Perpetual Credit Income Trust · ASX:PCI
Perpetual Credit Income Trust — Investor Presentation (September 2023)
10 slides from Perpetual Credit Income Trust's investor presentation, Sep 20, 2023
Slide 1: Perpetual Credit Income Trust Investor Presentation August 2023
Perpetual Credit Income Trust (ASX: PCI) For personal use only Investor Presentation August 2023
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: Our views on the current market environment
Our views on the current market environment • Domestic credit spreads grind tighter on the back of stronger than anticipated corporate earnings results For personal use only • Primary market issuance resurgent, led by major bank senior − e.g. PCI participated in 10-year $750M fixed rate AUD denomina
Slide 4: Portfolio summary
Portfolio summary Well diversified portfolio For personal use only • 122 assets across 83 issuers • Each issuer exposure typically 1 – 2% • Specialists in Australian corporate credit (bonds, floating rate notes and loans) and RMBS/ABS • Corporate credit has exposure to a broad range of industries/se
Slide 5: Top holdings
Top 10 holdings Issuer Credit rating Sector Asset Weighting Perpetual Loan Fund Sub investment grade Corporate • Comprised of 19 issuers. 45.3% For personal use only and unrated • The floating rate corporate loans have terms of between 1 and 6 years but the issuers typically repay prior to maturity
Slide 6: Portfolio composition
Portfolio composition As at 31 August 2023 7.2% 22.0% For personal use only 18.2% 18.9% Senior 15.9% Subordinated 14.0% Breakdown by Deeply subordinated Breakdown by 8.2% seniority maturity (capital 54.6% 2.8% structure) 38.1% 0 - 1 yrs 1 - 2 yrs 2 - 3 yrs 3 - 4 yrs 4 - 5 yrs 5 - 7 yrs 7+ yrs 2.6% 1
Slide 7: Portfolio composition
Portfolio composition As at 31 August 2023 Breakdown by credit rating Sector allocation Breakdown by corporate sector For personal use only Commercial Services, 2.1% 1.9% 0.01% Consumer 5.3% 2.7% 2.6% 3.0% 2.6% Banks, 0.5% Products, 2.8% Consumer Services, 3.1% Design, Manufacturing & Distribution,
Slide 8: PCI performance
PCI performance Investment performance For personal use only As at 31 August 2023 1 mth 3 mths 6 mths 1 yr 3 yrs p.a. 5 yrs p.a. Since incep p.a. PCI Investment Portfolio* 0.7% 2.6% 4.0% 7.8% 5.3% - 4.2% Returns net of operating expenses Target Return^ 0.6% 1.9% 3.7% 6.8% 4.7% - 4.5% Distribution Re
Slide 9: Appendix
For personal use only Appendix
Slide 10: A robust, active and risk aware investment process
Perpetual Credit Income Trust (ASX: PCI) A robust, active and risk aware investment process For personal use only Investment objective Investment guidelines Investment process & target return Typically 50 – 100 assets • To provide investors with monthly 30% - 100% Investment grade assets2 Top down i
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