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Investors often use performance of the Balanced Fund to compare Superannuation Funds.  However, these Funds are not required to disclose how they classify their investments to their members or to regulatory bodies.  This has resulted in many funds inventing their own definition of what constitutes a growth or defensive investment asset class.  When you look under the bonnet of their ‘Balanced’ funds, you could find up to 90% of higher-risk growth assets, meaning what looks like a high performing Balanced fund, is in fact a high risk Growth fund.  In a volatile market, the investors in these funds will be left with egg on their face, and no recourse.

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