The Investment Portfolio has a long-term return objective of Inflation (measured by US CPI-U) +4% (or above inflation (measured by US CPI-U) +3%). Assuming an average CPI-U inflation rate of 2.5%, this translates into a long-term return objective of 6.5% per annum. This is an average return objective over a full market cycle with performance expected to fluctuate with some years with returns in excess of inflation +4% and some years with negative returns.
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