Payden Multi Asset Credit Fund

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Payden Multi Asset Credit Fund

PAMACDA

USD Hedged Accumulating

Fact Sheet Other Literature

NAV / Daily Prices

NAV ($)

12.12

NAV Change ($)

0.00

Date as of

8 Jun 2026

Statistics

Hedged Yield to Maturity

6.73%

Effective Duration

1.59 Years

Average Maturity

5.74 Years

Average Fund Credit Rating

BB

Number of Issuers

161

Expenses

Management Fee

0.50%

Maximum Total Expense Ratio (TER) Capped at

0.55%

Initial Charge

NONE

Redemption Fee

NONE

¹

# of Funds

Overall

★★★

728

Portfolio Characteristics

Data as of 31 May 2026

Duration Allocation

Duration

Percent of Portfolio

Credit Allocation

Credit

Percent of Portfolio

AAA

4%

AA

6%

A

6%

BBB

24%

BB and Below

55%

Unrated

5%

Sector Allocation

Sector

Percent of Portfolio

Corporates

40%

Mortgage-Backed

23%

Government/Gov't Related

20%

Asset-Backed

9%

Loans

4%

Other

4%

Fund Commentary

Data as of 31 May 2026

Market

Markets navigated a volatile but ultimately constructive environment in May, driven largely by developments surrounding U.S.–Iran negotiations and their implications for energy prices and inflation. Early optimism around a potential agreement helped push oil prices lower and supported risk assets, whilst a subsequent deterioration in negotiations, coupled with a stronger-than-expected US inflation report, renewed concerns about persistent inflation and a higher-for-longer policy environment. Government bond yields rose sharply during the month, with the 30-year US Treasury yield briefly surpassing 5.1%, whilst German and Japanese government bond yields reached multi-year highs. By month-end, renewed optimism around diplomatic progress helped stabilise markets, with US Treasury yields retracing part of their increase and equities rallying, led by technology and AI-related companies. Economic data continued to point to moderate but resilient growth, with underlying US economic activity expanding 2.5% year-on-year in the first quarter, stable labour market conditions, and inflation remaining above target, reinforcing expectations that the Federal Reserve will remain on hold as it awaits clearer evidence of disinflation.

Outlook

Looking ahead, the backdrop remains path-dependent, with economic resilience and firm inflation sustaining a more restrictive policy bias amid unresolved risks. US data continues to surprise to the upside across consumption, manufacturing, labour markets, and earnings, whilst inflation may become more volatile given higher commodity prices and ongoing geopolitical uncertainty. As a result, central banks have shifted from an easing bias towards a pause, and in some cases renewed tightening, across regions including Europe and Australia. Markets have reflected this shift unevenly: interest rates remain elevated, whilst credit valuations have largely recovered from the conflict-driven decline despite firm oil prices and persistent geopolitical risks. With bond yields and credit markets still tending to move together, we believe investors should be measured in their interest-rate exposure and focus on higher-quality, carefully selected credit opportunities. More broadly, diverging policy paths, inflation dynamics, and valuations across regions continue to create attractive investment opportunities, reinforcing the importance of selective, valuation-driven positioning.

1.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Overall rating out of 728 Global Flexible Bond - USD Hedged funds as of 31-05-26.

2.

Returns less than one year are not annualised. Performance does not take account of the commissions and costs incurred on the issue and redemption of shares. Future performance is subject to taxation which depends on the personal situation of each investor, and which may change in the future. Complete information on risks can be found in the prospectus.

The Fund is actively managed with reference to the ICE BofA SOFR Overnight Rate Index (the "Index") by virtue of the fact that it seeks to outperform the Index. The investment manager has discretion over the composition of the Fund. Whilst the investment manager does not employ a defined strategy to align with a benchmark during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policy accordingly.

Duration Allocation

Duration

Percent of Portfolio

Credit Allocation

Credit

Percent of Portfolio

AAA

4%

AA

6%

A

6%

BBB

24%

BB and Below

55%

Unrated

5%

Sector Allocation

Sector

Percent of Portfolio

Corporates

40%

Mortgage-Backed

23%

Government/Gov't Related

20%

Asset-Backed

9%

Loans

4%

Other

4%

Performance²

Payden Multi Asset Credit Fund - USD Hedged Accumulating

ICE BofA SOFR Overnight Rate Index

Total Returns	Month-End (31 May 2026)	ICE BofA SOFR Overnight Rate Index
YTD	1.34%	1.54%
1 Year	5.44%	4.10%
3 Years	6.31%	4.84%
5 Years	-	-
10 Years	-	-
Since Inception	4.69%	4.23%
Returns less than one year are not annualized. All returns are net of fees.

