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Perpetual ESG Credit Income Fund - Class A

Perpetual ESG Credit Income Fund - Class A

The Perpetual ESG Credit Income Fund Class A aims to provide regular income and consistent returns by investing in a diverse range of income generating assets that meet Perpetual’s ESG and values-based criteria.

The Perpetual ESG Credit Income Fund (formerly Perpetual Ethical SRI Credit Fund) provides investors with an actively managed, diversified core portfolio of liquid investment grade securities that have passed through a screening process based on Perpetual's ESG and values-based criteria.

 

Full holdings disclosure

Perpetual's values-based, ESG and sovereign exclusionary screen

The fund uses a value based exclusionary screen to avoid investment in companies that derive a proportion of their revenue from the involvement in the following activities.

Values-based activity

Involvement Threshold

The production or distribution of alcohol

5% or more of company/issuer revenue^

Animal cruelty (cosmetic testing)

5% or more of company/issuer revenue^

Fossil fuels (exploration and extraction)

5% or more of company/issuer revenue^

Gambling operations including online services, casinos, and gambling products including gaming equipment

5% or more of company/issuer revenue^

Genetic engineering the production of genetically modified organisms for human consumption

5% or more of company/issuer revenue^

Uranium and nuclear

5% or more of company/issuer revenue^

Pornography

5% or more of company/issuer revenue^

Tobacco production

0% or more of company/issuer revenue^

Tobacco retailing

5% or more of company/issuer revenue^

Weapons (nuclear)

0% or more of company/issuer revenue^

Weapons (Military - Controversial)

0% or more of company/issuer revenue^

Weapons (Military - Conventional)

5% or more of company/issuer revenue^

 

^Generally calculated using the total gross amount of revenue generated by the sale of goods or services from normal business operations. Companies/issuers will breach the above involvement threshold if their combined revenue from all Values-based activities above is 5% or more.

Further details can be found in the ‘Perpetual ESG Credit Income screening process’ brochure (see link below) and the PDS for the Fund. 

Companies or issuers that successfully pass our Values-based exclusionary screen are then subject to an ESG exclusionary screen.

Companies or issuers are scored (both positively and negatively) on a broad range of ESG factors, shown in the table below. These scores are totalled to arrive at a single score for each company or issuer.

Companies or issuers that receive a negative overall score fail this exclusionary screen and will not be considered for investment by the fund. A zero or positive score will allow a company or issuer to be considered for investment by the Fund.

ESG issues:

  • Environmental risk, policy and performance
  • Energy use and renewables
  • Product and services environmental impact
  • Chemicals of concern
  • Animal welfare (fur)
  • Genetically modified (GMO) food
  • Health and safety risk and approach
  • Human Rights
  • Discrimination and diversity
  • Supply chain risk and approach
  • Community involvement
  • Product impacts and approach
  • Corporate conduct risk and approach
  • Corporate conduct performance (misconduct)
  • ESG-positive products and services

Further details can be found in the ‘Perpetual ESG Credit Income screening process’ brochure (see link below) and the PDS for the Fund. 

The Perpetual ESG Credit Income Fund applies a Sovereign Issuer exclusionary screen as the Fund may invest in the securities of sovereign (government and government-related) issuers and may include semi-sovereign entities.

These sovereign issuers are screened using scoring on ESG factors from indicators including:

  • RepRisk Index for Countries
  • World Bank Worldwide Governance Indicators (WGI)
  • Transparency International Corruption Perceptions Index (CPI)

Sovereign issuers determined by Perpetual to score well below acceptable norms and standards in any of the above indicators will fail this exclusionary screen and therefore will not be considered for investment by the fund.

Further details can be found in the ‘Perpetual ESG Credit Income screening process’ brochure (see link below) and the relevant PDS for the Fund. 

Features and benefits

A fund for ESG investors

Robust screening process

Strong track record

A fund for ESG investors

The Fund gives investors an opportunity to align their investments with their personal values and ESG preferences.

