The Government Employees Pension Fund (GEPF) has reported its lowest investment return since the financial crisis, falling victim to severe market volatility and a slowing economy, its annual report shows. The fund’s annual report that was released on Wednesday showed it received a 4% return on its investments during the year to March, slightly below its benchmark 4.4%, and a steep fall from last year’s 10.2%. It is the worst performance since 2009, when returns declined 10.2%. "The return is in line with the current local and global economic and market conditions," said fund principal executive officer Abel Sithole. "There is a strong correlation between the performance of the economy and the growth of the GEPF’s assets." Asked if former finance minister Nhlanhla Nene’s removal in December affected its performance, Sithole said: "It should also be noted that the GEPF invests for the long term." And despite delivering the fund’s worst performance in seven years, the Public Investmen...
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