So some of the industry super outperformed to their high exposure to direct property and infrastructure? This is not true market value and inflates performance artificially. Valuation is via a discounted calculation. These superannuation funds could have a problem with liquidity if there was a run. Think of MTAA during the GFC. Comparing superannuation funds with high liquidity and true market valuation with potentially illiquid industry funds is not really comparing apples with apples. There is also the issue of industry designating their direct growth investments as defensive therefor creating a misrepresentation of the inherent risk of the investment.