The IBC portfolio recorded a very good return of 8.9% over the six months to 31 December 2016 and 10.4% over the year. Since inception, over 14 years including the GFC, the portfolio achieved a return of 9.5%pa. Returns over the medium 3-6 year term ranged from 6%pa to 8.3%pa. Performance exceeded the portfolio's benchmark (1-year swap rate plus 6%pa) over the half year and one year periods. The portfolio achieved excellent risk-adjusted returns with volatility measuring 2/3rds less than the ASX Index over the half year and around half of the ASX Index volatility over one year.