MarketPR
New Zealand's superannuation fund, ranked as the world's best-performing sovereign wealth fund, returned 14% for the period despite running underweight on US technology stocks, and its managers expect an equities pullback.
A top-performing result built without leaning on the dominant trade gives that call more weight than it would carry from most other desks. Sovereign pool performance has largely run through US tech for several years now.
Passive-leaning allocators have collected the gains almost by design.
Running light on that trade and still delivering 14% means the rest of the New Zealand portfolio was pulling weight, which matters because it tells you the outperformance was not a fluke of the benchmark.
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