Perspective exists to safeguard and grow our investors' money, and investment knowledge, over multiple generations.
Our Name:
To us, Perspective is about having a point of view while remaining open-minded, intensely curious and respectful of the different views of others. It is to recognise and unleash the potential of bringing multiple perspectives to the pursuit of knowledge and investment returns.
I grew up in an entrepreneurial household in South Africa. I watched my dad start a business from scratch. They took on a dominant, aggressive industry leader, created real value for their clients, gained market share and earned respect, inside and outside South Africa. It was not easy and it didn’t just happen overnight.
I experienced what it took to create and build a business and provide for one’s family; relentless determination, willpower, loyalty, humility, an ability to roll with the hardest punches, continuous learning, innovation, a clear long-term vision, a unique value proposition and an ability to find and convince credible like-minded stakeholders to clearly see that vision, sign up, and show up.
I gained my work experience since 1996 in the global investment industry; including stockbroking, advice, settlements, trading, investment analysis, portfolio management, investor & media relationships, marketing and business management. For 24 years I have continually sought out knowledge and mentorship and established a global network of treasured long-term professional relationships. I have no intention of stopping.
I first met Jean-Marie Eveillard in July of 2012 and I cannot think of a better role model for any investment professional. His exceptional long-term investment track record spans over 5 decades and speaks for itself. Yet, he is also one of the most sincere, humble people I have ever met. His support for and patronage of Perspective inspires us.
I began working alongside Sean Neethling in 2011. While we have different backgrounds and orient from different perspectives, we have found a powerful alignment in what we believe to be the core ingredients in investments, business and what matters most in life. We share important core values and a passion for the pursuit and sharing of knowledge.
In early 2015, I took a year to visit many people in my global network, re-read the investment journals I had kept since 1996, re-read many articles and books in my library and objectively case study every investment and business decision I had made in my career. It was humbling and valuable. I gained a deeper understanding of my own decision-making processes: in investing, in business and in life.
I also learned the value of working without distractions in an inspiring environment filled only with professionals that I like, respect and admire for their ability to think and act independently and freely speak their minds in pursuit of a shared purpose without conflicting interests. This learning formed the blueprint for the design of Perspective.
As an investor, I further distilled an investment approach of thinking as a sensible business person would on a contrarian and truly long-term basis. Being grounded in this mindset led to cutting away the remaining noise. The deep truth is that only a few things really matter. It is extremely productive to focus time and energy solving only for those.
Our founders made a conscious choice to build Perspective in South Africa. Our country needs many things, but most of all to create sustainable jobs, preserve and share knowledge. The more real value we can deliver, the more we may be able to influence and inspire others to do the same.
Breathing life into a bold new venture in a highly regulated, complex and competitive industry in South Africa was not easy, simple or quick. We could not sustain this without the committed support of every one of our incredible team members, families, investors and all our other stakeholders. Thank you so much.
Our work and our story continues...
Founder Shareholders: Daniel Malan, Sean Neethling & Jean-Marie Eveillard.
Our firm is structured to forever remain independently owner-managed by current and future generations of its people.
John has 30 years’ investment industry experience, specialising in general property investment and management. He served as the Managing Director and later as a Non-Executive Director of JSE listed Allan Gray Property Trust* from 1996-2013.
* Later renamed Fountainhead Property Trust before merging with Redefine Properties in 2015.
Jean-Marie has over 50 years of investment experience. In 2003 he received a Lifetime Achievement Award from Morningstar for building one of the most successful long-term records in the global investment business. Jean-Marie serves as a board trustee to First Eagle Funds in New York. He is an external shareholder and patron of our firm with no operational or executive responsibilities.
Perspective never directly handles any investors' cash; your money can only be transferred directly into our fund administration providers' inflow bank accounts. From there, and only on your verified instruction, it can only be transferred directly into your own name bank account - without exception.
All our systems and processes are fully recoverable at short notice with minimal disruption in the hopefully unlikely event of a disaster at our physical premises.
