Optimised strategies include minimum variance, low beta and low valuation. Risk-reduction strategies include equal-weighted indices, capped indices and gross domestic product-weighted indices. Emulation strategies can be returns based or holdings based. Brandhorst said investors should appreciate the timing of the investment decision, explicit costs and portfolio management costs. Simulated returns for global equities ex-Australia between 1995 and 2009 were: minimum volatility 8.0 per cent (excess return 3.0 per cent); value 7.5 per cent (2.6 per cent); size 6.8 per cent (1.9 per cent); and diversified 7.7 per cent (2.7 per cent).