Top sovereign fund warns on U.S. stocks

New Zealand's sovereign wealth fund, considered one of the best-performing in the world, has warned of a potential correction in the U.S. stock market. CEO Jo Towsond pointed out that the high stock returns seen in recent years are likely to decline to historical averages. The fund, valued at $54 billion, achieved a growth of 14.2% during the fiscal year ended June, surpassing its 20-year average annual return of 9.68%. Towsond forecasts that U.S. stock returns will decrease in the future, emphasizing risk reduction and increased diversification, as market returns over the past two years have been double the historical average, indicating a possible return to lower levels. Additionally, the fund, which focuses on diversifying its investments, has lowered its long-term annual return expectations from 7.8% to 7.2%, amid prospects of a decline in the performance of the U.S. stock market according to the Sovereign Wealth Fund's management forecasts.

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