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.
Naspers and its subsidiary Prosus are collectively the largest counters on the JSE , making up 12.3% of the JSE Capped SWIX. Together they provide South African investors a liquid avenue to own a stake in Tencent, one of the world’s most innovative technology platforms, while simultaneously offering exposure to a growing portfolio of now profitable e-commerce assets in Latin America, India and Europe.
At first glance, year-to-date market returns may suggest that 2025 presented a calm and steady investing environment. However, beneath the surface, investors have had to navigate rising geopolitical tensions, economic uncertainty, and highly erratic sentiment shifts.
In this Mid-Year Multi-Asset Class Report, Perpetua’s portfolio managers explain what we believe has really been driving markets. We highlight key risks, explore possible shifts in the global economic landscape, and share our approach to managing portfolios thoughtfully through volatility – while staying ready to seize opportunities.
We hope you find this commentary helpful in cutting through the noise. Enjoy the read!
Perpetua Investment Managers explore Samsung’s lead in AI-driven memory chips, with strong growth, tech edge and undervalued upside.
We’re delighted to share Perpetua’s latest Fixed Income Quarterly Commentary with you, as we digest and contemplate what has been a very eventful first quarter of the year in which headlines have been dominated by global politics and heightened uncertainty in financial markets.
We trust you will find this publication informative and that it provides a degree of clarity to help navigate the complexities of current global and local investment markets.
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.