Robust screening process

Screening process that utilises internal and external ESG research. For more information on our robust screening process please download our brochure. 

Download
Strong track record

The fund has delivered strong returns over the long-term and has outperformed the benchmark – an indication that investing in ethical and sustainable companies may not necessarily compromise investment returns.

Resources

Product Disclosure Statement (PDS) Target Market Determination Fund Profile Fund Factsheet

Pricing & Performance

Fund Commencement: May 2018

Unit Pricing

As at
Entry 1.047
Exit 1.043
View Price History

Distributions

Frequency
Quarterly
Cents per Unit
2.263
Reinvestment Price
1.039
View Distribution History

Performance

As at

Returns

As at
Growth (%) Distribution (%) Total (%)
1 month -1.27% 2.15% 0.89%
3 month 0.29% 2.19% 2.48%
6 month 1.52% 3.68% 5.19%
1 year 2.20% 6.46% 8.67%
3 year 0.39% 3.65% 4.04%
5 year 0.77% 2.89% 3.66%
10 year -- -- --

Documents & Resources

Fund Profile Target Market Determination (TMD) Perpetual Investment Funds PDS.pdf

Investment Approach

The Funds investment process takes an active and risk aware approach by investing in a diversified core portfolio of liquid investment grade credit securities that meet Perpetuals ESG and values-based criteria. Perpetual believes these assets provide investors with protection in times of market stress. Perpetual seeks to enhance returns by taking on more risk (in terms of maturity, credit rating or subordination) when favourable market conditions are present. The Fund can also invest in alternative income generating assets such as infrastructure debt. For more details on Perpetuals ESG and values-based criteria see Environmental, social, governance and ethical factors in the Additional investment information section of the Funds' PDS.

Details & Fees

Investment Objective Aims to provide investors with regular income and consistent returns above the Bloomberg AusBond Bank Bill Index (before fees and taxes) over rolling three-year periods by investing in a diverse range of income generating assets that meet Perpetual's ESG and values-based criteria.
Minimum Suggested Timeframe 3 years or longer
Fund Manager Perpetual Investment Management Limited
Asset Class Fixed income and credit
Minimum Initial Investment $25,000
Minimum Initial Investment (with saving plan) $25,000 Monthly Minimum Nil
Minimum Additional Investment $2,000
Cash and investment grade securities 75 - 100%
Sub-investment grade and non rated securities 0 - 25%
Quarterly March 31, June 30, September 30, December 31
Entry 0
Exit 0
Management Fee (p.a.) 0.59%. Refer to PDS for Management Costs
Buy / Sell Spread 0.15% / 0.15%

What Are The Risks?

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:

Investment Superannuation Retirement

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (Perpetual ESG Credit Income Fund assigned June 2023) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

The rating issued September 2023 (Perpetual ESG Credit Income Fund) is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2023 Lonsec. All rights reserved. 

The Team

Vivek Prabhu.jpg
Vivek Prabhu
Head of Fixed Income
BBus, FCA, FFin, MBA, GAICD
Richard Morris.jpg
Richard Morris
Head of Responsible Investments
BEc, GradDipAppFin, DipSuperMngt
Vivek Prabhu
Vivek Prabhu.jpg

Vivek Prabhu

Head of Fixed Income BBus, FCA, FFin, MBA, GAICD
Bio

Years of experience: 30
Years at Perpetual: 18

Vivek is Head of Fixed Income and joined Perpetual in 2004. He has over 28 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.

Richard Morris
Richard Morris.jpg

Richard Morris

Head of Responsible Investments BEc, GradDipAppFin, DipSuperMngt
Bio

Years of experience: 28
Years at Perpetual: 8

Richard manages Perpetual Investment's responsible investment (RI) framework. Richard facilitates the consideration of environmental, social and governance (ESG) factors in investment team research, decision-making and ownership practices, and is the custodian of RI/ESG investment screens on relevant products. Richard continues to ensure that Perpetual works to meet its commitments as a signatory to the United Nations Principles of Responsible Investment (UNPRI).

