Perpetual Limited · ASX:PPT
Perpetual — Perpetual Credit Income Trust — Investor Presentation (January 2024)
12 slides from Perpetual's investor presentation, January 2024
Slide 1: Investor Presentation
ASX: PCI Investor Presentation January 2024
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 authorised for release by Perpetual Trust Services Limited ABN 48 000 142 049 AFSL 236648 (PTSL). PTSL is the responsible entity and issuer of the Perpetual Credit
Slide 3: Perpetual Credit Income Trust (ASX: PCI)
Perpetual Credit Income Trust (ASX: PCI) Active and risk aware investment process founded on delivering predictable and repeatable performance while preserving capital Investment objective Investment guidelines Investment process & target return • To provide investors with monthly income by Typicall
Slide 4: Perpetual's specialist Credit and Fixed Income team
Perpetual’s specialist Credit and Fixed Income team Perpetual’s highly regarded senior portfolio management team have been investing together for over a decade MICHAEL KORBER Managing Director of Credit and Fixed Income Portfolio Manager - Pure Credit Alpha, Credit Income Trust 42 years experience,
Slide 5: Market update
Market update Improvement in growth outlook but we are Technical indicators such as US credit, equity maintaining a cautious stance and equity volatility are positive • Ongoing repricing of US monetary policy expectations and a • Bond yields have calmed following a volatile last quarter of 2023 subs
Slide 6: Portfolio summary
Portfolio summary • 119 assets across 82 issuers Well diversified • Each issuer exposure typically 1 – 2% portfolio • Specialists in Australian corporate credit (bonds, floating rate notes and loans) and RMBS/ABS • Corporate credit has exposure to a broad range of industries/sectors • Running yield
Slide 7: Key holdings
Key holdings Issuer Credit rating Sector Asset Perpetual Loan Fund Ampol Investment grade Oil and gas Floating rate note • 19 issuers that have terms of Ausnet Investment grade Utilities Floating rate note between 1 and 6 years but the issuers typically repay IAG Investment grade Insurance Floating
Slide 8: Portfolio composition
Portfolio composition As at 31 January 2024 7.8% Breakdown 26.3% Breakdown by maturity 22.0% 22.9% by seniority (capital structure) Senior 11.6% Subordinated 8.5% 5.8% Deeply Subordinated 2.9% 0-1 1-2 2-3 3-4 4-5 5-7 7+ yrs 34.2% 58.0% yrs yrs yrs yrs yrs yrs 6.3% 6.3% 1.3% 4.1% Breakdown Breakdown
Slide 9: Portfolio composition
Portfolio composition As at 31 January 2024 Breakdown by credit rating Sector allocation Breakdown by corporate sector 3.8% 2.2% 2.1% Casinos & Gaming, 2.70% 6.2% 5.9% 2.4% Consumer Services, 2.52% 2.9% Educational Services, 1.92% Exploration & Production, 1.63% 28.3% 5.2% 45.3% Food & Beverage, 5.0
Slide 10: Share price to NTA
Share price to NTA • NTA has remained relatively stable, reflective PCI share price to NTA of the defensive nature and quality of the Inception to 31 January 2024 underlying assets 1.30 1.20 • Estimated Daily NTA published on the ASX 1.10 represents fair value of all assets 1.00 • As at 31 January 2
Slide 11: PCI performance
PCI performance Investment performance As at 31 January 2024 1 mth 3 mths 6 mths 1 yr 3 yrs p.a. 5 yrs p.a. Since incep p.a. PCI Investment Portfolio* Returns net of operating expenses 0.8% 2.6% 4.8% 9.2% 5.4% - 4.7% Target Return^ 0.6% 1.9% 3.8% 7.5% 5.3% - 4.8% Distribution Return 0.6% 1.9% 3.8% 7
Slide 12: Thank you
Thank you Yijjja Y
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