Tell us about your internship with Perpetual

I interned in Perpetual’s Australian Equities team for four weeks in July 2023. I was assigned one major project to work on for the duration of the internship, which involved developing a valuation and investment case for a mid-cap company in the Technology sector. This project was complemented by multiple smaller projects across the Healthcare, Energy, Consumer, and Real Estate Sectors. 

This was my first internship in buy-side investment management, with previous experience across Internal Finance, Corporate Finance, and Accounting. I came across this opportunity through Future IM/Pact’s newsletter. 

Why did you want to work at Perpetual?

My interest in working at Perpetual stemmed from a combination of their major presence in Australia’s active equity investing space, and a quality investing style that I resonated strongly with. Perpetual’s long/short strategies – which allow investors to capture both the potential upside and downside in equities – were also quite attractive to me. 

What did you enjoy most about your internship? 

Looking back on my experience, there is really very little (if anything) I could fault. Across the entire four weeks I felt welcomed by the team, who went out of their way to get to know me and include me on industry meetings or management calls. They were also generous enough to provide me with sell-side contacts if I ever wanted to understand a sell-side report further. Perpetual also has access to vast educational resources, which was highly beneficial in furthering my valuation techniques. 

My biggest take-away came quite early on, which was when my mentor emphasised that in equity investing you should assume that sell-side reports have already been priced into a company’s share price, making it critical to dedicate time to finding a ‘unique angle’. 

Did you meet any mentors/role models?

I was lucky enough to have a few mentors within Perpetual, who were all extremely generous with their time and provided impactful insights into their roles and industries. I have enjoyed keeping in touch with them post-internship and can definitely see a clearer pathway into this career. 

What will you do over the next few years to better position yourself for an investing career?

As I graduate and enter the workforce over the next few years, I will look to both developing my network in investment management and starting my CFA.

Did you notice a gender imbalance within the workforce during your internship? Can you see any barriers to women entering or progressing in this field?

Although investment management (alongside the broader financial services industry) still has a way to go, I think Future IM/Pact’s role in democratising access to the investment management industry has definitely helped knock down barriers.