I was rather annoyed by the article today in the SMH about returns from industry funds versus retail. Not because industry funds do not perform better than retail, but because the rankings from SuperRatings are not comparing like for like. The 'Balanced' option from Hostplus (which had the highest return) has a 75/25 growth/defensive split. 5. How we invest your money That is not what I would call Balanced. Vanguard's Balanced fund is 50/50. Even more problematic, they have zero allocated to cash or fixed interest. Instead they seem to consider Property, Infrastructure, Private Equity and Alternatives to be defensive. I suspect their customers will be rudely surprised in a nasty downturn.