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About us

At Perpetua,
we are committed.

Founded in 2012, we are an independent, 100% 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.

Our brochure

Perpetua Investment Managers is an independent, majority black and women-owned investment management firm.

We strive for excellence in performance, conduct and engagement and operate out of a purpose-driven and values-based culture.

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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.
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Our investment process ensures we invest according to the convictions of our research with an emphasis on discipline, rigour and repeatability.
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We seek to deliver outperformance through an active and risk-managed investment approach.

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.

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Perpetua at a glance

100%

Staff-owned

28

Staff members

R26bn

Assets under management

56%

Female staff

Our vision

We seek to attract and retain engaged, loyal clients by understanding their needs for financial security and impact, while exceeding their expectations through thoughtful and courageous decision-making, care and support.​

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 vision

We seek to attract and retain engaged, loyal clients by understanding their needs for financial security and impact, while exceeding their expectations through thoughtful and courageous decision-making, care and support.​

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.

Directors

Delphine Govender

Executive Director

Logan Govender 

Executive Director

Patrick Ntshalintshali

Executive Director

Raymond Ndlovu

Non-executive Director

Refilwe Moloto

Non-executive Director

Chris Sickle

Non-executive Director

Latest news

South African Retail: finding  opportunity in a beaten down sector
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South African Retail: finding  opportunity in a beaten down sector

The South African retail industry has not been a rewarding place to have been invested in over the last few…
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Oil in a time of war: Fundamentals, industry dynamics, and strategic implications
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Oil in a time of war: Fundamentals, industry dynamics, and strategic implications

In just five months, expectations for the oil market have shifted from a surplus to a near term deficit. Prior…
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Perpetua Investment Managers | 2026 Mid-Year Investment Outlook
Commentaries

Perpetua Investment Managers | 2026 Mid-Year Investment Outlook

The two critical themes of geopolitical and technological have dominated the global landscape, our collective psyche and investment markets during…
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Mastering insightful investing

Perpetua is an 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.

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Delphine Govender

Delphine is a Portfolio Manager and an Executive Director. She is responsible for portfolio management, investment strategy, and the continued growth of the firm’s global offering. She is also a member of the portfolio management team for Perpetua’s Domestic Equity and Balanced Funds.

Delphine has over 28 years of financial services experience, with the past 25 years spent directly in investment management. She co-founded Perpetua in 2012 after spending nearly 11 years at Allan Gray Limited, where she served as a Portfolio Manager and Executive Director. She is a qualified CA(SA) and a CFA charterholder.

Logan Govender

Logan is an Executive Director of Perpetua and as a co-founder has been with the firm since inception. Logan is responsible for ultimate oversight of the business and operations functions within the firm.


Logan has over 34 years’ experience in the financial services industry. This has spanned from audit and advisory experience at Deloitte to investment banking and structuring experience at PSG Investment Bank, Mettle, Zero One Nine Capital, and Pr1me Investment Managers. He is qualified CA(SA) and holds post graduate diplomas in Taxation (UND) and Financial Markets and Instruments (RAU).

Patrick Ntshalintshali

Patrick is a Portfolio Manager and is an Executive Director of the firm and has been with Perpetua since 2014. Patrick is one of Perpetua’s equity and multi-asset class portfolio managers and is also responsible for the portfolio risk management of all portfolios, serving as Chair of the Portfolio Risk Committee.


Patrick has over 30 years in the financial services industry and joined Perpetua from Vunani Fund Managers where he was a Portfolio Manager and Head of Equity Research. Prior to that he was founding member at Mtungwa investment holdings and before that an analyst and portfolio manager at Old Mutual Asset Managers over 8 years. Patrick started out his career at Syfrets Managed Assets, where he started out as an investment analyst and then became a portfolio manager. Patrick holds BCom (Hons) and has completed the Executive Development Programme (EDP) at Stellenbosch University.

Raymond Ndlovu

Raymond is Independent, Non-executive Chairman of the Board, having been appointed in 2016.

Raymond has over 30 years’ experience as a specialist and operational entrepreneur in the financial services sector. He has a broad scope of technical and general management skills and exposure to various aspects of the financial services industry including project & trade finance, asset management, stockbroking/capital markets, venture capital, business development, general management, and mentoring.

