South African state investor PIC benefits from mining stock rally, green bets slump

South African state investor Public Investment Corporation (PIC) reported a 22.5% increase in its listed equities portfolio to R999-billion for the year ended March 2025, according to its annual report published on Friday.

PIC, Africa’s largest asset manager which oversaw R3.049-trillion as of March 31, manages assets for public sector clients including South African civil servants’ pension funds.