We only work with top business partners who are independent of us with high standards of business risk management and that maintain comprehensive insurance cover; Our business partners include Nedbank (banking), PKF (audit), Prescient Fund Services (fund administration), Camargue / Lloyds (insurance), Old Mutual (fund administration), Avior (broker), SA Stockbrokers (broker) & Compliserve (compliance).
Perspective Investment Management (Pty) Ltd is a formally registered company in compliance with the Companies Act of South Africa, including independently audited annual financial statements submitted to our regulatory authorities. Our shareholders agreement is fully empowered by our Memorandum of Incorporation.
Our regular board meetings are chaired by an independent non-executive Chairman and attended on standing invitation by our independent audit partner & compliance officer.
Our two executive directors are registered Key Individuals and Representatives in good standing with the FSCA. They respectively have 24 and 17 years of industry experience, covering every aspect of an investment management firm.
Our firm operates on a strict zero conflicts of interest basis with our investors and all other stakeholders. We co-invest alongside our investors with no side-pocket portfolios or interests allowed.
Our firm maintains sufficient professional indemnity insurance cover at all times, as per our regulatory license conditions.
We fully ascribe to and comply with the CFA Institute Code of Ethics and Standards of Professional Conduct.
Our operating license to provide financial services to the public was issued by the FSCA (Financial Services Conduct Authority of South Africa) in February 2017. We are regularly assessed formally by independent parties for compliance with our operating license conditions.
Our industry and our firm are highly regulated by various regulatory bodies and legislation; including the FSCA, the Johannesburg Stock Exchange, CISCA (governing Unit Trusts), Regulation 28 (governing Pension Funds) and POPI (governing Protection of Personal Information).
Our commitment to our investors is to only invest in assets that we can understand, that are owned and led by trustworthy, credible people, when they are safe and when we can pay a price well below what they are worth.
We are long-term investors and we aim to own assets for 5 to 10 years or longer.
We operate independently by doing our own research and by forming and backing our own investment conclusions, with no regard for comparisons to the positioning of our peers.
Our internal research is supported and challenged by networking extensively with external stakeholders.
Our buy discipline is value-based, because we prefer paying as cheap a price as possible.
Our ownership- and sell-discipline is growth-based, because as long-term investors we prefer investing in assets with attractive long-term growth dynamics.
We build our portfolios with no regard for index constituents. Our sole investment objective is to deliver positive long-term investment returns after all costs.
We maintain sufficiently diversified and highly liquid portfolios at all times.
Staying under the radar allows us to invest in the widest possible investment universe, transact our positions quickly and with no or minimal market impact, and change a position if we change our minds when the facts change.
We communicate in a no-nonsense, straightforward manner, without using industry jargon or lengthy prose.
We keep and drive direct and indirect investor total costs down.
All of our own and our family's savings are invested in our funds alongside our investors, with no fee discounts.
Invest with us, or contact us for more information.
We build and manage uniquely customised portfolios for qualifying investors mandated to suit your investment objectives; provided it fits within our long-term investment approach.
We draw from our same rigorous research and portfolio management approach over multiple asset classes and geographies.
The portfolio assets is held in your own name.
We only work with carefully selected top investment administration business partners that are reputable, experienced, scale and low-cost.
We deliver highly competitive costs, a quality personal service level experience and full transparency with no fine print hidden costs & restrictions.
If you are interested in our Bespoke Portfolios, please send us your details and we will contact you.
This fund is strictly managed within the investment parameters of the legislation governing South African pension funds and Unit Trusts.
This is our only unit trust, because it suits a sensible long-term investors' investment objectives. Our investment objective is to deliver or exceed investment returns after costs and inflation of 5% per year over rolling 5-year periods. This mandate allows the fund to be more defensively positioned when assets are expensive and more fully invested when assets are cheap.
We can invest across multiple asset classes, such as equities, bonds, property, commodities and cash instruments. In addition, 30% of the fund can be invested directly offshore.
An investment in this unit trust delivers guaranteed daily liquidity and competitive costs, with no fine print hidden costs & restrictions, in addition to a quality personal service level experience.
You will receive regular monthly fund factsheets and detailed quarterly investor statements.
