Perpetua Perspectives Summer Edition 2022

 Perpetua Perspectives Summer Edition 2022

By Perpetua Investment Managers

A few weeks ago, not many of us would have anticipated the dramatic escalation of the conflict taking place in Ukraine as Russian military forces began an invasion in late February, sparking humanitarian and economic devastation in the country which is a former Soviet republic. The resultant geo-political conflict and tension has heightened anxiety across the globe as various countries and regulatory authorities reacted with economic and travel sanctions against Russia, in order to put pressure on it to de-escalate its military attacks. This has naturally had an adverse effect on markets which were already grappling with the on-going COVID-19 pandemic, the prospect of slowing economic growth, and several developed countries facing rising inflation and consequently increases in interest rate following multi-decade year lows.

Along with the rest of the world we hope and pray for an end to the invasion and conflict in Ukraine, and that a peaceful resolution is reached as soon as possible.

We hope that you find this edition interesting and useful, and we look forward to engaging with you with regards to any of the contents.

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Perpetua Perspectives Winter Edition 2021

 Perpetua Perspectives Winter Edition 2021

By Perpetua Investment Managers

Who can believe that we have reached the half way mark of 2021? Time really flies when you’re in the midst of a global pandemic; shifting to different lockdown levels; bracing for the COVID-19 third wave and trying to manage vaccinations, preventing infections and managing expectations. This week the pandemic was de-escalated on our radars as our country and specifically Kwazulu Natal experienced devastating riots and looting which brought us all to a standstill either literally or emotionally as South African citizens. It is a reminder of the fragility of certainty but also the power of community.

As we reflect and cast our view to markets over the past quarter, the global equity markets returned a positive 7.5% for the MSCI ACWI (USD), largely driven by energy and financials in the second quarter of 2021. On the domestic front, SA Equities posted flat total returns in the second quarter. While SA Financials produced strong performance, SA Industrials performance was fairly muted.

We trust and hope you enjoy the read!

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Perpetua Perspectives Summer Edition 2021

 Perpetua Perspectives Summer Edition 2021

By Perpetua Investment Managers

Despite the effects of one of the most challenging economic and financial years in history, Q4 2020 proved that there is indeed light at end of the tunnel.

In this edition of Perpetua Perspectives, we discuss the global and local macro-economic outlook and the prospects for SA Inc companies in this context. We also provide our insights into one of our current domestic holdings, Oceana, and two of the stocks we hold in our global equity portfolio, semi-conductor producers, Samsung and Micron Technologies. Finally we also include our regular features, RI in Focus, EXPLAINED and Getting to Know Perpetua.

We trust and hope that you find value in these pieces and welcome any suggestions for future articles.

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Perpetua Perspectives Spring Edition 2020

 Perpetua Perspectives Spring Edition 2020

By Perpetua Investment Managers

After a remarkable recovery in the second quarter, global markets rose a further 8.1% in the 3 months to the end of September, as measured by the MSCI All Country World Index. The local JSE All Share Index was relatively flat but the much-maligned small cap sector gained 3.5% while mid-caps also outperformed perhaps pointing to a recovery in deeply discounted value opportunities.

In this Spring Edition of Perpetua Perspectives we reflect on the events of the past quarter and explore key investment topics from a domestic and global perspective. We also include articles offering insights into the important banking sector and other key sectors as companies begin reporting on the impact of COVID-19. In addition we invite you to read our new quarterly feature, Responsible Investing in focus.

We trust and hope that you find value in these pieces and welcome any suggestions for future articles.

Read the full report here

 

Perpetua Investment Managers’ perspectives on COVID-19 and market impact

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 to deal with the health and human crisis caused by COVID-19 and its impact on economies and markets.

In this Perpetua Perspectives we share our thoughts on various aspects and welcome you to read Perpetua’s COVID-19 insights here. We trust that you will find our views useful as you contemplate your response to this more recent market crisis.

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Perpetua Perspectives Spring Edition 2019

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.  This is reflective of the poor state of our local economy and investors running out of patience.

In addition, during this quarter many South African companies revealed sub-optimal results from their offshore investments.  The threat of “prescribed assets” remained a topical issue in the South African investment landscape, as well as the heightened focus on governance given further corporate breaches.

Globally, the impact of climate change continue to drive higher on the investment risk spectrum, while there finally seems to be steam running out of the IPO frenzy in US markets.

In this edition we look to delve deeper into some of these issues and provide perspectives into our thinking; our actions and our investment decisions.

Enjoy the read!

Read the full report here

 

Perpetua Perspectives Winter Edition 2019

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 which emphasised our democracy.

In markets and investment performance, the second quarter brought volatility.  We understand, however, that as active value-oriented investors, investment markets don’t determine our success, but it’s how we react to them that does.

In this quarterly client commentary we provide you with further perspectives into our thinking, our actions and our funds.

Enjoy.

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Perpetua Perspectives Autumn Edition 2019

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 and the political environment. Businesses, however, need to find a way to continue forging ahead irrespective of the vicissitudes of the economy or the market.  

In this vein we are pleased to provide some market perspectives and some updates on our own business that emanated this past quarter.

Enjoy!

Read the full report here

 

Perpetua Perspectives Edition 3, 2018

Perpetua Perspectives: Edition 3, 2018

By Perpetua Investment Managers

In this edition, we provide insight into the investment environment and discuss opportunities we find attractive in the local and global markets.

Enjoy!

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Perpetua Perspectives Edition 2, 2018

Perpetua Perspectives: Edition 2, 2018

By Perpetua Investment Managers

Our bottom-up stock selection process continues to identify these attractive opportunities across the continuum and we are excited about the number of opportunities we are finding in the market. Hopefully, some of the articles in this edition will give you more insight as to what we are finding attractive and why.

Read the full report here

 

Perpetua Perspectives Edition 1, 2018

Perpetua Perspectives: Edition 1, 2018

By Perpetua Investment Managers

The first quarter of 2018 has certainly been a humbling one with most sectors delivering negative returns. Clearly it was a case of the local stock market getting ahead of its fundamentals post the December ANC conference. However, it is times like these that excite us as more shares that were previously off our True Value Continuum migrate back onto it.

I hope you enjoy this reading this edition of our quarterly commentary.

Read the full report here