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Our Funds
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Our investment capabilities



We invest in equity-only mandates with an objective to create long-term capital growth for our clients by investing in shares that we believe offer value and the potential for higher risk-adjusted returns over time.​ Our equities strategies are available as South African domestic only funds; global equities and international equities. ​

Fixed income

Fixed income

Our approach to fixed income investing is rooted in a commitment to delivering consistent risk-adjusted returns while preserving capital.​ Our fixed income process incorporates an overall macro-economic lens, narrowing in on fixed income, thereby combining a fundamental approach with tactical positioning.​ The capability is available within a domestic and global balanced fund context and as stand-alone strategies (enhanced cash, bonds and flexible fixed income).​

Multi-asset class

Multi-asset class

Our multi-asset class portfolios invest in equities, fixed income, commodities and property. They aim to achieve real returns and deliver long-term capital growth while minimising the risk of capital loss.​ Our multi-asset class portfolios combine our top-down asset allocation approach and our bottom-up instrument specific skill to construct a diversified portfolio. This capability is available as a South African-only domestic multi-asset class offering or as global multi-asset class solution, incorporating both South African and global asset classes (and subject to Regulation 28 of the South African Pension Funds Act).​

Fund overview

The Perpetua SCI Equity Fund aims to deliver superior risk-adjusted returns relative to the market benchmark in the medium to long term by using Perpetua’s bottom-up research and stock selection, and high conviction portfolio construction within a defined risk-conscious investment process. The Fund is suitable for investors who are seek long term alpha generation from a strategy benefiting from strong stock selection while seeking to minimise permanent capital loss.

Portfolio managers

Our edge

We see investing as an act of stewardship which is supported through our owner-manager mindset and culture.​

As investors in our own funds and firm, we are directly aligned to the interests of our clients.​

We innately exhibit and protect a set of behaviours as investors which enables us to stay true to our investment approach.​

Our diverse team reflects a wide scope of experience and skill and our strong mentoring culture ensures we invest to develop the next generation. 

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Mastering insightful investing

Perpetua is independent, owner-managed investment management firm. We strive for excellence in performance, conduct and engagement and operate out of a purpose-driven culture.

We consistently employ a long-term investment approach that is thoughtful, rigorous and that doesn’t follow the crowd.

Delphine Govender

Delphine is the firm’s Chief Investment Officer and is an Executive Director of the firm. As CIO, Delphine has ultimate responsibility over the investment function and capability and has portfolio management responsibilities over all asset classes.

Delphine has over 28 years’ financial services experience of which the past 25 years have been spent directly in investment management. Delphine co-founded Perpetua in 2012 after having spent almost 11 years at Allan Gray Limited, where she held positions of Portfolio Manager and executive Director. She is a qualified CA(SA) and CFA charterholder.

Lonwabo Maqubela

Lonwabo is Deputy Chief Investment Officer and Portfolio Manager and has been with Perpetua since the firm’s inception. Lonwabo one of Perpetua’s equity and multi-asset class portfolio managers and is also responsible for oversight of all the equity research conducted by the firm.

Lonwabo has over 17 years’ financial services experience, of which the past 14 years have been spent directly in investment management. Lonwabo joined Allan Gray Limited in 2007 as an analyst where he spent 4 years after which he joined Stanlib as an In September 2012, Lonwabo joined Perpetua as one of the firm’s first staff. He is a qualified CA(SA) and CFA charterholder.
Patrick Ntshalintshali
Patrick is a Portfolio Manager and is an Executive Director of the firm and has been with Perpetua since 2014. Patrick is one of Perpetua’s equity and multi-asset class portfolio managers and is also responsible for the portfolio risk management of all portfolios, serving as Chair of the Portfolio Risk Committee.

Patrick has over 26 years in the financial services industry and joined Perpetua from Vunani Fund Managers where he was a Portfolio Manager and Head of Equity Research. Prior to that he was founding member at Mtungwa investment holdings and before that an analyst and portfolio manager at Old Mutual Asset Managers over 8 years. Patrick started out his career at Syfrets Managed Assets, where he started out as an investment analyst and then became a portfolio manager. Patrick holds BCom (Hons) and has completed the Executive Development Programme (EDP) at Stellenbosch University.
Graeme Ronné
Graeme is a Portfolio Manager and joined the firm in 2018. He has portfolio management responsibilities over global equities both within specialist and balanced portfolios and has oversight for the global equity research capability at Perpetua.

Graeme has over 18 years’ direct investment management experience. In 2006 Graeme joined Element Investment Managers as an analyst. In 2013 Graeme then joined Cadiz Asset Management where he held the position of Head of Equities and Portfolio Manager. He holds a BCom (Hons) and is a CFA charterholder.