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2026 Mid-Year Investment Outlook

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The two critical themes of geopolitical disruption and technological disruption dominated the global landscape, our collective psyche and investment markets during the first half of 2026. It seems that more than ever investment views and positioning is increasingly impacted by these two influential themes, their impact on changing risks and rapidly dynamic outcomes.

In this edition of  Perpetua Investment Managers’  2026 mid-year Investment Review and Outlook we:

  • Reflect on the factors which drove the South African and global markets in each of the major asset classes during the first half of the year
  • Evaluate the opportunities and risks in each asset class
  • Provide our perspective on how we’re positioning client portfolios to navigate key themes such as increasing geographic and economic disruption, the increasing role of AI in business and economic models, regional and global growth prospects, and the impact which U.S. monetary and fiscal policy may have on markets

The 2026 mid-year Investment Review and Outlook can be accessed here:

Download the full commentary here

Ntokozo Magagula

Ntokozo is an Investment Analyst at Perpetua and has four years of investment experience. He joined the firm in August 2026.

Prior to joining Perpetua, Ntokozo was an Investment Analyst at Camissa Asset Management, where he worked from 2023. Before joining Camissa, he completed his articles at PwC, working predominantly with financial services audit clients.

Ntokozo holds a Bachelor of Accounting Science and an Honours degree in Accounting Sciences from the University of the Witwatersrand. He is a qualified Chartered Accountant (SA) and a CFA Level 3 candidate.

Darmhik Naicker

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.