I'm overweight emerging markets by about 3% which I'm okay with (if I held them at market cap weight, they would be 6% of the total portfolio). They aren't included in the indexed international share investment options which is why I've invested in them separately.

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I was under the impression that overweighting the Australian allocation is a sensible idea to gain exposure to franking credits assuming that they aren't 100% priced in.

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As I stated in the original post, I'm concerned about having exposure to property and infrastructure because any unlisted assets may be mispriced by the fund managers due to conflicts of interest assuming that their pay is performance based. If HostPlus had indexed options for these funds I might consider investing in them, but they are both actively managed.