Equities are shares of companies listed on the Johannesburg Stock Exchange (JSE). This is the largest asset class within PIC.

Fixed income means investments in the domestic capital, bond, and money markets. In the money markets, the PIC only invests with domestic banks that have credit ratings of A2 and above. It only deals in bonds traded through the Bond Exchange of South Africa or issued by government, parastatals and companies listed on the JSE Limited.