Are you using the correct doctype?
Code:
<!DOCTYPE hibernate-mapping PUBLIC
"-//Hibernate/Hibernate Mapping DTD 2.0//EN"
"http://hibernate.sourceforge.net/hibernate-mapping-2.0.dtd">
Well you see yourself what is happening in the generated SQL. I suggest you work some with lazy, outer-join and the join fetch clause in HQL and learn how to control hibernate loading behaviour, before you are doing performance measurements.
In most cases it is not a big problem to get Hibernate to execute exactly the same SQL your manual loading approach would do.