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Credit And Fixed Income

Credit And Fixed Income

Benefit from investments that can deliver capital stability, income and liquidity by investing with one of Australia’s leading credit and fixed income managers.

At Perpetual we offer a range of cash, credit and fixed income solutions and are specialists in investing in quality debt. We take a highly active approach to buying and selling credit and fixed income securities and invest extensively across industries, maturities and the capital structure.

We aim to create well-diversified and highly liquid portfolios that perform well across market cycles. We focus on generating income and seek to avoid losses so that portfolio returns are stable.

While some fixed income securities can move in the same direction as share markets, our prudent risk aware approach seeks to provide the defensive attributes investors expect from fixed income – such as high levels of capital security, consistent income, liquidity and a low correlation to shares.

Why invest in Credit and Fixed Income?

Improved predictability of portfolios

Attractive risk-adjusted returns

Income

Low correlation to shares

Improved predictability of portfolios

The regular income stream from credit and fixed income investments can provide some predictability and stability to overall returns.

Attractive risk-adjusted returns

Investing in credit can provide a repeatable and sustainable source of value in fixed income markets. Historically, investment returns from good quality credit assets have more than compensated investors for the risk of loss.

Income

Credit and fixed income investments can provide a regular source of income.

Low correlation to shares

Credit and fixed income investments can provide diversification benefits. When sharemarkets are weak, high quality fixed income securities can continue to perform well.

Predictable outcomes

We focus our portfolio on delivering predictable outcomes - capital stability, regular income, and liquidity. These are characteristics that investors generally seek from ‘defensive’ asset classes.

Risk aware

We will only add risk to our portfolios when we expect it will be sufficiently rewarded. This ensures that the defensive qualities of our portfolios are not compromised.

Stable and experienced team

Perpetual’s experienced credit and fixed income team have delivered through different market cycles, with the senior portfolio managers working together for over a decade. Our current capability set has been built on a strong foundation, with Perpetual managing debt-like portfolios since 1966.

Active trading of quality assets

Perpetual’s approach is to actively manage good quality credit and fixed income assets. Quality assets tend to be more liquid, have lower transaction costs, are issued in greater volume, and are more likely to experience spread contraction as they approach maturity. An active risk aware approach can help to add value for investors across the less transparent fixed income markets.

At Perpetual, we believe that within a diversified portfolio, credit and fixed income investments are typically used to provide defensive characteristics. This belief drives the key elements of our investment philosophy:
  • It is necessary to actively trade credit and fixed income securities to take advantage of the full range of investment opportunities and extract maximum value
  • Credit is a highly repeatable and sustainable way to add value in fixed income markets
  • Strategic duration setting is key, with tactical adjustments most effective at meaningful dislocations
  • Invest in quality and value securities
  • It is imperative to understand and price risks, and invest in opportunities where risk is best rewarded
All investments carry risk. While it is not possible to identify every risk relevant to your investment, we have provided details of the risks that may affect your investment in the relevant product disclosure statement (PDS) or offer document.

You can find PDSs and other documents in our resources section. The relevant PDS, offer documents and forms can also be found in the sections below:


> Investments | > Superannuation | > Retirement

Credit And Fixed Income Investment Team

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Michael Korber
Managing Director, Credit & Fixed Income
BEc
Vivek%20Prabhu.jpg
Vivek Prabhu
Head of Fixed Income
BBus, FCA, Grad Dip App Fin & Inv, MBA, GAICD
Greg%20Stock.jpg
Greg Stock
Head of Credit Research, Senior Portfolio Manager
BCom (Acc & Fin), ICAA, SIA, AFMA
Thomas%20Choi.jpg
Thomas Choi
Senior Portfolio Manager
BEc, CFA
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Michael Murphy
Senior High Yield Analyst, Portfolio Manager, Perpetual Loan Fund
BEng, BEc, MPhil (Econ)
Simon-Poidevin.jpg
Simon Poidevin
Senior Credit Analyst
Benjamin-Chan.jpg
Benjamin Chan
Credit & Private Debt Analyst
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Lydia Yin
Credit Analyst
Michael Korber
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Michael Korber

Managing Director, Credit & Fixed Income BEc
Bio

Years of experience: 43

Years at Perpetual: 20

Michael Korber is Managing Director, Credit & Fixed Income and is responsible for the ongoing strategic review and development of process, reviewing the weekly credit process and reviewing the analysis of all new credit securities. Michael joined Perpetual in August 2004.

