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Seriously, even ASIC believes the rubbish performance comparisons. On a like for like asset allocation basis industry funds don't outperform anyone. Put your money in a Vanguard index option with matching risk profile (which would need to be High Growth) and you'll end up beating them. How long is this myth of industry fund out performance going to be allowed to continue.

I have noticed that Lonsec have downgraded Hostplus's default Balanced option to Investment Grade because of the inherent risk in such a large exposure to unlisted assets. At least someone understands what's really going on.