Hannah,
no disrespect intended with the following comment - but its borderline meaningless. Industry funds are not comparable to retail funds. It is nothing more than a game of semantics. To make a comparison like with like one must be able to have a look at a few fundamental considerations - one of which is a look through to the valuation approach of the assests - and more importantly - risk return measures, noting only expressed in standard deviation and sharpe ratio - We would consider those rather fundamental to any form of comparsion. - It is widely understood that industry funds lack transparency - and lack the alignment of investor expectations with forecast returns (a process something similar trust me I am a doctor and this wont hurt a bit). Its disengenious to compare in the way that you have.