The country’s largest investor in the bonds of SA’s beleaguered state-owned enterprises (SOEs) has drawn a line in the sand and is slowly withdrawing support for basket cases such as Eskom.

The surprising detail flows from the publication of the Government Employees Pension Fund (GEPF) annual report for the year ending March 2019, which showed that its exposure to SOEs fell by nearly 8% to R151.84bn while its overall portfolio remained flat at R1.8-trillion.

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