Quantitative Review · Model Data As At 7 September 2026
Our Investments
Quantitative Review
A row-by-row account of the inputs, assumptions and calculations behind three hypothetical investment journeys.
See Our Investments for current SMA compositions and performance.
Complete Calculation Ledger
Three Strategies, 51 Annual Records
Openings, modelled net SG, return legs, property components and closings are shown below. “PROXY” means a sourced substitute was used because strategy-period data was unavailable.
Strategy A · Comparator
AustralianSuper Balanced Input Series
| Year | Opening | Net SG | Return / Model Components | Closing |
|---|---|---|---|---|
| 2009 | $100,000 | $7,650 | AustralianSuper Balanced (official calendar-year crediting return) +10.24% | $118,671 |
| 2010 | $118,671 | $7,870 | AustralianSuper Balanced (official calendar-year crediting return) +6.11% | $134,275 |
| 2011 | $134,275 | $8,135 | AustralianSuper Balanced (official calendar-year crediting return) -1.36% | $140,466 |
| 2012 | $140,466 | $8,276 | AustralianSuper Balanced (official calendar-year crediting return) +13.15% | $168,295 |
| 2013 | $168,295 | $8,713 | AustralianSuper Balanced (official calendar-year crediting return) +17.49% | $207,975 |
| 2014 | $207,975 | $9,171 | AustralianSuper Balanced (official calendar-year crediting return) +8.87% | $236,409 |
| 2015 | $236,409 | $9,309 | AustralianSuper Balanced (official calendar-year crediting return) +7.65% | $264,522 |
| 2016 | $264,522 | $9,428 | AustralianSuper Balanced (official calendar-year crediting return) +8.25% | $296,540 |
| 2017 | $296,540 | $9,612 | AustralianSuper Balanced (official calendar-year crediting return) +13.59% | $347,756 |
| 2018 | $347,756 | $9,797 | AustralianSuper Balanced (official calendar-year crediting return) +1.21% | $361,876 |
| 2019 | $361,876 | $9,953 | AustralianSuper Balanced (official calendar-year crediting return) +17.03% | $435,157 |
| 2020 | $435,157 | $10,038 | AustralianSuper Balanced (official calendar-year crediting return) +5.49% | $469,656 |
| 2021 | $469,656 | $10,868 | AustralianSuper Balanced (official calendar-year crediting return) +14.99% | $552,569 |
| 2022 | $552,569 | $12,167 | AustralianSuper Balanced (official calendar-year crediting return) -4.76% | $537,875 |
| 2023 | $537,875 | $13,457 | AustralianSuper Balanced (official calendar-year crediting return) +8.96% | $600,716 |
| 2024 | $600,716 | $14,515 | AustralianSuper Balanced (official calendar-year crediting return) +10.53% | $680,015 |
| 2025 | $680,015 | $15,575 | AustralianSuper Balanced (official calendar-year crediting return) +8.69% | $756,037 |
Strategy B · AMP + Sandwich
North → MyNorth → Proxy Reuben Window → Tuna
| Year | Opening | Net SG | Return / Model Components | Closing |
|---|---|---|---|---|
| 2009 | $100,000 | $7,650 | North Index Growth +20.21% | $129,406 |
| 2010 | $129,406 | $7,870 | North Index Growth +3.84% | $142,547 |
| 2011 | $142,547 | $8,135 | North Index Growth -4.33% | $144,158 |
| 2012 | $144,158 | $8,276 | North Index Growth +16.58% | $177,707 |
| 2013 | $177,707 | $8,713 | North Index Growth +23.80% | $230,788 |
| 2014 | $230,788 | $9,171 | North Index Growth +9.67% | $263,164 |
| 2015 | $263,164 | $9,309 | North Index Growth +5.71% | $288,031 |
| 2016 | $288,031 | $9,428 | North Index Growth H1 +1.49% MyNorth Index Growth H2 +7.44% | $324,352 |
| 2017 | $324,352 | $9,612 | MyNorth Index Growth +11.09% | $371,000 |
| 2018 | $371,000 | $9,797 | MyNorth Index Growth -1.66% | $374,476 |
| 2019 | $374,476 | $9,953 | MyNorth Index Growth +21.23% | $466,043 |
| 2020 | $466,043 | $10,038 | MyNorth Index Growth H1 -6.65% MyNorth H2 proxy for Reuben +11.94% | $497,485 |
| 2021 | $497,485 | $10,868 | MyNorth H1 proxy for Reuben +11.26% MyNorth H2 proxy for Reuben +6.48% | $602,244 |
| 2022 | $602,244 | $12,167 | Tuna Salad Wrap model -4.89% | $584,366 |
| 2023 | $584,366 | $13,457 | Tuna Salad Wrap SMA +8.73% | $650,014 |
| 2024 | $650,014 | $14,515 | Tuna Salad Wrap SMA +9.51% | $727,725 |
| 2025 | $727,725 | $15,575 | Tuna Salad Wrap SMA +7.43% | $798,527 |
Strategy C · SMSF Illustration
