Transparency vs Comfort: The Hidden Risk in Unlisted Assets

Last Reviewed: March 2026

A recent article in The Australian titled “AI threat forces super funds to confront massive Canva valuation writedown” raises an important question about how some super funds value their investments. Many Industry Super Funds hold large positions in unlisted assets, including private technology companies, which are typically valued periodically using internal models rather than continuous market pricing. When markets move quickly — such as with the recent disruption to software companies from artificial intelligence — those valuation changes may not immediately appear in reported balances. This raises a key question for investors: do you prefer smoother returns, or transparent market pricing?