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I have no problem with unlisted assets, but when 30.1% of your fund in Real Estate, Infrastructure and Alternative assets and you have not revalued them for six months- even though the property market has lost 6-10% - then any comparison is misleading. If you look at QSupers performance in International shares -7.1% (Index +1.42%) and Australian Shares -2.7% (Index -3.06%) that gives a better view of how they are actually performing against their peers.