Returns less than one year are not annualized. All returns are net of fees.

Yearly Returns

2025

6.46%

4.39%

2024

7.14%

5.38%

2023

6.64%

5.20%

2022

-1.25%^*

1.65%^*

*From inception 17 Feb 2022 through 31 Dec 2022.

Overview

Fund Snapshot

Fund Inception Date

17 Feb 2022

Fund Share Class Inception Date

17 Feb 2022

Portfolio Characteristics

Data as of 31 May 2026

Duration Allocation

Duration

Percent of Portfolio

Credit Allocation

Credit

Percent of Portfolio

AAA

4%

AA

6%

A

6%

BBB

24%

BB and Below

55%

Unrated

5%

Sector Allocation

Sector

Percent of Portfolio

Corporates

40%

Mortgage-Backed

23%

Government/Gov't Related

20%

Asset-Backed

9%

Loans

4%

Other

4%

Fund Commentary

Data as of 31 May 2026

Market

Markets navigated a volatile but ultimately constructive environment in May, driven largely by developments surrounding U.S.–Iran negotiations and their implications for energy prices and inflation. Early optimism around a potential agreement helped push oil prices lower and supported risk assets, whilst a subsequent deterioration in negotiations, coupled with a stronger-than-expected US inflation report, renewed concerns about persistent inflation and a higher-for-longer policy environment. Government bond yields rose sharply during the month, with the 30-year US Treasury yield briefly surpassing 5.1%, whilst German and Japanese government bond yields reached multi-year highs. By month-end, renewed optimism around diplomatic progress helped stabilise markets, with US Treasury yields retracing part of their increase and equities rallying, led by technology and AI-related companies. Economic data continued to point to moderate but resilient growth, with underlying US economic activity expanding 2.5% year-on-year in the first quarter, stable labour market conditions, and inflation remaining above target, reinforcing expectations that the Federal Reserve will remain on hold as it awaits clearer evidence of disinflation.

Outlook

Looking ahead, the backdrop remains path-dependent, with economic resilience and firm inflation sustaining a more restrictive policy bias amid unresolved risks. US data continues to surprise to the upside across consumption, manufacturing, labour markets, and earnings, whilst inflation may become more volatile given higher commodity prices and ongoing geopolitical uncertainty. As a result, central banks have shifted from an easing bias towards a pause, and in some cases renewed tightening, across regions including Europe and Australia. Markets have reflected this shift unevenly: interest rates remain elevated, whilst credit valuations have largely recovered from the conflict-driven decline despite firm oil prices and persistent geopolitical risks. With bond yields and credit markets still tending to move together, we believe investors should be measured in their interest-rate exposure and focus on higher-quality, carefully selected credit opportunities. More broadly, diverging policy paths, inflation dynamics, and valuations across regions continue to create attractive investment opportunities, reinforcing the importance of selective, valuation-driven positioning.

This is a marketing communication. Please refer to the prospectus of Payden Global AIF ICAV before making any final investment decision. This material has been prepared by Payden & Rygel Global Limited, a company authorised and regulated by the Financial Conduct Authority of the United Kingdom, and by Payden Global SIM S.p.A., an investment firm authorised and regulated by Italy’s CONSOB with passporting to provide services in certain EU jurisdictions. It is directed exclusively at professional investors or eligible parties and counterparties as defined by the rules of the Financial Conduct Authority or, for EU jurisdictions, by the rules of the Markets in Financial Instruments Directive (“MiFID”), as transposed in the relevant EU jurisdictions, and is not intended for use by retail investors. Suitability/appropriateness of the investment is the responsibility of the investor, no assurance can be given that the stated investment objectives will be achieved, and the value of investments may fall as well as rise. This information does not constitute an invitation or offer to subscribe for or purchase any of the products mentioned which will only be accepted on the basis of the relevant prospectus. The law may restrict distribution of this information in certain jurisdictions, therefore, persons into whose possession this message comes should inform themselves about and observe any such restrictions. Waystone Management Company (IE) Limited, the Manager, is authorised in Ireland and regulated by the Central Bank of Ireland.

