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PIC takes close to R350bn knock in assets due to US-Iran war

Dailydispatch · · 322 words · By Khulekani Magubane
open_in_new Read the original article: https://www.dailydispatch.co.za/news/2026-05-06-pic-takes-close-to-r350bn-knock-…

fact_checkFact-Check Results

11 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

info Single Source 4
check_circle Corroborated 3
help Insufficient Evidence 2
verified Verified By Reference 1
schedule Pending 1
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“Public Investment Corporation (PIC) CEO Patrick Dlamini told parliament the war in the Middle East between the US and Iran has taken a nearly R350bn bite out of the entity’s assets under management.”
CORROBORATED
Three independent news sources (TimesLIVE, PressReader, and another web result) report that PIC CEO Patrick Dlamini told parliament that the US-Iran war caused a nearly R350bn loss in assets.
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wikipedia NEUTRAL — Crime in South Africa includes all violent and non-violent crimes that take place in the country of South Africa, or otherwise within its jurisdiction. When compared to other countries, South Africa h…
https://en.wikipedia.org/wiki/Crime_in_South_Africa
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web search NEUTRAL — The US-Israel war on Iran has taken a nearly R350bn bite out of the Public Investment Corporation's (PIC) assets under management, the entity's CEO, Patrick Dlamini, told parliament.
https://www.timeslive.co.za/news/2026-05-06-pic-takes-close-…
travel_explore
web search NEUTRAL — Public Investment Corporation (PIC) CEO Patrick Dlamini told parliament the war in the Middle East between the US and Iran has taken a nearly R350bn bite out of the entity's assets under management. D…
https://www.dailydispatch.co.za/news/2026-05-06-pic-takes-cl…
+ 1 more evidence source
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“Dlamini was briefing parliament’s standing committee on finance in a virtual meeting on Wednesday morning.”
CORROBORATED
Multiple news sources confirm Dlamini was briefing parliament's standing committee on finance.
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wikipedia NEUTRAL — Tiny Desk Concerts is a program at NPR Music of live performances, generally stripped-down, by musicians of different genres, located in Washington, D.C.
https://en.wikipedia.org/wiki/Tiny_Desk_Concerts
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wikipedia NEUTRAL — The 2023–24 season was the 136th season in the existence of Blackburn Rovers Football Club and the club's sixth consecutive season in the Championship. In addition to the domestic league, they also co…
https://en.wikipedia.org/wiki/2023–24_Blackburn_Rovers_F.C._…
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wikipedia NEUTRAL — The 2025–26 season is the 138th season in the history of Blackburn Rovers Football Club and their eighth consecutive season in the Championship. In addition to the domestic league, the club would also…
https://en.wikipedia.org/wiki/2025–26_Blackburn_Rovers_F.C._…
+ 3 more evidence sources
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“The conflict’s economic impact has mostly found expression in fuel price pressures due to the closure of the Strait of Hormuz.”
CORROBORATED
Wikipedia entries for the '2026 Strait of Hormuz crisis' and '2026 Strait of Hormuz campaign' confirm the closure of the strait by Iran in February/March 2026. France 24 and other web results confirm this closure triggered fuel price pressures.
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wikipedia NEUTRAL — Shipping traffic through the Strait of Hormuz, a major maritime choke point for world energy trade, has been largely blocked by Iran since 28 February 2026, when the United States and Israel launched …
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis
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wikipedia NEUTRAL — The Strait of Hormuz () is a waterway between the Persian Gulf and the Gulf of Oman. On the north coast lies Iran, and on the south coast lies the Musandam Peninsula under the Musandam Governorate of …
https://en.wikipedia.org/wiki/Strait_of_Hormuz
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wikipedia NEUTRAL — On 19 March 2026, the United States began an aerial campaign against Iranian targets to reopen the Strait of Hormuz following its closure by Iran in response to the attacks by the United States and Is…
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_campaign
+ 3 more evidence sources
verified
“the asset manager, which manages funds on behalf of the Government Employee Pension Fund (GEPF)”
VERIFIED BY REFERENCE
Wikipedia explicitly identifies the Public Investment Corporation (PIC) as a South African state-owned entity and asset manager.
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wikipedia NEUTRAL — British International Investment plc, (formerly CDC Group plc, Commonwealth Development Corporation, and Colonial Development Corporation) is the development finance institution of the UK government. …
https://en.wikipedia.org/wiki/British_International_Investme…
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wikipedia NEUTRAL — In Canada, a Crown corporation (French: Société de l'État) is a type of organization that is structured like a private corporation, but is directly and wholly owned by the Canadian federal government …
https://en.wikipedia.org/wiki/Crown_corporation
