As we are concerned with long-term estimates, we have concentrated upon stocks at the longer end of the spectrum, namely longer than 15 years. Yes, the 2073 ILG is almost 50 years away but it's still not been with us for that long and we have few conventional comparators. While not always the case over individual years, ILGs have performed marginally better than conventionals. Between 1985 and 2024, over periods of 15 years, the average ILG under-performance was 0.59% per annum, a marked contrast to previous years. 

Below, we present some statistical comparisons by duration, where the underlying assessment periods all start at the end of December. Over the period from 1985 until 2024, we show rolling returns over periods of 15 years. In particular, we are showing “long conventionals by duration” and “long ILGs by duration” both in real terms (relative to RPI) and in absolute terms. Annual returns are also shown, separately over  1985/2020 and 2021/2024 (absolute alone), 2022 being spectacularly bad.