This session looked at the implications of the performance test on the way super funds invest in equities. With the heavy consequences attached to performance test failure, there is a large risk that funds allow the performance test to dominate how they manage portfolios, potentially to the detriment of member outcomes. This session looked at potential unintended consequences including shortened time horizons, increased turnover and more passive investing. Speakers: Greg Barnes, Head of public markets, Sunsuper  Simon Hudson, Head of equities, UniSuper  Damian Lillicrap, Head of investment strategy, QSuper Moderator: David Bell, Executive director, The Conexus Institute  Poll results:[vc_line_chart x_values=”” values=”%5B%7B%22title%22%3A%22Significant%20change%20(more%20than%2025%25%20of%20book)%22%2C%22y_values%22%3A%2222%22%2C%22color%22%3A%22blue%22%7D%2C%7B%22title%22%3A%22Some%20change%20(10%25%20-%2025%25)%22%2C%22y_values%22%3A%2219%22%2C%22color%22%3A%22pink%22%7D%2C%7B%22title%22%3A%22Little%20change%20(%3C10%25)%22%2C%22y_values%22%3A%2222%22%2C%22color%22%3A%22orange%22%2C%22custom_color%22%3A%22%236dab3c%22%7D%2C%7B%22title%22%3A%22No%20change%22%2C%22y_values%22%3A%2237%22%2C%22color%22%3A%22turquoise%22%2C%22custom_color%22%3A%22%236dab3c%22%7D%5D” title=”Will your fund be changing / has already changed its equity strategy post the announcement of the YFYS performance test?”]