Perpetual Limited · ASX:PPT
Perpetual — Perpetual Credit Income Trust — Investor Presentation (February 2022)
11 slides from Perpetual's investor presentation, Feb 3, 2022
Slide 1: Perpetual Credit Income Trust Investor Presentation
PERPETUAL CREDIT INCOME TRUST INVESTOR PRESENTATION 3 February 2022
Slide 2: Important Note
IMPORTANT NOTE This presentation has been prepared by Perpetual Investment Management Limited ABN 18 000 866 535 AFSL 234426 (PIML) and issued by Perpetual Trust Services Limited ABN 48 000 142 049 AFSL 236648 (PTSL). PTSL is the responsible entity and issuer of the Perpetual Credit Income Trust ARS
Slide 3: The Investment Opportunity with Perpetual Credit Income Trust (ASX: PCI)
THE INVESTMENT OPPORTUNITY WITH PERPETUAL CREDIT INCOME TRUST (ASX: PCI) MONTHLY INCOME DIVERSIFICATION PCI targets a total return of RBA Cash Rate plus Typically 50 – 100 assets in the portfolio across 3.25% (net of fees) through the economic cycle1. the broad spectrum of credit and fixed income It
Slide 4: A Robust, Active and Risk Aware Investment Process
PERPETUAL CREDIT INCOME TRUST (ASX: PCI) A ROBUST, ACTIVE AND RISK AWARE INVESTMENT PROCESS Investment objective Investment guidelines Investment process & target return Typically 50 – 100 assets • To provide investors with Top down monthly income by investing 30% - 100% Investment grade assets2 1 m
Slide 5: How We Are Positioned Against Market Conditions
HOW WE ARE POSITIONED AGAINST MARKET CONDITIONS • The Manager’s outlook on credit markets is marginally positive o Economic activity and earnings growth remain supportive for credit spread resilience moving forward. o However, acceleration of central bank tapering and tightening has contributed to v
Slide 6: Increased Distribution in December 2021
INCREASED DISTRIBUTION IN DECEMBER 2021 • In December 2021, the distribution increased to 0.35 cpu which results in an annual distribution return of 3.4% based on NTA or 3.7% based on the ASX unit price1. This exceeds the PCI’s target return rate2. • Portfolio running yield was 3.8% and was the most
Slide 7: Portfolio Composition
PORTFOLIO COMPOSITION AS AT 31 DECEMBER 2021 2.6% 5.4% 3.5% 9.5% AA and above Senior debt A Subordinated debt Breakdown 41.1% 31.7% BBB Breakdown by credit Deeply subordinated debt by seniority 26.6% rating BB+ and lower Unrated 63.9% Cash 15.7% 0.7% 3.5% 2.4% 3.5% 0.3% 2.3% Australia 9.3% North Ame
Slide 8: Portfolio Composition
PORTFOLIO COMPOSITION AS AT 31 DECEMBER 2021 Sector allocation Breakdown by corporate sector Banks, 0.7% Chemicals, 1.2% 1.5% 2.0% Airlines, 1.8% Commercial Services, 3.0% 2.1% 1.1% 0.9% Construction Materials, 2.2% Consumer Products, 2.1% 3.5% Consumer Services, 2.5% 6.7% Educational Services, 2.9%
Slide 9: Portfolio Composition
PORTFOLIO COMPOSITION AS AT 31 DECEMBER 2021 • 119 assets across 90 issuers • Top holding (excluding Perpetual Loan Fund) comprised of 3.3% of the portfolio • Perpetual Loan Fund comprised 37.8% of the PCI portfolio • Portfolio running yield was 3.8% • Portfolio weighted average life was 3.7 years •
Slide 10: Performance as at 31 December 2021
PERFORMANCE AS AT 31 DECEMBER 2021 INVESTMENT PERFORMANCE 1 MTH 3 MTHS 6 MTHS 1 YR 3 YRS P.A. 5 YRS P.A. SINCE INCEP P.A. PCI Investment Portfolio* 0.2% 0.3% 1.3% 4.4% - - 3.7% Returns net of operating expenses RBA Cash Rate 0.0% 0.0% 0.0% 0.0% - - 0.4% Excess Returns 0.2% 0.3% 1.2% 4.4% - - 3.3% Di
Slide 11: Continuing to Keep Investors Informed
CONTINUING TO KEEP INVESTORS INFORMED VISIT OUR WEBSITE Monthly Investment Reports View daily NTA announcements Latest insights from the Resources and educational www.perpetual.com.au/income Manager information 11
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