New Zealand Superannuation Fund CEO Jo Townsend warned that U.S. equity returns could revert toward long-term averages after several years of unusually strong performance. The fund gained 14.17% in the 12 months ended June 30, lifting assets by NZ$9.3 billion to NZ$94.4 billion, or about $54.2 billion. Its result lagged a passive benchmark dominated by global equities during the period, although the fund says it has generated NZ$22 billion above that benchmark over 20 years. The fund lowered its long-term expected annual return to 7.2% from 7.8% and reduced its active risk budget, citing the possibility of weaker future equity returns. It held about NZ$31.7 billion in U.S. equities at the end of last year, including a NZ$3 billion Nvidia stake, while also investing in timber, real estate, private markets and other equities. The warning comes as U.S. equity funds recorded $14.2 billion in outflows over three weeks and investors weighed rising Treasury yields, oil above $100 and policy uncertainty alongside heavy spending on artificial-intelligence infrastructure.