Perpetual Credit Income Trust Announces Daily NTA of $1.097 Per Unit as of 15 July 2026

Perpetual Credit Income Trust Reports Daily NTA of $1.097 Per Unit on 15 July 2026

Perpetual Credit Income Trust has disclosed its estimated Net Tangible Asset value per unit as at the close of business on 15 July 2026, with the figure recorded at $1.097. This announcement complies with the trust's regular reporting requirements as a listed managed investment scheme on the Australian Securities Exchange. The NTA figure offers investors an indicative valuation of the trust's underlying assets on a per-unit basis, before considering any premium or discount at which units may trade on the secondary market.

The update was prepared by Perpetual Investment Management Limited (ABN 18 000 866 535, AFSL 234426), the appointed manager of the trust, and authorised for market release by Perpetual Trust Services Limited (ABN 48 000 142 049, AFSL 236648), the responsible entity and unit issuer. As typical for daily NTA disclosures, the figure is unaudited and approximate, reflecting a same-day estimate rather than a formally audited financial statement. Investors should interpret the figure accordingly and note it may be revised.

Overview of Perpetual Credit Income Trust and Its Return Generation

The Perpetual Credit Income Trust is a listed managed investment scheme trading under ASX code PCI, registered with the Australian Securities and Investments Commission under ARSN 626 053 496. Its main objective is to provide investors exposure to credit income—returns generated from lending-style instruments and fixed income securities rather than equities. This positions the trust as a defensive, income-focused investment option within diversified portfolios, appealing to investors prioritising regular income distributions over capital growth.

Perpetual Trust Services Limited, a subsidiary of Perpetual Limited (ABN 86 000 431 827), serves as the responsible entity. Perpetual Investment Management Limited, part of the Perpetual Group, manages the trust’s daily investment portfolio. The Perpetual Group’s involvement ensures institutional-grade oversight of the trust’s credit assets. The trust generates revenue from its credit-oriented investment portfolio, distributing income to unitholders in line with its distribution policy.

Function of Daily NTA Disclosures for ASX-Listed Income Trusts Like PCI

For listed managed investment trusts such as Perpetual Credit Income Trust, regular disclosure of Net Tangible Asset estimates is crucial for market transparency. The NTA per unit represents the estimated net value of the trust's assets after liabilities, divided by total units issued. This figure helps investors compare whether units trade at a premium or discount to the portfolio’s intrinsic value. Credit-focused trusts like PCI generally have more stable NTA compared to equity funds, though fluctuations may occur due to changes in credit spreads, interest rates, and asset performance.

Daily disclosures allow investors and analysts to monitor NTA changes almost in real time. While a single day’s NTA may be less significant alone, trends over time can reveal gains or losses in the trust’s credit portfolio. It is important to remember these figures are unaudited and approximate, serving as indicative estimates rather than definitive valuations. Formal audited financial statements provide a more comprehensive performance measure.

Role of Perpetual Trust Services Limited as PCI’s Responsible Entity

Perpetual Trust Services Limited (AFSL 236648) acts as the responsible entity and unit issuer for Perpetual Credit Income Trust. Under the Corporations Act 2001, the responsible entity must act in unitholders’ best interests, operate the scheme according to its constitution and law, and oversee management and operations.

Perpetual Trust Services Limited has delegated day-to-day portfolio management to Perpetual Investment Management Limited, a common structure in Australian funds management. The governance framework requires the investment manager to prepare disclosures and the responsible entity to authorise their release, ensuring accountability. Investors in PCI benefit from this structured oversight of operations and reporting.

Perpetual Investment Management Limited’s Role in Preparing the NTA Estimate

The $1.097 NTA estimate was prepared by Perpetual Investment Management Limited, the trust’s appointed manager. With responsibility for managing the credit portfolio, PIML calculates daily NTA estimates based on current holdings, market valuations, accrued income, and liabilities at each business day’s close.

PIML (AFSL 234426), a subsidiary of Perpetual Limited, leverages extensive asset management resources to fulfil its duties. Its responsibilities include investment decisions, credit risk management, and pursuing the trust’s performance objectives in line with its mandate. The disclosed figure for 15 July 2026 reflects this valuation process for that day.

Understanding the Unaudited and Approximate Nature of the $1.097 NTA

The daily NTA figure of $1.097 per unit is unaudited and approximate, meaning it has not undergone independent audit verification and may not capture the precise final valuation of all assets and liabilities. This characteristic is typical of daily reporting, which prioritises timely estimates over formal verification.

Investors should view the figure as a useful but indicative measure of unit value. Daily NTA fluctuations can result from market value changes in credit holdings, interest rate shifts, foreign exchange movements if applicable, and daily income or expense accruals. The company did not disclose specific portfolio composition or drivers behind the reported NTA in this update.

Comparing the Reported NTA to PCI’s Market Price and Investor Implications

Daily NTA disclosures enable investors to compare the trust’s estimated intrinsic asset value with PCI’s trading price on the ASX. Units trading above NTA are at a premium; those below, at a discount. This comparison helps income-focused investors assess effective yield and price relative to asset value when buying or selling PCI units.

The immediate share price impact of this daily NTA release was not evident from public information. Such routine disclosures typically do not trigger significant price moves alone. However, sustained NTA trends over multiple periods may attract analyst and investor attention. Active PCI investors should review multiple daily NTA updates alongside broader market commentary and periodic financial reports.

Risks Associated with Perpetual Credit Income Trust’s Credit-Focused Strategy

PCI’s credit income portfolio faces risks including credit risk—the chance of issuer default or credit quality deterioration—and interest rate risk, where rising rates may reduce fixed income security values and pressure the trust’s NTA downward.

Liquidity risk is also relevant; although PCI units trade on the ASX, secondary market liquidity can vary, and during market stress, trading near NTA may be challenging. Additionally, neither Perpetual Trust Services Limited, Perpetual Investment Management Limited, nor any Perpetual Group entity guarantees trust performance or returns. Past performance is not indicative of future results, a standard disclaimer for managed investment products.

Investor Guidance Following the 15 July 2026 NTA Update

After this NTA release, PCI investors should continue monitoring subsequent daily NTA disclosures to detect trends in unit value. Consistent upward or downward movements over time may indicate changes in the credit portfolio warranting further review or financial advice. Investors should also watch for formal reports or updates from the trust’s manager detailing portfolio composition and performance.

Key upcoming milestones include regular distribution announcements, periodic financial reports, and any material updates on investment strategy or portfolio management. This update did not include additional guidance, distribution details, or portfolio changes. For comprehensive insight into the trust’s financial position and strategy, investors should consult the latest formal financial statements and product disclosure statement, which provide more detailed and verified information beyond daily NTA estimates.