{"text":[[{"start":7.84,"text":"The world’s best-performing sovereign wealth fund expects the recent outperformance in global equities to ease after it reported 14 per cent growth in the year to June despite being underweight on high-flying technology stocks."}],[{"start":21.56,"text":"New Zealand’s superannuation fund has gained prominence after it was named the top-performing sovereign wealth fund last year by data provider Global SWF based on its performance over the previous two decades, when its average annual returns exceeded 10 per cent."}],[{"start":38.24,"text":"The fund, which supports the pensions of New Zealand’s retirees, said on Wednesday that it grew 14.2 per cent to NZ$94.4bn ($54.2bn) in the year to the end of June."}],[{"start":52.16,"text":"The increase came despite the fund being underweight on US stocks, where the S&P 500 index rose by more than 20 per cent in the same period on the back of investor enthusiasm for AI."}],[{"start":63.76,"text":"As a result, the New Zealand Superannuation Fund — which is invested in timber, property and private investments alongside equities — slightly lagged behind its own passive reference benchmark, which is 80 per cent invested in global equities."}],[{"start":77.8,"text":"Jo Townsend, chief executive of the Guardians of New Zealand Superannuation Fund, which manages the fund, said a concentrated portfolio might have captured recent gains in the short term, but a diversified strategy was more suited to its long-term mandate."}],[{"start":92.16,"text":"“Returns for US equities over the past couple of years are close to double annualised returns for the past 20 years,” she said. “So we would expect there to be some reversion to the mean at some point.”"}],[{"start":103.88,"text":"The fund lowered its 20-year return outlook to 7.2 per cent annualised from 7.8 per cent earlier this year, which Townsend said reflected a view that returns on equities would ease after a strong period of outperformance."}],[{"start":117.64,"text":"New Zealand Superannuation was the country’s largest taxpayer last year, and the government has invested NZ$27.4bn into the fund since it was established in 2001."}],[{"start":129.28,"text":"Over the past 20 years, it has significantly outperformed its passive reference fund, generating NZ$22bn more than the benchmark in that period."}],[{"start":137.84,"text":"Neighbouring Australia’s Future Fund, whose board has A$356bn ($254bn) under management, reported a slightly higher return of 14.8 per cent in the year to June."}],[{"start":152.02,"text":"The Australian fund’s performance has improved after the Labor government overhauled its mandate in 2024 to direct more investment towards “national priority” investments in energy transition and residential housing."}],[{"start":169.92,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1789537779_6881.mp3"}