Michael has over 40 years industry experience and prior to joining Perpetual worked as the first Head of Credit at Macquarie Funds Management, spending six years developing its credit investment processes and building the business from inception to over $7 billion in funds under management.

Prior to this, he spent seven years as Divisional Director in Corporate Banking and four years as second in charge to the Head of Macquarie Bank Credit. Earlier, he had spent five years as a Credit Analyst with Westpac Corporate Banking.

Vivek Prabhu
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Vivek Prabhu

Head of Fixed Income BBus, FCA, Grad Dip App Fin & Inv, MBA, GAICD
Bio

Years of experience: 32
Years at Perpetual: 20

Vivek is Head of Fixed Income and joined Perpetual in 2004. He has over 30 years of experience spanning accounting, finance, investments, governance and risk management. He has managed multi-billion dollar fixed income, credit and currency portfolios and his role involves credit analysis, trade execution and portfolio construction.

Previously, he spent nearly 8 years at Macquarie Bank in roles including Assistant Portfolio Manager (Credit, Global Fixed Interest and FX), Credit Analyst, Compliance Manager (Funds Management Group) and Operational Risk Analyst (Internal Audit). Prior to this, Vivek spent almost 4 years at Coopers & Lybrand (PwC) as an accountant / auditor.

He's aimed to give back to the communities, organisations and people with whom he's connected. Vivek joined the Board of The Deaf Society of NSW in 2011 and currently serves as Director and Treasurer. He joined Perpetual's Diversity Council in 2012, chaired by Perpetual's CEO. Since 2010, Vivek has regularly mentored university students, colleagues & finance industry professionals, leading the Fixed Income stream for Perpetual's Investment Analyst Program.

He was awarded the 2011 Financial Services Institute of Australasia (FINSIA) Hugh DT Williamson Performance Scholarship, an award recognising professional accomplishment, social responsibility and leadership. In 2011, he was also awarded a not for profit directors scholarship from the Australian Scholarship Foundation.

Greg Stock
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Greg Stock

Head of Credit Research, Senior Portfolio Manager BCom (Acc & Fin), ICAA, SIA, AFMA
Bio

Years of experience: 32

Years at Perpetual: 20

Greg has over 30 years experience in investment management, accounting and risk management. He has researched and analysed credit markets on both the buy side and sell side for over a decade and through multiple cycle. His research role is broad, he covers the bank and financial sector and is a credit signatory.  Greg is also a senior portfolio manager responsible for trade execution and portfolio construction for Perpetual's bond fund, absolute return fixed interest fund and exact market cash funds.

Prior to working at Perpetual, Greg had a similar research and portfolio management role at Macquarie Funds Management. And while at Macquarie Bank for over six years he had roles in debt markets research, risk and accounting. Earlier, Greg worked at PriceWaterhouseCoopers as a chartered accountant over six years.

Thomas Choi
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Thomas Choi

Senior Portfolio Manager BEc, CFA
Bio

Years of experience: 22

Years at Perpetual: 16

Thomas is Senior Portfolio Manager in the Credit & Fixed Income Team at Perpetual and joined the team in May 2010. He focuses on the management of the treasury portfolios. 

Prior to this, his most recent role was within Perpetual's Research and Analytics Team. In this role Thomas was dedicated to supporting the Fixed Income & Credit Team with provision of Investment Analytics such as attribution and portfolio analysis, and the active asset allocation process for Perpetual's Balanced Funds.

