Perpetua Investment Managers

Delphine Govender is Co-founder and Chief Investment Officer. She was previously a Portfolio Manager and Executive Director at Allan Gray. Patrick Ntshalintshali (Executive Director and Portfolio Manager) and Lonwabo Maqubela (Deputy CIO) share portfolio responsibilities. The firm operates as an owner-managed partnership where senior investment professionals make collective decisions.

The firm uses bottom-up fundamental research to identify mispriced, undervalued securities. It runs concentrated, high-conviction portfolios and explicitly prioritizes mitigating permanent downside risk over short-term relative performance. The flagship fund is the Perpetua SCI Equity Fund, categorized as aggressive risk.

Based on all available disclosures, Perpetua focuses on listed South African equities and balanced multi-asset portfolios. There is no evidence of dedicated private equity, venture capital, direct lending, or infrastructure strategies.

Perpetua explicitly links its stewardship to South Africa's 2020 Stewardship Code — 'the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.' The firm publishes an annual Stewardship & Sustainability Report; the December 2025 edition is its most recent.

She serves on the board of ASISA, is a former president and current prominent member of the CFA Society South Africa, sits on the executive committee of YPO Cape Town, and maintains active engagement with ABSIP. These roles place her within the governance infrastructure of South Africa's institutional asset management community.