PIC grows at slowest pace in seven years
The PIC’s portfolio includes more than 12.5% of the equity on the JSE, more than 42% of all government bonds and 50% of the debt sold by state-owned enterprises
THE Public Investment Corporation’s growth in assets under management fell to the lowest pace in seven years after equity markets dropped and SA’s economy slowed to levels not seen since the 2009 recession.Assets increased by 2.4% to R1.85 trillion in the 12 months ended March 31 from R1.81 trillion a year earlier, the Pretoria-based PIC, which manages the bulk of SA’s government employees’ pension money, said in its annual report on its website. Annual absolute growth of assets under management was about R43bn, while net income rose 28% to R424.2m, the PIC said.The PIC’s portfolio includes more than 12.5% of the equity on the JSE, more than 42% of all government bonds and 50% of the debt sold by state-owned enterprises. An index of South African rand-denominated bonds lost 0.8% over the period, while the FTSE/JSE Africa All Share Index rose 0.1%, with only 68 of the benchmark’s 162 securities showing gains in the 12 months. SA’s economic growth slowed to 1.3% in 2015 and is expecte...
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