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.
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.
Perpetua Investment Managers explore Samsung’s lead in AI-driven memory chips, with strong growth, tech edge and undervalued upside.
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 South African listed credit is a c. 1.1trn nominal market (excluding government paper), consisting of c. 2 484 listed debt instruments issued by 103 issuers. The market is dominated by bank and financial issuers who account for c. R407bn (37% of the issuance), while State Owned Enterprises (SOEs) account for R246bn (22%) followed by the corporate sector of R158bn (14%). The rest of our market consists of credit-linked notes (CLNs) at R120bn (11%), structured notes at R105bn (9.7%), securitisations at R46bn (4.2%), municipal bonds at R7.9bn (0.7%), and issuers of asset-backed commercial paper at R2.8bn (0.2%). Listed credit instruments are a widely deployed investment instrument in many specialist fixed income portfolios, and corporate debt funding plays a vital role in the capital structure of a firm, especially in the funding structure of South African banks.
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.