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picBusinessLive reports that the Public Investment Corporation (PIC) grew its assets under management by less than 1% to R2.08-trillion in the year to end-March 2018, from R1.928-trillion the previous year.  

Assets under management grew 0.75%, which represented a compound annual growth rate of 8.6%, CEO Dan Matjila said in the annual report tabled in Parliament on Friday.  The PIC invests on behalf of the Government Employees Pension Fund (GEPF) — its major client, which makes up 87.12% of the funds under management — as well as the Unemployment Insurance Fund (UIF), the Compensation Fund and other funds.  "The GEPF listed portfolio [combined] achieved an overall outperformance of 0.09% over a 24-month rolling period and 0.18% over a 36-month rolling period," Matjila said.  Of the assets under management, 46.33% were in listed equities, 33.2% in bonds, 5.38% in cash and money markets and 2.93% in properties.  Unlisted investments included 1.02% in private equity, 2.35% in impact investing and 2.26% in properties.  Global listed equities made up 4.38% of the total portfolio, international listed bonds 0.99%, listed investments in Africa 0.92% and unlisted investments in Africa 0.24%.  The PIC had to write down R82.3m of its investment in the Bophelo Insurance Group, which was placed under curatorship when it was unable to meet its obligations.


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