Richard joined Perpetual in August 2012, following 19 years experience in investment markets, research and consulting. This included 12 years at Constellation Capital Management, an Australian equities boutique manager. Initially covering dealing, client management and back office tasks, Richard's final role at Constellation was as a Senior Portfolio Manager, which included portfolio management and stock research. Earlier roles included fund manager research at ASSIRT and investment consulting and superannuation administration at Mercer.

Richard has a Bachelor of Economics from Macquarie University, a Graduate Diploma of Applied Finance from FINSIA (FINSIA Fellow) and a Diploma of Superannuation Management from ASFA.

How to Invest

Apply online for a new Perpetual Investment Fund Invest now

Perpetual Investment Funds feature Perpetual’s leading investment management capabilities. They are designed for individual and wholesale investors, and super fund trustees, with $25,000 or more to invest.You can also invest through investor directed portfolio services. Applications to invest in Perpetual Investment Funds can be made through the myPerpetual application portal online.

 

Before applying for a Perpetual Investment it's important to review the Product Disclosure Statement (PDS), and related documents to ensure you understand how the fund works and the risks involved.

 

Information on Customer Identification Requirements

Investment Forms, PDS's and Offer Documents

Find out more about Perpetual Investment Funds

Continuous disclosure and updates for Perpetual Investment Funds

Update or apply for additional investment in my Perpetual fund Access the myPerpetual Portal

Applications for additional investment to your Perpetual Fund can be done by accessing the online account portal myPerpetual, or via the post where completed additional investments form & documents should be sent to this address:

 

Perpetual Investment Funds

GPO Box 4171, Sydney NSW 2001

 

Review the current PDS and related documents. They may have changed since you first invested.

 

Information on Customer Identification Requirements

Find out more about Perpetual Investment Funds

Continuous disclosure and updates for Perpetual Investment Funds

Perpetual Investment Funds New Application

Applications for Perpetual Investment aFunds can be made via investor directed portfolio services. Financial advisers can make applications through the Perpetual application portal online, or via the post where completed application & documents should be sent to this address:

 

Before applying for a Perpetual Investment Fund, it's important to review the Product Disclosure Statement (PDS) and related documents to ensure you understand how the plan works and the risks involved.

 

Perpetual Investment Funds

GPO Box 4171, Sydney NSW 2001

 

Information on Customer Identification Requirements

Find out more about Perpetual Investment Funds

Continuous disclosure and updates for Perpetual Investment Funds

Contact an institutional relationship manager or phone 1800 110 941. Contact

With one of Australia’s largest, most well-resourced and experienced investment teams, Perpetual offers institutional investors expertise across four major investment capabilities: Australian equities; global equities; cash, credit and fixed income; and multi asset strategies. These capabilities can be accessed via pooled investment funds or tailored mandates.

Perpetual Investment Management Limited ABN 18 000 866 535 AFSL 234426 and/or Perpetual Superannuation Limited ABN 84 008 416 831 AFSL 225246 are the issuers of the Funds. you should consider the relevant Fund product disclosure statement or other offer document before deciding whether to invest. The product disclosure statements and target market determinations for the Funds are available on this website.

Returns have been calculated using exit prices after taking into account all ongoing fees, and assuming reinvestment of distributions. No allowance has been made for entry fees, exit fees or where applicable taxation. Future returns may bear no relationship to the historical information displayed. The returns shown represent past returns only and are not indicative of future returns of a Fund. Returns on a Fund can be particularly volatile in the short term and in some periods may be negative.

This content has been prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information.

The product disclosure statement (PDS) for the Perpetual ESG Credit Income Fund Ethical SRI Credit Fund issued by PIML, should be considered before deciding whether to acquire or hold units in the fund. The PDS and Target Market Determination can be obtained by calling 1800 022 033 or visiting our website www.perpetual.com.au. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital.

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