Strategy B Plus Modelled Property From 2021
| Year | Opening | Net SG | Return / Model Components | Closing |
|---|---|---|---|---|
| 2009 | $100,000 | $7,650 | North Index Growth +20.21% | $129,406 |
| 2010 | $129,406 | $7,870 | North Index Growth +3.84% | $142,547 |
| 2011 | $142,547 | $8,135 | North Index Growth -4.33% | $144,158 |
| 2012 | $144,158 | $8,276 | North Index Growth +16.58% | $177,707 |
| 2013 | $177,707 | $8,713 | North Index Growth +23.80% | $230,788 |
| 2014 | $230,788 | $9,171 | North Index Growth +9.67% | $263,164 |
| 2015 | $263,164 | $9,309 | North Index Growth +5.71% | $288,031 |
| 2016 | $288,031 | $9,428 | North Index Growth H1 +1.49% MyNorth Index Growth H2 +7.44% | $324,352 |
| 2017 | $324,352 | $9,612 | MyNorth Index Growth +11.09% | $371,000 |
| 2018 | $371,000 | $9,797 | MyNorth Index Growth -1.66% | $374,476 |
| 2019 | $374,476 | $9,953 | MyNorth Index Growth +21.23% | $466,043 |
| 2020 | $466,043 | $10,038 | MyNorth Index Growth H1 -6.65% MyNorth H2 proxy for Reuben +11.94% | $497,485 |
| 2021 | $497,485 | $10,868 | Liquid: MyNorth H1 proxy for Reuben +11.26% MyNorth H2 proxy for Reuben +6.48% Property +27.80% → $766,800 · net property cashflow $-4,320 | $702,528 |
| 2022 | $702,528 | $12,167 | Liquid: Tuna Salad Wrap model -4.89% Property +0.00% → $766,800 · net property cashflow $1,088 | $695,784 |
| 2023 | $695,784 | $13,457 | Liquid: Tuna Salad Wrap SMA +8.73% Property +10.67% → $848,618 · net property cashflow $-18,316 | $806,277 |
| 2024 | $806,277 | $14,515 | Liquid: Tuna Salad Wrap SMA +9.51% Property +12.65% → $955,968 · net property cashflow $-20,252 | $947,063 |
| 2025 | $947,063 | $15,575 | Liquid: Tuna Salad Wrap SMA +7.43% Property +18.72% → $1,134,925 · net property cashflow $-16,548 | $1,158,492 |
Scenario C Calculation
Property Value, Debt And Equity Reconciliation
Property equity = year-end property value − unchanged interest-only LRBA principal. Total closing balance = cash + property equity + liquid portfolio. Values are hypothetical proxies, not valuations. Other costs are shown gross; the separate 15% tax claim reduces their net cash cost to 85%. Net property cash flow excludes SG. The signed sweep includes SG and property cash flow, before sandwich returns.
| Year | Opening Property | Growth | Closing Property | LRBA Debt | Property Equity | Gross Rent | Interest | Other Gross Costs | Net Property Cash Flow | Net SG Into Cash | 15% Cost Tax Claim | Sandwich Sweep (+) / Draw (−) | Cash Reserve Shortfall | Cash | Liquid Portfolio | Total Close |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | $600,000 | +27.80% | $766,800 | $480,000 | $286,800 | $25,260 | $24,480 | $6,000 | $-4,320 | $10,868 | $900 | $6,548 | $0 | $20,000 | $395,728 | $702,528 |
| 2022 | $766,800 | +0.00% | $766,800 | $480,000 | $286,800 | $32,206 | $25,680 | $6,397 | $1,088 | $12,167 | $960 | $13,255 | $0 | $20,000 | $388,984 | $695,784 |
| 2023 | $766,800 | +10.67% | $848,618 | $480,000 | $368,618 | $29,905 | $42,480 | $6,754 | $-18,316 | $13,457 | $1,013 | $-4,858 | $0 | $20,000 | $417,659 | $806,277 |
| 2024 | $848,618 | +12.65% | $955,968 | $480,000 | $475,968 | $30,550 | $44,880 | $6,968 | $-20,252 | $14,515 | $1,045 | $-5,738 | $0 | $20,000 | $451,095 | $947,063 |
| 2025 | $955,968 | +18.72% | $1,134,925 | $480,000 | $654,925 | $32,503 | $42,960 | $7,165 | $-16,548 | $15,575 | $1,075 | $-972 | $0 | $20,000 | $483,567 | $1,158,492 |
Terms used here: SG is Superannuation Guarantee; SMSF is self-managed superannuation fund; CPI is Consumer Price Index; ABS is Australian Bureau of Statistics; ATO is Australian Taxation Office; LRBA is limited recourse borrowing arrangement; TWR is time-weighted return; XIRR is extended internal rate of return; CAGR is compound annual growth rate; SI is since inception; p.a. means per annum (per year); H1 and H2 are the first and second halves of the year; FY is financial year and CY is calendar year. AMP is the provider brand (originally Australian Mutual Provident); HUB24 is the investment platform name. ETF means exchange-traded fund; REIT means real estate investment trust. Fund names and VCO portfolio codes are provider identifiers.
