We’re pleased to share Perpetua’s latest Fixed Income Quarterly Commentary.

This quarter’s edition looks at the forces shaping markets – from the Fed’s independence and a resurgent term premium, to gold’s evolving role as a neutrality hedge, as well as South Africa’s own “rand paradox.”  We examine how these anchors are keeping portfolios steady and where they’re being tested.

As always, our focus remains practical: finding income where carry and roll do the work, managing risk with discipline, and staying patient when volatility runs high.

We hope you enjoy the read and find the perspective useful as we head into 2026.