Download the relevant forms below. In addition to each form, we provide cover letters in multiple languages to help make your life easier.
If you need assistance with completing the forms, please e-mail us at info@perspectiveim.co.za.
Download latest: July 2019
Should you wish to receive our fund fact sheets monthly, simply e-mail us at info@perspectiveim.co.za.
Download application forms, or e-mail us at info@perspectiveim.co.za to help you invest in our Balanced Fund.
Perspectives (Selected Examples)
If you would like to receive our latest Perspectives on a regular basis, e-mail us at info@perspectiveim.co.za.
Unit 22, Victoria Junction, Prestwich Street, Cape Town 8001, South Africa
If you are driving a vehicle, please enter through Gate 5 from Prestwich Street (opposite Beluga restaurant / The Foundry).
If you are arriving on foot, please go to Gate 4 and press the “Perspective” button on the doorbell.
The purpose of this Policy is to provide our clients with a clear guide as to how Perspective Investment Management (Pty) Ltd (hereafter referred to as Perspective) views, recognizes, discloses and manages Conflicts of Interest involving Perspective and its Employees.
Perspective strives for zero Conflicts of Interest and our Employees live and work in integrity in applying this principle. We do not trade in assets for our personal accounts and we do not invite, create or tolerate any other Conflicts of Interest with you.
Conflicts of Interest with Perspective could arise if Perspective derives actual or potential beneficial interest from a party that may affect its ability to act or be seen to act in its clients’ best interests.
Conflicts of Interest with Employees could arise if an Employee derives actual or potential beneficial interest from a party that may affect its ability to act or be seen to act in its clients’ best interests.
Further examples of potential Conflicts of Interest include:
Perspective places utmost importance on applying good judgement and being reasonable, objective and fully informed in all its business decisions and believes that most instances of Conflicts of Interest can be avoided by applying sound judgement and acting as an ethical person would. All Employees subscribe to this belief.
All Conflicts of Interest, whether actual or perceived, must be detected and avoided and where a situation arises where a Conflict of Interest is deemed unavoidable and is permitted the Conflict must be identified, documented, managed and communicated in an equitable way and in our clients’ best interests.
Before entering a conflicted position, Employees are to report all potential Conflicts to Perspective’s Conflicts Officer, Managing Director and the Compliance Officer and seek guidance on what further action to take.
Employees must not accept or give any financial interest in respect of third parties, including cash payments, significant gifts or hospitality. Immaterial Financial Interests, token gifts and invitations to hospitality events may be accepted with approval by an Executive Director. Where an invitation could be construed as being a business inducement, it must be declined. A register is kept of any gifts, or hospitality received.
Perspective’s Conflicts Officer is responsible for monitoring compliance with this Policy and to report on its findings to the Compliance Officer and the Managing Director of Perspective. Monitoring activities include keeping records of all Beneficial Interests.
The FAIS General Code of Conduct provides the following definitions that apply to identify certain actions that may influence a conflict of interest situation.
Financial interests comprise of any cash, cash equivalent, voucher, gift, service, advantage, benefit, discount, domestic or foreign travel arrangement, hospitality, accommodation, sponsorship or any other incentive or valuable consideration but excludes an ownership interest and training, that is not exclusively available to a selected group of providers or representatives, on:
Ownership interest refers to any equity or ownership interest, for which fair value was paid by the owner, other than equity or an ownership interest held as an approved nominee on behalf of another person which includes any dividend, profit share or similar benefit derived from that equity or ownership interest.
A beneficial interest is either a financial interest or an ownership interest.
Immaterial Financial Interests comprise gifts and/or entertainment which does not exceed R1000 (N$500 in Namibia) in its aggregate value per annum in respect of any other FSP or an individual representative. This includes circumstances of customary celebrations (birthdays, anniversaries, promotions, etc.), advertising or promotional material and reasonable meals, refreshments and entertainment associated with business meetings or business occasions.
A product supplier, provider, an associate of a product supplier or a provider, a distribution channel, or any person who in terms of an agreement or arrangement with a person set out above provides a Financial Interest to a provider or its representatives.