Interesting how David Whitley is able to manipulate the media. On face value, it could be the case where one fund may out perform the other. If we could take AustralianSuper's Balanced Fund as an example; It has a 12% exposure to cash and fixed interest which are the defensive investments, 6% credit investments and the balance of funds ,82% are invested in growth assets of with 7% exposure to direct property, 13% infrastructure and 3% private equity. A retail balanced fund is usually 70% growth and 30% defensive. He is not comparing apples with apples and his arguments are starting to unravel. What can I say?