World's top-performing sovereign wealth fund warns of looming pullback in U.S. stock market

Investors behind the world's top-performing sovereign wealth fund warned Wednesday that the U.S. equity market could be due a correction. Jo Townsend, CEO of the Guardians of New Zealand Superannuation — which manages the country's $54 billion wealth fund — warned of a potential downturn as she revealed the fund had grown 14.2% in the year to June 30. The New Zealand Superannuation Fund, which had a value of 94.4 billion New Zealand dollars ($54.4 billion) at the end of the 2026 financial year, was ranked the world's best-performing sovereign wealth fund earlier this year by analytics firm Global SWF . The Guardians said Wednesday that the returns posted in the fiscal year represented annual fund growth of NZ$9.3 billion but came in 0.