Raymond is keenly involved in and passionate about entrepreneurship, business strategy, financial structuring, investments, and transformational leadership in all spheres of corporate and professional life. He has a special interest in ethical leadership and sound corporate governance as strategic imperatives and competitive differentiators.

Raymond holds a BBusS (Hons).
Refilwe Moloto
Refilwe is an independent and non-executive member of the board, having joined in 2022.

Refilwe has close to two decades of expertise in executive roles in asset management, institutional governance, development economics and experience as a director. She began her career as an Economist & Emerging Market Debt Analyst with Merrill Lynch before joining their Emerging Markets Institutional Equity Sales team. Refilwe joined Investec Asset Management’s in 2010 in their Client Management team. She has been a member of the Sovereign Investor Institute (Africa) where she was Member of the Advisory Board, World Bank Group and IMF annual meetings, the Macroeconomic & Financial Management Institute’s Combined Executive Forum, and the Official Monetary and Financial Institutions Forum. Refilwe currently runs Ambassador Advisory, an investment and strategic advisory firm focused on African economic development. She has also been the host of the “Breakfast with Refilwe Moloto” on Primedia’s CapeTalk radio station where she covers local and global news events, politics, economics and financial markets.

Refilwe holds a BBusSci specialising in Economics.

Lonwabo Maqubela

Lonwabo is Chief Investment Officer and is accountable for the firm’s investment function. He is one of Perpetua’s equity and multi-asset class portfolio managers and oversees all investment activities across the firm.

Lonwabo brings 19 years of direct investment experience, following a three-year accounting traineeship. He began his investment career in early 2007 as an investment analyst at Allan Gray Limited, where he spent four years before relocating to Johannesburg to join Stanlib Asset Management. He later joined Perpetua at its inception in 2012.

He has developed deep research expertise across a broad range of domestic and global sectors and asset classes. At Perpetua, he is a lead portfolio manager on domestic equity and balanced portfolios and has extensive experience overseeing equity research.

He is a qualified CA(SA) and CFA charterholder.

Pooja Tanna

Pooja is a Portfolio Manager and joined the firm in July 2023. She has portfolio management responsibilities over the fixed income assets both within specialist and multi-asset class portfolios. Pooja heads the fixed income capability at Perpetua.


Pooja has over 21 years financial services experience of which the past 20 years has been spent directly in the field of fixed income. Pooja joined Perpetua from Old Mutual Investment Group where she had been a portfolio manager in the Customized Solutions team. Prior to that Pooja spent 2,5 years at Standard Chartered Bank where she was Head of the Fixed Income Trading Team. The majority of Pooja’s experience has been gained at Nedbank Capital where she spent close to 12 years in various roles but primarily as a senior trader in interest rate derivatives. Pooja has BSc (Hons).

Graeme Ronné

Graeme is a Senior Investment Analyst at Perpetua and joined the firm in 2018. He focuses predominantly on global stock research. 

Graeme has over 18 years’ direct investment management experience. In 2006 Graeme joined Element Investment Managers as an analyst. In 2013 Graeme then joined Cadiz Asset Management where he held the position of Head of Equities and Portfolio Manager. He holds a BCom (Hons) and is a CFA charterholder.

Jeremy Gorven

Jeremy is a Senior Investment Analyst at Perpetua and joined the firm in October 2023. Jeremy is responsible for research and analysis over equities for inclusion in global equity, domestic equity and multi-asset class portfolios.


Jeremy has over 16 years investment experience and joined Perpetua from Stonehage Fleming, where he served as Head of Equity Research (South Africa) and a Portfolio Manager. Jeremy holds a BBusSci with a specialisation in Finance and is a CFA charterholder.

Thomas Blamey

Thomas is an Investment Analyst at Perpetua and has been with the firm since July 2021. Thomas is responsible for research and analysis over equities for inclusion in domestic equity, global equity and multi-asset class portfolios.

Thomas has over 11 years of experience in the investments industry having worked at Cadiz Asset Management before joining Perpetua.
Thomas has a BCom and is a CFA Level 3 candidate.