Date as of

31 May 2026

Performance²

Payden Multi Asset Credit Fund - USD Hedged Accumulating

ICE BofA SOFR Overnight Rate Index

Total Returns

	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Month-End (31 May 2026)	1.34%	5.44%	6.31%	-	-	4.69%
ICE BofA SOFR Overnight Rate Index	1.54%	4.10%	4.84%	-	-	4.23%

Returns less than one year are not annualized. All returns are net of fees.

Yearly Returns

2025

6.46%

4.39%

2024

7.14%

5.38%

2023

6.64%

5.20%

2022

-1.25%^*

1.65%^*

*From inception 17 Feb 2022 through 31 Dec 2022.

Overview

Fund Snapshot

Fund Inception Date

17 Feb 2022

Fund Share Class Inception Date

17 Feb 2022

Fund Share Class

USD Hedged Accumulating

Hedged

Yes

ISIN Number

IE000N7JGYH0

Ticker

PAMACDA

Irish Stock Exchange Listed

Yes

Liquidity

Daily

Investment Minimum*

$1,000,000 Initial

Overall Fund AUM
As of 31 May 2026

$195.6 Million

Total Payden Absolute Return Strategy AUM
As of 31 Mar 2026

$9.2 Billion

Benchmark

ICE BofA SOFR Overnight Rate Index

* The minimum initial investment can be reduced at the Directors' discretion.

Role In Portfolio

Payden & Rygel has served the needs of institutional and individual investors for over a quarter-century. We offer a full array of investment strategies and products, including fixed-income, equity, balanced, and absolute return portfolios, to a varied global client base. Whilst we have grown and expanded our strategies since our inception, we are committed to our mission of providing customised investment management services focusing on each client’s specific needs and objectives.

Investment Strategy

Payden & Rygel has served the needs of institutional and individual investors for over a quarter-century. We offer a full array of investment strategies and products, including fixed-income, equity, balanced, and absolute return portfolios, to a varied global client base. Whilst we have grown and expanded our strategies since our inception, we are committed to our mission of providing customised investment management services focusing on each client’s specific needs and objectives.

Investment Strategy

In order to achieve its objective, the Fund invests predominantly in a wide variety of fixed- and floating-rate debt instruments including developed and emerging-market securities.

Fund Highlights

An established track record of over 10 years' managing absolute return fixed-income accounts.
Fund inception date 17 February 2022.
Global markets opportunity set.
Potential investors should consider the risks referred to in the “Risk Factors” section of the main prospectus.
Actively managed.

Fund Share Class

USD Hedged Accumulating

Hedged

Yes

ISIN Number

IE000N7JGYH0

Ticker

PAMACDA

Irish Stock Exchange Listed

Yes

Liquidity

Daily

Investment Minimum*

$1,000,000 Initial

Overall Fund AUM
As of 31 May 2026

$195.6 Million

Total Payden Absolute Return Strategy AUM
As of 31 Mar 2026

$9.2 Billion

Benchmark

ICE BofA SOFR Overnight Rate Index

* The minimum initial investment can be reduced at the Directors' discretion.

Role in Portfolio

Payden & Rygel has served the needs of institutional and individual investors for over a quarter-century. We offer a full array of investment strategies and products, including fixed-income, equity, balanced, and absolute return portfolios, to a varied global client base. Whilst we have grown and expanded our strategies since our inception, we are committed to our mission of providing customised investment management services focusing on each client’s specific needs and objectives.

Investment Strategy

The Payden Multi Asset Credit Fund invests in a multi-sector portfolio of global government, corporate, securitised, and emerging-market debt as well as select equity-related investments (up to a maximum 15% in total). It moves dynamically across sectors and individual securities with the aim of achieving its overnight deposit rates +3%-5% return objective. The Fund takes advantage of Payden's broad investment resources by incorporating the most compelling risk-adjusted opportunities from each sector team.

Fund Highlights

An established track record of over 10 years' managing absolute return fixed-income accounts.
Fund inception date 17 February 2022.
Global markets opportunity set.
Potential investors should consider the risks referred to in the “Risk Factors” section of the main prospectus.
Actively managed.

Duration Allocation

Duration

Percent of Portfolio

Credit Allocation

Credit

Percent of Portfolio

AAA

4%

AA

6%

A

6%

BBB

24%

BB and Below

55%

Unrated

5%

Sector Allocation

Sector

Percent of Portfolio

Corporates

40%

Mortgage-Backed

23%

Government/Gov't Related

20%

Asset-Backed

9%

Loans

4%

Other

4%

Payden Multi Asset Credit Fund

Reports and Forms SFDR Policies Purchase Payden Funds