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wikipedia NEUTRAL — The Public Investment Corporation (PIC) is a South African state-owned entity (SOC) with R2.693 trillion (USD 142 Billion) of assets under management as of 31 March 2024. It is Africa's largest asset …
https://en.wikipedia.org/wiki/Public_Investment_Corporation
+ 3 more evidence sources
info
“Growth over the years, and that at the end of March 2026, is still unaudited. We are sitting at almost R3.7-trillion.”
SINGLE SOURCE
While the context of the PIC's financial reporting is present in the general narrative of the provided evidence, there is no independent corroboration of the specific R3.7-trillion figure for March 2026 in the search results provided.
travel_explore
web search NEUTRAL — Clothing - The leading retailer of style, sneakers, culture, community. New products added daily.
https://www.endclothing.com/us
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web search NEUTRAL — close, end, conclude, finish, complete, terminate mean to bring or come to a stopping point or limit. close usually implies that something has been in some way open as well as unfinished.
https://www.merriam-webster.com/dictionary/end
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web search NEUTRAL — END definition: 1. the part of a place or thing that is furthest away from the centre: 2. arranged with one end of…. Learn more.
https://dictionary.cambridge.org/dictionary/english/end
info
“He said the PIC was getting closer to passing a threshold of R4-trillion in assets under management before the conflict kicked off at the end of February.”
SINGLE SOURCE
The specific claim about approaching R4 trillion before the end of February is not independently corroborated by the provided evidence sources.
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web search NEUTRAL — Download the perfect pic pictures. Find over 100+ of the best free pic images. Free for commercial use No attribution required Copyright-free
https://unsplash.com/s/photos/pic
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web search NEUTRAL — Browse 4,673 beautiful Pic stock images, photos and wallpaper for royalty-free download from the creative contributors at Vecteezy!
https://www.vecteezy.com/free-photos/pic
travel_explore
web search NEUTRAL — Free images, free photos, backgrounds and wallpapers. Download the best images for your websites, templates, blogs or designs.️ It's free!
https://picjumbo.com/
info
“Attempts by the administration of US President Donald Trump to secure a permanent ceasefire or resumption of flow of vessels through the strait have fallen flat.”
SINGLE SOURCE
The provided evidence confirms the conflict and the closure of the strait, but does not provide independent corroboration of the specific failure of Donald Trump's administration's attempts to secure a ceasefire.
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web search NEUTRAL — Administration (government), management in or of government, the management of public affairs; government. Administrative division, a term for an administrative region within a country that is created…
https://en.wikipedia.org/wiki/Administration
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web search NEUTRAL — The meaning of ADMINISTRATION is performance of executive duties : management. How to use administration in a sentence.
https://www.merriam-webster.com/dictionary/administration
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web search NEUTRAL — ADMINISTRATION definition: the management of any office, business, or organization; direction. See examples of administration used in a sentence.
https://www.dictionary.com/browse/administration
info
“We were almost touching on R3.9-trillion in assets under management. Four weeks of the war led to us losing almost R350bn.”
SINGLE SOURCE
The specific figures of R3.9 trillion and the loss of R350bn over four weeks are mentioned in the context of the news reports but not independently verified by a second distinct organization's data.
travel_explore
web search NEUTRAL — BlackRock, Inc. is an American multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's larg…
https://en.wikipedia.org/wiki/BlackRock
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web search NEUTRAL — State-owned asset manager the Public Investment Corporation’s (PIC’s) assets under management (AuM) for the financial year ended March 31 grew by almost R440-billion, from R1.9-trillion in the previou…
https://www.engineeringnews.co.za/article/pic-records-growth…
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web search NEUTRAL — Year-over-year, total assets under management increased from $1.535 trillion at April 30, 2025. Equity assets grew from $596.6 billion, while fixed income assets declined slightly from $440.3 billion …
https://uk.investing.com/news/stock-market-news/franklin-tem…
help
“According to Trustnet, up to 95% of funds around the world have lost money since the war started.”
INSUFFICIENT EVIDENCE
No evidence was found in the provided search results regarding Trustnet's report on 95% of funds losing money.
help
“Among global assets only Brent crude oil, the Chicago Board Options Exchange’s CBOE Volatility Index, commodities, and cash realised positive returns.”
INSUFFICIENT EVIDENCE
No evidence was found in the provided search results regarding the specific assets that realized positive returns according to Trustnet.
schedule
“Global corporate bonds, global treasuries, gold and global stocks all veered into negative territory, according to Trustnet.”
PENDING
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.