For much of the post-Cold War period, investors benefited from a relatively stable geopolitical environment, falling interest rates, expanding global trade, and the deepening integration of capital markets. These conditions created a powerful tailwind for financial assets and allowed investors to focus primarily on economic and corporate fundamentals.
Over the past 4 decades it has firmly established itself as a viable clean energy alternative through significant advancements in technology and scale. Yet, short-term changes in political will and the regulatory environment can bring significant market turbulence, distracting from the overarching fact that the world still needs vastly more clean, secure, and affordable power.
The current geopolitical backdrop, particularly the escalation of war in the Middle East, has reinforced a shift that has been building beneath the surface of markets for some time. Volatility is no longer cyclical, it is structural.
At the centre of this shift more recently lies the oil market. The Strait of Hormuz has become the focal point of disruption due to the fact that roughly 20 million barrels per day, close to a fifth of global supply, typically flows through this channel. Even partial impairment to these flows introduces a meaningful supply shock and with it, a repricing of inflation expectations globally.
The 2026 Budget delivered by South Africa’s Finance Minister, Enoch Godongwana, was what markets were hoping for – credibility, discipline, and a clear anchor for South African bond risk premia.
Market expectations have consolidated around an imminent rate cut at the upcoming Federal Open Market Committee (FOMC) meeting on the 10th of December. The policy debate has shifted from the likelihood of easing, to the implications for the broader policy stance, inflation management, and the United States Federal Reserve’s (the Fed) leadership configuration heading into 2026.
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.
South Africa’s banks are gearing up for significant issuances – a shift that could reshape listed credit markets and redefine future bank funding curves. We unpack the structure, risks, and market implications of First Loss After Capital (FLAC) instruments – and what it all means for investors.
South Africa’s banks are gearing up for significant issuances – a shift that could reshape listed credit markets and redefine future bank funding curves. We unpack the structure, risks, and market implications of First Loss After Capital (FLAC) instruments – and what it all means for investors.
Perpetua Investment Managers’ perspectives on COVID-19 and market impact By Perpetua Investment Managers We are living through an extraordinarily challenging time, personally and professionally, as we try
Perpetua Perspectives Spring Edition 2019 By Perpetua Investment Managers The third quarter remained a challenging environment in South Africa. In markets, domestic equities continued to deliver poor returns.
Perpetua Perspectives Winter Edition 2019 By Perpetua Investment Managers The second quarter was eventful in terms of markets and politics. In South Africa we saw a peaceful election
Perpetua Perspectives Autumn Edition 2019 By Perpetua Investment Managers The year started on a more positive note for markets, but a more sobering note for the economy
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.