Public Investment Corporation (PIC) CEO Dan Matjila and his executives came out fighting on Tuesday against allegations of impropriety and bad investment decisions by the corporation. Matjila and his team were grilled by members of Parliament’s finance committee. Arguing that the PIC had performed well and exceeded clients’ expectations, Matjila revealed that in the year ended March 2018, the PIC’s assets under management grew by 8.6% (R165bn) to R2.084-trillion, mainly due to the good performance in listed equities. “We have outperformed benchmarks and continue to outperform [them] ,” Matjila said. The PIC’s local unlisted portfolio amounted to R69.4bn at end-March 2018, local listed bonds to R692bn, local listed equities to R965bn, cash and money market investments to R110bn, local property R108bn, Africa (outside SA) R25.4bn and global investments R115bn. Of the total portfolio, 70% was in listed shares, 20% in unlisted investments and 10% in nondomestic investments. Matjila said...

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