Perhaps I should give you more clarity. A conservative portfolio would have a portion of cash, money market funds and other low performing safe instruments included. This is to protect the investors from market crashes.
Had you been in a conservative portfolio during a market crash like the 2008/9 crash, you would not have lost as much as the Indi that is 100% equities. The biggest 1 day crash was -22%.
Now we, as active investors and watch the markets can do 100% equities for much larger gains as we can sell when the market crashes. Most UT's and pension funds ride out the crashes.