The Public Investment Corporation (PIC) of South Africa manages public sector workers’ pension funds. Their overall investment allocation is dominated by investments in South African domestic equities and bonds. With the exception of 2020, the returns to the Government Employees Pension Fund have been reasonably strong over recent years and aligned to their benchmarks. However, as I have shown previously, the relative performance of South African equities indices has been flattered by high performing stocks such as Naspers, with South African equity indices generally underperforming relative to US equity indices over this period.
Unfortunately the PIC has changed the horizons over which returns are reported from year-to-year, making it impossible to compare the annual or long-term performance of the PIC funds.