The option invests in a diversified core portfolio of credit securities through an active and risk aware investment process. Perpetual believes these assets provide investors with protection in terms of market stress. When the environment is supportive, Perpetual seeks to enhance returns by taking more risk whether that is in maturity, credit rating or subordination. This approach is Perpetual's preferred method to deliver investors the highest possible risk adjusted returns. Derivatives may be used. The option aims to hedge currency risk.