New Zealand’s Guardians of Superannuation, the world’s best-performing sovereign wealth fund according to Global SWF, warned that the U.S. equity market could face a correction. The fund, worth 94.4 billion New Zealand dollars (54.4 billion U.S. dollars), posted 14.2% growth for the year ending June, but CEO Jo Townsend noted that U.S. equity returns in recent years are nearly double the 20-year annual average, which should logically lead to a reversion to the mean. The fund has lowered its long-term annual return forecast from 7.8% to 7.2%. Its top holdings include Nvidia (3 billion NZD), Apple, Microsoft, Alphabet and Amazon, with total U.S. equity holdings worth 31.7 billion NZD.
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