Greg Stock: Managing credit risk through the cycle

By Perpetual Asset Management

16 September 2026

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In this video podcast, GREG STOCK, head of credit research, discusses how credit and fixed income can help investors seeking more predictable income amid market volatility

Stock, who is senior portfolio manager of Perpetual Credit Income Trust (ASX:PCI), explains his team's focus on quality, diversification and risk-adjusted returns, including their approach to private credit and property-related investments while deliberately avoiding higher-risk areas of the market.

Here’s an excerpt from the video podcast:

“Credit and fixed income are generally more predictable in terms of the income that investors receive," explains Stock.

“PCI sits at the quality end of the spectrum for credit funds and products looking at high-yielding opportunities … in the context of return of capital rather than return on capital.

“We deliberately don’t invest in the highest risky point of private credit … but there are parts of private credit that are creditworthy and we like.”

“We also have the added benefit of not having to be a forced investor in a particular asset class. We’re really focused on risk-adjusted return for investors through the economic cycle.”

Watch the full video interview

Listen to the audio version

About Greg Stock and Perpetual Credit Income Trust (ASX:PCI)

Greg Stock is a Senior Portfolio Manager and Head of Credit Research with Perpetual’s Credit and Fixed Income team.

Greg has more than 30 years of investing experience, including over 20 at Perpetual. He has researched and analysed credit markets on the buy side and sell side for more than a decade, through multiple cycles.

Greg is portfolio manager for several of Perpetual's credit and fixed income funds, including Perpetual Credit Income Trust (ASX:PCI).

Want to know more? Contact a Perpetual account manager

This video has been prepared by Perpetual Investment Management Limited ABN 18 000 866 535 AFSL 234426 (PIML) and authorised for release 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 ARSN 626 053 496 (Trust). PTSL has appointed PIML to act as the manager of the Trust.

It is general information only and is not intended to provide you with financial advice or take into account your investment objectives, taxation situation, 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.

Before making any investment decisions you should consider the Product Disclosure Statement (PDS) for the Trust issued by PTSL and the Trust's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.perpetualincome.com.au or can be obtained by calling 1300 778 468 (within Australia) or +61(2) 9299 9621 (from overseas).

This video may contain forward looking statements, including statements regarding PIML’s intent, objective, belief or current expectation relating to PCI’s investments, market conditions or financial condition. These are based on PIML’s current expectations about future events and is subject to risks, uncertainties, which may be beyond the control of PTSL or PIML. Actual events may differ materially from those contemplated in such forward-looking statements. Forward looking statements are not representations about future performance and should not be relied upon as such. Neither PTSL or PIML undertake to update any forward-looking statement to reflect events or circumstances after the date of this presentation, subject to its regulatory and disclosure requirements.

This video may contain information contributed or prepared by third parties. Any information contributed or prepared by third parties is believed to be accurate as at the time of compilation and is being provided in good faith without independent verification. PIML and PTSL do not warrant the accuracy or completeness of any information contributed by a third party.

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Greg Stock

Head of Credit Research, Senior Portfolio Manager

BCom (Acc & Fin), ICAA, SIA, AFMA

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