As a reminder, there is no allowance for any net new money and the portfolios are assumed to grow in line with the relevant UK indices.

For each portfolio, there is an example chart, for a particular period, contrasting how MVR and DVE approach the ultimate MVR over time. The ratio of the areas is shown in the “cumulative” charts.

Equities 1986-2001

Equities Cumulative (15 year periods)

Fixed 1986-2001

Fixed Cumulative (15 year periods)