In a statement released on Friday the GEPF said that as at 31 March 2017 the GEPF through the Public Investment Corporation (PIC) owned about R28-billion in Steinhoff' about 10% of the shares of the company but 1% of the total assets of the Fund. Following a massive decline in Steinhoff's share price' the GEPF's investment was worth a little over R2-billion by mid-morning on Friday. The fund is valued at R1.8-trillion. Steinhoff lost R194-billion of its total market value by close of trading on Thursday.