World's Top-Performing Sovereign Wealth Fund Warns of Looming Pullback in U.S. Stock Market
New Zealand's $54 billion pension fund returned 14.2% in the year to June.
TL;DR
- The New Zealand Superannuation Fund, the world's best-performing sovereign wealth fund, grew by 14.2% in the fiscal year to June 30.
- CEO Jo Townsend warned that U.S. equity market returns have been double the 20-year average and a correction is expected.
- The fund has reduced its long-term expected annual return from 7.8% to 7.2% to reflect lower expected equity returns.
- The fund's largest holdings include stakes in Nvidia, Apple, Microsoft, Alphabet, and Amazon.
- Managers of Norway's sovereign wealth fund also echoed warnings about future returns not matching recent performance.