Chant West made a slight allowance for the final 2008/9 figures – it waited until July 23 to crunch its numbers – but Chant said all that was not available by the 20th-23rd might be some isolated hedge fund, unlisted asset or emerging market performance; the cost of member protection might not be accurately reflected; and in the case of the June numbers, a fund’s auditors might not have signed off on the carrying value of deferred tax assets.

ISN’s executive manager, David Whiteley, said the agencies’ differing methodologies lead to contradictory commentary for consumers, and also placed a worrying emphasis on monthly returns.

“Few would argue that an increased level of engagement from superannuation members is desirable. Official, objective performance data is an important step to achieving this goal, by providing clarity about long term performance for those customers exercising their right to choose their fund,” he said.