Jo Townsend, CEO of the New Zealand Superannuation Fund, announced on Wednesday that the fund achieved a 14.2% return for the fiscal year ending June 30, 2026, with its size reaching NZD 94 billion (approximately USD 54.4 billion). The fund was rated as the world's best-performing sovereign wealth fund by analytics firm Global SWF. However, Townsend warned that U.S. equities have delivered returns close to double their annualized returns over the past 20 years, and a mean reversion is expected, suggesting that the era of high returns may be coming to an end. The fund has lowered its long-term expected annual return from 7.8% to 7.2% and reduced its active risk budget. Nicolai Tangen, CEO of Norway's sovereign wealth fund, expressed similar views last month.