Janet Muzenda

Janet is an Investment Analyst at Perpetua and she has been with the firm since 2018. Janet is responsible for research and analysis over equities for inclusion in domestic equity, global equity and multi-asset class portfolios.

Janet joined the firm as a graduate on the firm’s graduate trainee investment analyst programme and has gained all her investment experience to date at the firm. She holds a BBusSci specialising in Accounting with Finance and is a CFA Level 3 candidate.

Nomfundo Mdluli
Nomfundo is a Sustainability Analyst and joined the firm in April 2023. Nomfundo is responsible for contributing to sustainability, responsible investing and ESG specialist tasks at the firm. 

Nomfundo joined the firm from Just Share (Cape Town) where she was an ESG Analyst since 2021.  Prior to that Nomfundo spent a year at First Avenue Investment Management as a Trainee Equity Analyst. Nomfundo holds a BCom and a post graduate diploma in Financial Markets.
Kevin Dantu

Kevin is Head of Clients, having joined the firm in January 2020. Kevin is responsible for business development and client relationship management.


Kevin has more than 24 years of experience in the investment industry and over 30 years of experience in financial services. Immediately prior to joining Perpetua he worked at Franklin Templeton Investment South Africa where he spent seven years as Institutional Regional Sales Manager for sub-Saharan Africa. Prior to that Kevin spent five years at Cadiz Asset Management starting in 2007, and two years at Symmetry Multi-manager (now Old Mutual Multi-Managers) where he was Head of Client Relationship Management at the time of his departure in 2007. Kevin holds a BCom degree having majored in Economics and Finance.

Najma Adams

Najma is Manager of Administration, having joined the firm in 2015. Najma is responsible for managing all client administration requirements.


Najma has 30 years industry experience, having worked at Old Mutual, SMK stockbrokers, PSG and Element Investment Managers. Najma has a Diploma in Accounting.

Nomsa Ngqina

Nomsa is a Receptionist and Investment Team support, having joined the firm in 2015. Nomsa is responsible for various administrative duties, such as data entry, preparing documents, and coordinating internal and external meetings.


Nomsa has 10 years industry experience.

Nailah Limbada

Nailah joined Perpetua from M&G Investments, where she was Head of Finance and served on the Executive Committee as well as various company boards. She spent six years at M&G, gaining extensive experience in financial leadership within the asset management industry. Prior to that, she was at Ernst & Young for six years, starting as a Trainee Accountant and progressing to Senior Audit Manager. During her time there, she managed audits for leading asset managers including Sanlam Investment Managers, Coronation Fund Managers, and M&G.

 

Nailah is a qualified Chartered Accountant and brings over a decade of asset management-specific financial and audit expertise to the team.

Tanya Chimbwanda

Tanya is a Business analyst, having joined the firm in 2022. Tanya is responsible for client servicing, investment fund reporting, due diligence documents and client presentations.

 

Tanya holds a BCom (Hons) specialising in Finance. She is also a CFA level 2 candidate. 

Jo-Anne Thwaites

Jo-Anne is Investment Team Support, having joined the firm in 2018. Jo-Anne is responsible for administrative support functions for the investment team.


Jo-Anne has 6 years industry experience and holds and National Diploma in Tourism Management.

Jason Clark

Jason joined Perpetua as an Investment Performance & Risk Analyst. He is responsible for evaluating, measuring, and reporting on the performance and risk of the investment portfolios.

 

He brings experience from Luxcara, a German clean-energy asset manager, and Allan Gray, where he served in various roles over a five-year period. Jason holds Bachelor’s and Honours degrees in Economics from Stellenbosch University and is currently pursuing an MSc at the University of Bath. He also holds the CIPM® designation through the CFA Institute, specialising in investment performance measurement. 

Mandisa Kwababa

Mandisa is part of our office support team and has been with the firm since 2018.


Mandisa has 7 years industry experience.

Ashley Walker

Ashley is an Implementation Analyst, having joined the firm in 2020. Ashley is responsible for generating portfolio exposure reports, implementation of investment decisions and preparation of risk reports.


