And you can bet they'll advertise these returns for the whole of the next two years even when they turn negative....

How is a loan to Virgin Airways during Covid shutdowns earning over 9% "defensive".

It's much easy to claim their returns are achieved by global equities because it's too hard to explain a high allocation to private credit and negative returns in fixed rate bonds. Majority of my clients have outperformed these funds this "time frame" and any Advised Client invested in similar asset allocations could beat these returns....When I show clients what the actual asset allocation of these funds most shudder. Spreading 17% of funds across 34 managers that specialize in sub grade "junk" bonds and "private credit" and calling these private credit instruments "defensive" when a rating company like Moody ranks them as extremely high chance of default in the most minor of economic downturns is crazy.