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.
Making sense of the fixed income landscape
Fixed income in a portfolio can provide liquidity, regular income and diversify away from equity risk. Essentially, fixed income assets should provide some certainty and predictability, which can be the defensive anchor of a portfolio.
Improve the predictability of your portfolio
ATTRACTIVE RISK-ADJUSTED RETURNS
Low correlation to shares
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.
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:
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Years of experience: 36
Years at Perpetual: 13
Michael is Head of Credit 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 24 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.Loading...
Years of experience: 25
Years at Perpetual: 13
Vivek is Head of Fixed Income, joining Perpetual in 2004. He has over 20 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.Loading...
Years of experience: 25
Years at Perpetual: 13
Greg has over 20 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 cycles. 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.Loading...
Years of experience: 16
Years at Perpetual: 10
Thomas has been a Portfolio Manager / Credit Analyst since joining the Fixed Income 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 approximately 16 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.Loading...
Years of experience: 22
Years at Perpetual: 4
Anne is an experienced credit markets specialist, having worked for over 20 years in credit and fixed income markets in research, origination and trading roles. Anne is a Senior High Yield Analyst, in the Credit and Fixed Income asset management team at Perpetual Investments, with a focus on higher yielding income opportunities.
Before joining Perpetual in 2014, Anne worked for 10 years at Deutsche Bank, Global Markets division in Sydney where she held various roles, including origination and underwriting of sub-investment grade debt, Head of the Distressed Product Group, Australia and Head of Credit Research. She has also held roles with major institutions in London, including Deutsche Bank, Bankers Trust International, Banque Nationale De Paris and Credit Lyonnais.
Anne is a Graduate of the Australian Institute of Company Directors and holds a Master in Management from Rouen Business School (France) majoring in Finance. Anne's extensive credit markets experience in a broad range of roles complements and broadens our credit specialist capability.
Years of experience: 14
Years at Perpetual: 7
JP started at Perpetual in July 2010 as a Senior Research Analyst, before joining the Credit & Fixed team as a Market Analyst/Dealer. JP is currently responsible for relative value analysis, short-end trades and primary dealing.
Previously JP worked as an Investment Manager at Zurich Investment Management responsible for overseeing Zurich's balance sheet assets and sub-advised portfolios. Prior to this, he held various investment roles at MLC including an Investment Analyst.
JP holds a Bachelor of Arts with Honours in Business and Management and completed a Master of Applied Finance at Macquarie University.
Years of experience: 10
Years at Perpetual: <1
Carol Yuan is a Credit Analyst.
Carol joined Perpetual in 2017 and is an experienced research analyst and credit investor, with experience in Asian credit markets. Carol has a background in researching both investment-grade and high-yield companies.
Carol previously worked at Aberdeen Asset Management in Sydney and Singapore as a Credit Research Analyst. Prior to this Carol worked at AllianceBernstein Australia.
Carol holds a Bachelor or Commerce and Masters of Economics with Distinction, and is a Chartered Financial Analyst.