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Our Strategies
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Investment offering

Equities

Equities

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

Perpetua’s equity strategies are based on bottom-up fundamental research, while calibrating risk at both a stock and portfolio level.  Equity portfolios invest in stocks which offer value and includes those companies that can compound returns and those that can improve returns over time.  Our investment team has deep cumulative expertise and our international focus, while being based in South Africa, enables us to bring a unique perspective to both domestic and global equity investing. 

Portfolio managers

Delphine Govender

Chief Investment Officer

Lonwabo Maqubela

Deputy Chief Investment Officer

Patrick Ntshalintshali

Portfolio Manager

Fund range

Perpetua Domestic Focused Equity
Perpetua Domestic Core Equity (SWIX)
Perpetua Domestic Core Equity (Capped SWIX)
Perpetua Global Focused Equity
Perpetua Developed Market Focused Equity
Perpetua International Focused Equity
Perpetua Global Core Equity

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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Latest news

Steady strength: Perpetua’s Domestic Focused Equity portfolio continues to deliver through market cycles
Insights

Steady strength: Perpetua’s Domestic Focused Equity portfolio continues to deliver through market cycles

South Africa’s banks are gearing up for significant issuances – a shift that could reshape listed credit markets and redefine…
Read more
Perpetua Investment Managers | Fixed Income Quarterly Commentary October 2025
Commentaries

Perpetua Investment Managers | Fixed Income Quarterly Commentary October 2025

This quarter’s edition looks at the forces shaping markets - from the Fed’s independence and a resurgent term premium, to…
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What the FLAC is going on?
Insights

What the FLAC is going on?

South Africa’s banks are gearing up for significant issuances – a shift that could reshape listed credit markets and redefine…
Read more

Mastering insightful investing

Perpetua is an 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. 

Contact us

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.
Pooja Tanna
Pooja is a Portfolio Manager and joined the firm in July 2023. She has portfolio management responsibilities over the fixed income assets both within specialist and multi-asset class portfolios. Pooja heads the fixed income capability at Perpetua.

Pooja has over 18 years financial services experience of which the past 17 years has been spent directly in the field of fixed income. Pooja joined Perpetua from Old Mutual Investment Group where she had been a portfolio manager in the Customized Solutions team. Prior to that Pooja spent 2,5 years at Standard Chartered Bank where she was Head of the Fixed Income Trading Team. The majority of Pooja’s experience has been gained at Nedbank Capital where she spent close to 12 years in various roles but primarily as a senior trader in interest rate derivatives. Pooja has BSc (Hons).

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.