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Political Footbal

机译：政治足球

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When South African president Jacob Zuma sacked Finance minister Nhlanhla Nene in favor of obscure politician David van Rooyen last December, investors around the world woke up to the country's political instability, sending the rand into a tailspin and foreign capital running for the door. No one felt the fallout like the managers of Public Investment Corp. (PIC), a state-owned entity that manages 1.8 trillion rand ($122 billion) on behalf of South Africa's Government Employees Pension Fund (GEPF) and other public bodies. Within 48 hours of Nene's removal, the value of PIC's portfolio fell by R99 billion, or 5.5 percent, chief executive Daniel Matjila told Parliament in May. The portfolio recovered in line with markets when Zuma caved in to pressure four days later and replaced van Rooyen with Nene's predecessor, Pravin Gordhan, but the event underscored just how vulnerable the fund is to domestic political gyrations. "What happened in the past few months is not something that should happen in a strong economy like ours," Matjila tells Institutional Investor. "It will weaken us very badly, and I'm sure they've learned by now how to do things better."
机译：去年12月，南非总统雅各布·祖玛（Jacob Zuma）罢免了财政部长Nhlanhla Nene，以让模糊的政治家戴维·范·鲁昂（David van Rooyen）出任总统时，世界各地的投资者都对南非的政治动荡感到不安，这使兰特陷入困境，而外国资本纷纷涌入。没有人能像公共投资公司（PIC）的管理者那样感到后果。公共投资公司是一家国有企业，代表南非政府雇员养老基金（GEPF）和其他公共机构管理着1.8万亿兰特（1,220亿美元）。首席执行官丹尼尔·马吉拉（Daniel Matjila）于5月告诉国会，在内内被撤职的48小时内，PIC的投资组合价值缩水了990亿兰特或5.5％。当祖玛在四天后屈服于压力，并用内内的前任普拉文·戈尔丹（Pravin Gordhan）取代范·鲁恩时，投资组合随市场恢复而上涨，但这次事件凸显出该基金在国内政治动荡中的脆弱性。 Matjila告诉《机构投资者》：“过去几个月发生的事情，在像我们这样的强大经济体中不应该发生。” “这将严重削弱我们的实力，我相信他们现在已经学会了如何做得更好。”

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