How The Model Works
Method And Material Limitations
Contributions
Salary begins at $100,000 and is indexed by annual-average Australian CPI. SG is reduced by 15% contributions tax. Annual net SG is modelled before that year’s returns. The SG rate effective from July is applied to the whole calendar year. These timing assumptions differ from payroll contributions through the year.
Transitions
2016 compounds sourced North H1 and MyNorth H2 returns. The 2020–2021 Reuben window uses MyNorth calendar-half proxies. Reuben’s sourced +24.10% FY20/21 fact is not also applied, preventing overlap and double counting.
Property Path
On 1 January 2021 all accumulated super transfers into the SMSF. A $600,000 property uses a $120,000 deposit and $30,000 purchase costs, with $480,000 interest-only LRBA debt. Exactly $20,000 stays in cash; all remaining funds enter the same sandwich path as B: Reuben proxies through December 2021, then Tuna. Each year, net SG and gross rent enter cash; LRBA interest and CPI-indexed other costs are paid. Other costs start at $6,000 in 2021; the model credits a 15% fee tax claim, giving an 85% net cost. Cash above $20,000 sweeps into sandwich. Below $20,000, sandwich is drawn down as available; any remaining reserve shortfall is reported without a top-up. Cashflows and sweeps occur BEFORE the annual sandwich return (2021 compounds its two proxy halves). Cash earns no assumed interest. Property grows annually using the stated growth series; LRBA debt remains $480,000. Every year-end value equals property equity + cash + sandwich. Property equity equals property value less LRBA debt.
Annualised Measures
The headline TWR geometrically links annual subperiod returns after removing the modelled external contribution. XIRR is shown separately and uses dated contributions, so it is money-weighted and contribution-sensitive. Terminal-balance CAGR is not labelled investment return.
ABS Brisbane median established-house transfers were flat from December 2021 to December 2022: $750,000 in both periods, so 2022 property growth remains 0.0000%. See ABS Total Value of Dwellings, Table 2, series A83728553T. This is a Brisbane capital-city proxy: the model uses the residential property price index through 2021 and unstratified median transfer prices thereafter. Median changes can reflect the mix of properties sold. Rental yields use Brisbane all-dwellings proxies; LRBA rates use ATO safe-harbour rates mapped from financial years to calendar years.
Public Sources
Source Ledger
Separately Managed Accounts (SMAs) are not Managed Investment Schemes in their own right. The SMA models themselves are not separate financial products. Investors typically have direct beneficial ownership of the underlying holdings (via the platform), not units in a separate Managed Investment Scheme (MIS) for the model itself. These Virtuous Collective sandwich portfolios, Tuna Salad Wrap (VCO001), Club Sandwich (VCO002) and Reuben Sandwich (VCO003), are available only to The Virtuous Collective (VCO) clients. Platform Product Disclosure Statements (PDSs) and related platform documents are provided with the Statement of Advice (SOA). The platform, products and underlying holdings are actively managed and therefore change frequently; compositions shown are point-in-time. Read the Financial Services Guide (FSG).
Tuna SI uses the source-reported since-inception return from November 2022. Club and Reuben SI use available monthly history from January 2023; these current SMA measures are shown on Our Investments.
Public references for return calculations and economic assumptions. The Reuben window uses the disclosed MyNorth proxies; Tuna uses model returns in 2022 and SMA returns from 2023.
| Input | Public Reference |
|---|---|
| AustralianSuper Balanced Calendar-Year Returns | Official crediting-rate method Official CY2024 report Official CY2025 report |
| AustralianSuper Daily-Rate History | Archived official daily-rate CSV |
| Inflation | ABS Consumer Price Index |
| Property Growth | ABS Total Value of Dwellings, Table 2 |
| LRBA | ATO limited recourse borrowing arrangements |
| Rental Yield Citations | Meridien, Brisbane market insights YIP, December 2022 rental yields |