aust Shares 61 63 73 55 78 4 93 72 59 24 35 55 94 10

Legg Mason Core Equity 23 61 63 23 75 78 32 42 25 42 9 58 59 n/a

SSGA Active Aust Equities Composite 43 14 12 80 35 84 96 n/a n/a n/a n/a n/a n/a n/a

Concord Capital Aust Equities Composite 27 8 69 78 28 49 13 81 104 n/a n/a n/a n/a n/a

PM Capital Aust Equities 1 17 74 24 76 67 53 8 73 82 28 n/a n/a n/a

SUNCORP Aust Equities 33 28 24 10 63 71 66 41 n/a n/a n/a n/a n/a n/a

WestLB Mellon ASX300 Low Tracking Error 20 n/a n/a n/a n.a. n.a. n.a. n/a n/a n/a n/a n/a n/a n/a

BlackRock Australian Alpha Tilts* 40 19 39 22 38 82 71 30 20 9 64 72 47 55

Quantitative Investments 50 24 56 38 27 71 97 n/a n/a n/a n/a n/a n/a n/a

Total number of managers 67 70 76 87 86 92 112 108 117 120 98 98 100 97

In top 20 10 8 2 2 1 4 3 2 4 4 2 2 0 3

TOP MANAGERS ENJOY THEIR TIME IN THE SUN

Of the 20 highest-performing Australian share managers in 2002, only 10 were in the top 20 just one year

later. Five years later, just one was there. Selecting and combining good managers takes in-depth research,

detailed analysis and an understanding that not every manager can be a top performer every year. It’s what

happens over the long-term that matters.

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SOURCE: MERCER WHOLESALE AUSTRALIAN SHARE DATABASE, LONG ONLY STRATEGIES, 1 YEAR NET RETURNS AS AT DECEMBER EACH YEAR. DATA AS OF 31 DECEMBER 2016.

Top 20 managers in 2002 who stayed in the top 20 in subsequent years

Ranking

20

10

8

2 2 1

4 3

2

4 4

2 2

0

3

0

5

10

15

20

25

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

GETTING STARTED

IT PAYS TO GET STARTED EARLY

Harry started investing in super today. He contributes $20,000 a year for 10 years. He then stops investing,

waiting five years and retires. Sally waits five years. She then contributes $20,000 to super for 10 years,

stops investing and retires immediately. Both put the same amount of money into super yet Harry retires

with $442,739 and Sally has only $301,320. Why? Simply because Harry started earlier.

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SOURCE: AMP CAPITAL, ASSUMES INVESTMENT RETURN OF 8% PER ANNUM AFTER TAX, NEW CASH IS DEPOSITED MID-WAY THROUGH THE YEAR.

Growth of $20,000 invested by Harry and Sally

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

$442,739

$301,320

Sally starts contributing

5 years after Harry

Harry stops contributing

after 10 years but his

money keeps working

Year

Dolla

rs (

$)

MAKE YOUR MONEY GO FURTHER

If you’re investing for retirement, superannuation is a smart way to go. As long as you don’t need ready

access to your money, super provides a lower-tax environment than ordinary savings so your money grows

faster over time. As the chart shows, if you invest $20,000 in ordinary savings for 20 years, and contribute

$1,000 each month as well, it may grow to around $156,362, while investing the same amount in

superannuation for 20 years may grow to around $228,986 based on exactly the same assumptions.

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PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE. SOURCE: AMP CAPITAL. FOR ORDINARY MONEY INVESTMENTS: FUND RETURN IS GROWTH RATE 1.07% PER ANNUM, INCOME 4.88% AND FRANKING 0.56% IS BASED ON PATHWAYS 70 (BALANCED FUND) RETURN USED FOR LONG RANGE CLIENT MODELLING. REGULAR INVESTMENTS ARE $1,000 BASED ON PRE-TAX PER MONTH I.E. NET $615 PER MONTH, NOT INDEXED OVER LIFE OF PROJECTION. MARGINAL TAX RATE 37% PLUS MEDICARE LEVY 1.5% USED OVER LIFE OF PROJECTION (I.E. EARNING >$80,000 PER ANNUM (2010-11). STARTING BALANCE FOR BOTH OPTIONS IS $20,000. FOR SUPERANNUATION INVESTMENT: SUPER GROWTH RATE 5.3% PER ANNUM IS AFTER TAX BASED ON PATHWAYS 70 (BALANCED FUND) RETURN USED FOR LONG RANGE CLIENT MODELLING. CONTRIBUTIONS ARE $1,000 PER MONTH NET OF CONTRIBUTIONS TAX 15%, I.E. NET $850 PER MONTH, NOT INDEXED OVER LIFE OF PROJECTION.

Growth in ordinary savings versus growth in superannuation over 5, 10 and 20 year periods

0

50,000

100,000

150,000

200,000

250,000

5 years 10 years 20 years

Non-Super Investment Superannuation

Accumulated balance ($)

Difference

of $15,533

Difference

of $32,579

Difference

of $72,624

LEARNING MORE

If you would like to know more about how AMP Capital can help you, please visit ampcapital.com, or

contact one of the following:

Financial planners

• AMP Capital's Client Service Team on 1300 139 267

Personal investors

• Adviser or Financial Planner

Wholesale investors

• AMP Capital's Client Service Team on 1800 658 404

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timeless investing. an investor should, before making any investment decisions, consider the...

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