
All that glitters is gold – but for how long?
Gold and Gold equities have enjoyed a buoyant 2025. Such rallies in the past were met with meaningful drawdowns. Will this time be different?

Gold and Gold equities have enjoyed a buoyant 2025. Such rallies in the past were met with meaningful drawdowns. Will this time be different?

Perpetua Investment Managers explores how the AGI race is reshaping energy demand and climate strategy amid rising infrastructure investment.

Water security is a critical concern in South Africa, with far-reaching implications for multiple sectors, including the asset management industry. In 2024, we took a proactive step towards enhancing sustainability in our portfolio by incorporating water risk assessments into our stewardship activities. This initiative was part of our broader strategy to evaluate portfolio resilience under various scenarios, ensuring we can effectively mitigate potential risks related to environmental issues, including water scarcity and security.

Explore Delphine Govender’s insightful piece on how Perpetua Investment Managers define what it means to be a good investor

Lonwabo Maqubela, Deputy Chief Investment Officer, and Jeremy Gorven, Senior Investment Analyst, recently returned from a week-long research trip to Japan, where they attended the Daiwa Securities 2025 Japan Investment Conference. This annual event brings together investors and corporate leaders to discuss industry trends, economic developments, and investment opportunities. Conferences like these provide a valuable and productive platform for investors like us to engage directly with company management, gaining critical insights into investee companies, their performance, strategic initiatives, and future plans.
In this article, Lonwabo and Jeremy share key takeaways from the conference, offering a first-hand perspective on Japan’s evolving market landscape and the implications for investors.

In an investment landscape often marked by uncertainty and volatility, the “boring” balanced fund still remains a compelling choice for investors seeking both growth and risk management. According to the Alexforbes Large Manager Watch survey, approximately R1trillion of institutional clients’ assets find a home in these solutions which provide investors with access to dynamic asset allocation and security selection expertise of fund managers. The Association of Savings South Africa (ASISA) recently reported that 50% of unit trust savings are in multi-asset funds, further underlining their popularity amongst investors and advisers.

The irony is that the women who do take up the “power seats” are arguably more determined, more committed, more alert to threats and vulnerabilities and more deeply thoughtful about their right and responsibility to succeed.
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.
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.