NZ Super CIO forecasts lower returns

Moves by New Zealand Superannuation Fund to cut back on riskier assets late last year look to have been prescient given recent falls in stock prices globally. And markets are moving into a phase of more muted returns, argues Matt Whineray, chief investment officer of the NZ$26.7 billion ($21.3 billion) state pension. As a result, he doesn’t see NZ Super being able to sustain its strong performance of the past two years. The fund’s long-term performance expectation is to beat the…