At Perpetua,
we are committed.
Founded in 2012, we are an independent, owner-managed investment management firm committed to excellence in insights, conduct, engagement and outcomes.
Our investment approach is disciplined, pragmatic and repeatable and we are careful stewards of our clients’ capital. We believe rigorous fundamental analysis, proprietary research and robust risk management are core to an enduring investment approach.
Based in Cape Town, South Africa, we are global investors who utilise our unique emerging markets perspectives to seek out opportunities across all asset classes and markets.
Perpetua is 85% owner-managed. Investment Managers Group, a subsidiary of JSE-listed Rand Merchant Investment Holdings Limited, owns 15% of Perpetua Investment Managers.

Our brochure
We strive for excellence in performance, conduct and engagement and operate out of a purpose-driven and values-based culture.
Our investment beliefs
Our investment philosophy is centred on the bottom-up, fundamental research of investments. We seek out investments that offer value and invest with a long-term and patient view.
Our investment process ensures we invest according to the convictions of our research with an emphasis on discipline, rigour and repeatability.
We seek to deliver outperformance through an active and risk-managed investment approach.
Our philosophy
Our investment philosophy is our set of beliefs that guides our research process and decision-making when selecting investments.
The four defining elements of our philosophy are:
Value-orientation – We pursue a pragmatic and all-encompassing approach to value investing which recognises that there are multiple reasons for why we are able to uncover investments that we determine to be trading below our estimation of intrinsic value. We call this True Value investing.
Fundamental – We base our investment decisions on the outcome of our own fundamental research and analysis.
Responsible – We invest with a belief that investments which seek to embrace and target sustainable practices contribute to more resilient and predictable returns over time.
Long-term – We adopt a long-term investment horizon and believe this time horizon enable us to uncover and support our analytical edge.
Investment edge
We see investing as an act of stewardship which is supported through our owner-manager mindset and culture.
As investors in our own funds and firm, we are directly aligned to the interests of our clients.
We innately exhibit and protect a set of behaviours as investors which enables us to stay true to our investment approach.
Our diverse team reflects a wide scope of experience and skill and our strong mentoring culture ensures we invest to develop the next generation.

Our investment beliefs
Our investment philosophy is centred on the bottom-up, fundamental research of investments. We seek out investments that offer value and invest with a long-term and patient view.
Our investment process ensures we invest according to the convictions of our research with an emphasis on discipline, rigour and repeatability.
We seek to deliver outperformance through an active and risk-managed investment approach.
Our philosophy
Our investment philosophy is our set of beliefs that guides our research process and decision-making when selecting investments.
The four defining elements of our philosophy are:
Value-orientation – We pursue a pragmatic and all-encompassing approach to value investing which recognises that there are multiple reasons for why we are able to uncover investments that we determine to be trading below our estimation of intrinsic value. We call this True Value investing.
Fundamental – We base our investment decisions on the outcome of our own fundamental research and analysis.
Responsible – We invest with a belief that investments which seek to embrace and target sustainable practices contribute to more resilient and predictable returns over time.
Long-term – We adopt a long-term investment horizon and believe this time horizon enable us to uncover and support our analytical edge.
Investment edge
We see investing as an act of stewardship which is supported through our owner-manager mindset and culture.
As investors in our own funds and firm, we are directly aligned to the interests of our clients.
We innately exhibit and protect a set of behaviours as investors which enables us to stay true to our investment approach.
Our diverse team reflects a wide scope of experience and skill and our strong mentoring culture ensures we invest to develop the next generation.

Perpetua at a glance
85%
Staff-owned
29
Staff members
R16.0bn
Assets under management
61%
Female staff
Our vision
We endeavour to create a supportive and caring workplace which empowers people to grow, contribute and achieve mastery in meaningful work while being appreciated and rewarded for their high impact towards our vision and mission.
Through this we strive to be a respected and courageous investment industry leader.
Our mission
Our values
We believe living our mission and pursuing our vision are only possible with a consistent and authentic set of values. Our actions and culture are guided by our values of:
Integrity: we are honest, ethical, accountable and professional
Care: we are responsible, hard-working, thoughtful, collaborative and kind
Courage: we seek to act in a way that triumphs over fear and we demonstrate responsible conviction and principles
Our edge
As investors in our own funds and firm, we are directly aligned to the interests of our clients.
We innately exhibit and protect a set of behaviours as investors which enables us to stay true to our investment approach.
Our diverse team reflects a wide scope of experience and skill and our strong mentoring culture ensures we invest to develop the next generation.
As an emerging markets-based team with a global universe, we believe we bring a unique lens of experiences, perspectives, and interpretation to the investment insights we are able to provide.
Our vision
We endeavour to create a supportive and caring workplace which empowers people to grow, contribute and achieve mastery in meaningful work while being appreciated and rewarded for their high impact towards our vision and mission.
Through this we strive to be a respected and courageous investment industry leader.
Our mission
Our values
We believe living our mission and pursuing our vision are only possible with a consistent and authentic set of values. Our actions and culture are guided by our values of:
Integrity: we are honest, ethical, accountable and professional
Care: we are responsible, hard-working, thoughtful, collaborative and kind
Courage: we seek to act in a way that triumphs over fear and we demonstrate responsible conviction and principles
Our edge
As investors in our own funds and firm, we are directly aligned to the interests of our clients.
We innately exhibit and protect a set of behaviours as investors which enables us to stay true to our investment approach.
Our diverse team reflects a wide scope of experience and skill and our strong mentoring culture ensures we invest to develop the next generation.
As an emerging markets-based team with a global universe, we believe we bring a unique lens of experiences, perspectives, and interpretation to the investment insights we are able to provide.
Latest news
Perpetua Investment Managers | Multi Asset Class Outlook 2025
Healing sentiment: investing in South Africa’s hospital sector
Investment opportunities in the “Las Vegas of the East” – Macau
Directors

Delphine Govender
Executive Director


Patrick Ntshalintshali
Executive Director

Non-executive Director

Alida de Swardt
Non-executive Director

Refilwe Moloto
Non-executive Director
Investment Team

Delphine Govender
Chief Investment Officer

Lonwabo Maqubela

Patrick Ntshalintshali

Pooja Tanna

Ryan van Breda

Wium Malan
Senior Investment Analyst

Graeme Ronné
Senior Investment Analyst





Sustainability Analyst

Naledi Marule
Trainee Investment Analyst

Thabiso Mohlakoana
Trainee Credit Investment Analyst

Logan Govender

Head of Finance, Risk & Compliance


Head of Investment Operations

Performance Analyst

Implementations Analyst


Tanya Chimbwanda
Business Analyst

Tiffany Visser
Trainee Business Analyst





Mastering insightful investing
Perpetua is independent, owner-managed investment management firm. We strive for excellence in performance, conduct and engagement and operate out of a purpose-driven culture.
We consistently employ a long-term investment approach that is thoughtful, rigorous and that doesn’t follow the crowd.