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.
Over the five years ended 31 October 2025, the Perpetua Global Balanced Fund (“the Fund”) has delivered a return of 17.7% p.a., an outcome of the portfolio management team’s disciplined approach to portfolio construction and dynamic asset allocation. The Fund blends a strategic long-term asset allocation with tactical shifts informed by top-down macroeconomic factors, while bottom-up stock selection remains a key return contributor.
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.
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.