The Public Investment Corporation’s assets under management came close to R4 trillion in February before the Middle East conflict triggered a sharp sell-off in global markets, wiping more than R300 billion ($18.13 billion) from its portfolio in a month.
According to a BusinessDay South Africa report, PIC, the biggest investor on the Johannesburg Stock Exchange, reported assets of R3.65 trillion at the end of March, its financial year-end, up about R609 billion from the previous year. Business Day South Africa reported that the asset manager’s portfolio had reached R3.958 trillion in February, putting it within reach of the R4 trillion mark before the decline.
Patrick Dlamini, PIC CEO, said the fall followed heightened geopolitical tensions in the Middle East, which also affected South African financial markets after the JSE had recorded strong gains following the 2024 general election and the formation of the Government of National Unity.
‘By February 2026, total assets under management had reached R3.958 trillion and were approaching the historic R4-trillion mark. It then declined sharply by over R300bn following heightened geopolitical tensions in the Middle East,’ Dlamini said, according to the report.
‘Overall, while the domestic economy has shown some tentative stabilisation, the outlook remains highly uncertain. The interaction between global energy prices, the exchange rate and domestic inflation will be central in shaping economic outcomes, with risks remaining tilted to the downside,’ Dlamini said.
He said the changing global and domestic macroeconomic environment would continue to shape the PIC’s investment strategy, portfolio positioning and risk management.
‘External shocks translate directly into risks and opportunities for long-term value creation,’ Dlamini said. ‘The PIC’s mandate requires balancing financial performance with socio-economic outcomes, ensuring that investment decisions contribute to resilience, transformation and inclusive development.’