Ashley has 17 years industry experience, having worked at Apex Fund Services (known previously as Maitland Group). Ashley holds a BCom and is a CFA level 1 candidate.

Nomvuyo Tyesi

Nomvuyo is part of our office support team and has been with the firm since 2014. Nomvuyo is responsible for maintaining the efficiency and smooth operation of the office.


Nomvuyo worked at Optis Investment Management before coming to Perpetua. She has 13 years industry experience.

Felicity van Rensburg

Felicity is responsible for catering and office support at the firm. She joined Perpetua in 2016 and has been catering for meetings and staff lunches for 13 years.

Sabena Omar

Sabena joined Perpetua as an Investment Analyst. She is responsible for conducting fundamental research and analysis to support the investment decision-making process across the firm’s portfolios.

She brings over three years of sell-side equity research experience from Avior Capital Markets, where she covered the General Financials and Property sectors. During her time at Avior, she was co-rated first for General Financials research in the Financial Mail Top Analyst Awards for two consecutive years and rated second in her third year.

Sabena holds a BCom Honours in Investment Management degree from the University of Pretoria, graduating cum laude from her undergraduate degree. She is currently a CFA Level III candidate.

Sabena Omar

Sabena joined Perpetua as an Investment Analyst. She is responsible for conducting fundamental research and analysis to support the investment decision-making process across the firm’s portfolios.

She brings over three years of sell-side equity research experience from Avior Capital Markets, where she covered the General Financials and Property sectors. During her time at Avior, she was co-rated first for General Financials research in the Financial Mail Top Analyst Awards for two consecutive years and rated second in her third year.

Sabena holds a BCom Honours in Investment Management degree from the University of Pretoria, graduating cum laude from her undergraduate degree. She is currently a CFA Level III candidate.

Chris Sickle

Ntokozo Magagula

Ntokozo is an Investment Analyst at Perpetua and has four years of investment experience. He joined the firm in August 2026.

Prior to joining Perpetua, Ntokozo was an Investment Analyst at Camissa Asset Management, where he worked from 2023. Before joining Camissa, he completed his articles at PwC, working predominantly with financial services audit clients.

Ntokozo holds a Bachelor of Accounting Science and an Honours degree in Accounting Sciences from the University of the Witwatersrand. He is a qualified Chartered Accountant (SA) and a CFA Level 3 candidate.

Darmhik Naicker

Darmhik joined Perpetua as a Risk & Quantitative Analyst Intern in 2026.

He holds a BCom Honours degree in Statistics and Data Science from the University of Cape Town, with a strong foundation in finance, quantitative analysis, and risk management.

Tasha Xinindlu

Tasha joined Perpetua as a Marketing Intern in 2026. 

She has a Business Administration Degree major in Marketing and Entrepreneurship from Tsiba Business School. 

 

Najmeerah Simons 

Najmeerah Simons is the Finance, Risk and Compliance Manager at Perpetua, where she oversees financial management, regulatory compliance, and risk governance across the business.

 

She brings experience from the Auditor General of South Africa, where she has served in various roles over a six-year period. She has also spent two years prior to her time in audit and assurance at an asset management firm where she worked in local, property and global finance divisions. Najmeerah holds a Bachelor of Business Science specialising in Finance and Accounting from the University of Cape Town and is qualified Chartered Accountant (South Africa).

Tasneem Abrahams

Tasneem joined Perpetua as a Finance and Business Trainee in 2025. 

She has a Business Administration Degree major in Finance and Investments from Tsiba Business School. 

Samantha Edwards

Samantha joined Perpetua as a Client Service Intern in 2025. 

She has a Business Administration Degree major in Finance and Investments from Tsiba Business School. 

Sisipho Jokazi

Sisipho joined Perpetua as a Business Analyst in November 2025. Before joining Perpetua, she spent 6 years at M&G Investments Southern Africa in the Institutional Clients team as an Institutional Client Associate providing client service support on a range of clients. At Perpetua, she is responsible for providing support in the servicing of clients; business development support (assisting in growing client base); components of client account management such as handling investment-related queries, performance analysis, and risk reporting. 

 

She holds a BBA degree and PGDip from TSiBA Business School and Regent Business School respectively.