Steady strength: Perpetua’s Domestic Focused Equity portfolio continues to deliver through market cycles
In a market defined by shifting sentiment and volatility, Perpetua’s Domestic Focused Equity portfolio has continued to deliver value for clients through its consistency, discipline, and resilience.
Delivering long-term value above benchmark and peers
Over the five years to 30 September 2025, the portfolio achieved an annualised gross return of 21.6%, comfortably ahead of both the JSE Capped SWIX benchmark (18.8%) and the peer group median1 (19.5%) [Figure 1]. This outcome underscores the strength of Perpetua’s disciplined and pragmatic investment philosophy, centred on identifying mispriced businesses across both quality and cyclical businesses, with a focus on sustainability and resilience, and integrating these ideas into portfolios positioned to outperform throughout the economic cycle.
Figure 1: Perpetua Domestic Focused Equity Fund 5-year annualised performance
Source: JSE, Alexforbes Equity Manager Watch Survey, September 2025
Strong returns with lower volatility
At Perpetua our portfolio managers consider themselves to be risk managers as much as they focus on return. The portfolio’s risk profile, therefore, is closely and dynamically managed. The outcome reveals that the portfolio’s risk remains below that of the peer average. According to the AlexForbes Equity Manager Watch, the Perpetua Domestic Focused Equity portfolio has delivered superior returns at lower volatility — a reflection of Perpetua’s emphasis on downside protection and thoughtful portfolio construction [Figure 2].
Figure 2: Risk vs return
Source: JSE, Alexforbes Equity Manager Watch Survey, September 2025
The Fund also ranks favourably in the peer group in terms of information ratio, with a measure of 0.65, well above the peer group’s median of 0.29. Information ratio is a risk adjusted measure of excess return, interpreted as alpha per unit of risk undertaken. This indicates more efficient and consistent alpha generation relative to tracking error — suggesting stronger active management skill. This ranks the Fund’s risk-adjusted returns as third best out of a peer group of 24 over the past 5 years.
This balance between return generation and risk discipline reflects the firm’s belief that effective active management should compound capital in a predictable manner, in keeping with firm’s stated investment philosophy and approach.
An experienced and aligned investment team
Behind the fund’s commendable performance is a deeply experienced, diverse and committed investment team. With three equity portfolio managers averaging over 23 years of experience each, supported by six dedicated analysts, with an average of 12 years, the team brings an intentional combination of depth and perspective. The three portfolio managers are Delphine Govender, Chief Investment Officer, Lonwabo Maqubela, Deputy Chief Investment Officer and Patrick Ntshalintshali, Chair of Investment Risk Committee and Head of Macroeconomics. The team has worked closely together for more than 11 years, which underpins the strategy’s stability and consistency which provides investors with confidence.
Perpetua’s collaborative research structure — integrating both specialist and generalist insights — ensures investment decisions are grounded in rigorous analysis, nimbleness and shared accountability.
A continuously refined investment approach
At Perpetua, we believe continuous refinement is essential to sustaining performance in a dynamic market. As we process new information, expand our analytical toolkit, and deepen our understanding of company fundamentals and market behaviour, we are wiling to evolve our approach where it adds meaningful value, yet always anchored by the same disciplined philosophy and core identity that define Perpetua’s investment process.
Purposeful investing, predictable outcomes
The performance of the Perpetua Domestic Focused Equity Portfolio over the past five years underscores a central truth: that patient, purposeful investing, guided by experience and discipline, can compound value sustainably and predictably over time. For further information on this investment strategy as well as our other investment products please click here.