The investment team behind one of the world's best-performing sovereign wealth funds is warning that the extraordinary returns delivered by U.S. stocks in recent years may not continue at the same pace, noting that markets could face a period of correction.
Jo Townsend, chief executive officer of the Guardians of New Zealand Superannuation, which manages New Zealand's $54 billion sovereign wealth fund, said Wednesday that U.S. equities have generated unusually strong gains compared with historical averages and could eventually experience a return toward more normal performance levels.
