South Africa’s biggest public pension fund manager loses R300 billion in a month

South Africa's largest public pension fund manager, the Public Investment Corporation (PIC), has lost a staggering R300 billion in assets under its management in a month, following a sharp market decline triggered by escalating tensions in the Middle East. This devastating drop comes after a particularly strong year for South African equities, with the All-Share Index gaining 33.6% over the past 12 months. The PIC's sudden and significant loss has significant implications for the millions of public-sector workers, pensioners, and social security beneficiaries it manages funds for.