Thomas has over 20 years of industry experience. He comes from an investment management background having previously worked in a number of roles including Investment Analyst at Prodigal and Dealer at CMC Markets.

Thomas has a Bachelor of Economics from Sydney University and is a Chartered Financial Analyst.

Michael Murphy
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Michael Murphy

Senior High Yield Analyst, Portfolio Manager, Perpetual Loan Fund BEng, BEc, MPhil (Econ)
Bio

Years of experience: 11
Years at Perpetual: 5

Michael Murphy is Portfolio Manager for the Perpetual Loan Fund, a portfolio of private and syndicated loans that forms a crucial component of the Perpetual Credit Income Trust (ASX: PCI).

Michael joined Perpetual Asset Management Australia in October 2018 as a High Yield Analyst, focusing on the high yield and private debt markets. He also previously worked as an Investment Associate at Metrics Credit Partners, responsible for covering leveraged finance and corporate private debt.

Prior to this, he was an Associate Credit Analyst at Morningstar and before that, a Credit Risk Analyst at Commonwealth Bank.

Michael has a Bachelor of Engineering (1st class honours) and Bachelor of Economics from the University of Adelaide, along with a Master of Philosophy (Economics) from the University of Oxford.

Simon Poidevin
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Simon Poidevin

Senior Credit Analyst
Bio

Years of experience: 14
Years at Perpetual: 2

Simon Poidevin is Senior Credit Analyst at Perpetual Asset Management. His analytical sector coverage includes corporates, infrastructure and utilities. 

Simon joined Perpetual Asset Management in May 2022, having previously worked for 7 years at Moody’s Investors Service in Dubai and Sydney. Prior to joining Perpetual, Simon held a position as lead credit analyst within the project and infrastructure team in Sydney, covering mostly investment grade issuers in the infrastructure and utilities sectors. 

Prior to this, he was a credit analyst at Société Générale in Dubai, with a focus on oil and gas and infrastructure assets. 

Simon holds a Master in Management from EM Lyon Business School (France), majoring in Finance.

Benjamin Chan
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Benjamin Chan

Credit & Private Debt Analyst
Bio

Years of experience: 11
Years at Perpetual: 2

Benjamin Chan is Credit & Private Debt Analyst at Perpetual Asset Management. In this role, he is responsible for performing credit analysis for corporate credit and loan issuers.

Benjamin joined Perpetual Asset Management in May 2022, having previously worked at EY, within their Strategy and Transaction division, specifically within the Capital and Debt Advisory team, providing debt advisory services across a range of industries.

Prior to this, he worked within Optus’ corporate strategy team, and before that he was an Associate Analyst at Moody’s Investors Service.

Benjamin has a Bachelor of Applied Finance and Bachelor of Commerce – Accounting from Macquarie University.

Lydia Yin
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Lydia Yin

Credit Analyst
Bio

Years of experience: 2

Years at Perpetual: 2

Lydia Yin is a Credit Analyst at Perpetual Asset Management. In this role, she is responsible for conducting research and analysis within the asset backed securities and residential mortgage-backed securities sector and performing research on corporate credits.

Lydia joined Perpetual Asset Management in February 2022 as a Graduate in the Australian Equities team and then moved to the Credit and Fixed Income team in February 2023. There she was appointed to a Credit Analyst in September 2023.

Lydia has a Bachelor of Actuarial Studies and Bachelor of Commerce from The University of New South Wales.

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Zenith Investment Partners Pty Ltd ABN 27 103 132 672 AFSL 226872 Fund Awards issued 13 October 2023 are solely statements of opinion and not a recommendation in relation to making any investment decisions. Fund Awards are current for 12 months and subject to change at any time. Fund Awards for previous years are for historical purposes only. Full details on Zenith Fund Awards at https://www.zenithpartners.com.au/zenith-fund-awards-2023/