Industry superannuation funds Hostplus and Vision Super have warned their members not to panic after the local share market fell by almost five per cent last week.

Collectively the funds manage more than $9 billion in funds under management and represent over 900,000 members.

"Our first message to members is simple, don't panic. The second message is reinforcing the notion that superannuation is for the long term," Hostplus chief executive David Elia said.

Vision Super will also emphasise the message of long-term investing to its members.

"Whether you are building up your super or living in retirement the advice should be the same. Don't risk your super running off the rails by any knee-jerk reaction to short-term events," Vision Super chief executive Rob Brooks said.

Both Brooks and Elia said that their investment strategy has positioned their funds to address market volatility.

"Vision Super's investment strategy recognises that there will be periods of volatility in the markets from time to time. Our strategy focuses on achieving longer-term outcomes and not reacting to shorter-term market fluctuations," Brooks said.

"Hostplus's total allocation to both local and international equities constitutes 55 per cent of our portfolio. Our retail counterparts have about 60 to 70 per cent allocated to the asset class. Our fund is well placed to continue performing even in a market downturn," Elia said.