AIF Funds

Payden Multi Asset Credit Fund (PAMACDA ID)

Base Share Class: USD
  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
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 Snapshot
Fund Inception Date Feb 17, 2022
Share Class Inception Date Feb 17, 2022
Ticker PAMACDA ID
ISIN Number IE000N7JGYH0
Sedol Number 0N7JGYH
Fund Total Net Assets $165.7 million
Benchmark ICE BofA SOFR Overnight Rate Index
Currency Share Classes Available AUD, CAD, CHF, EUR, GBP, JPY, NOK, SEK & USD
Management Fee 0.50%
Total Expense Ratio 0.55%
Investment Minimum $100,000 initial

Unless otherwise indicated, all listed data represents past performance. There is no guarantee of future performance, nor are fund shares guaranteed. Funds are issued by Payden & Rygel Global, Ltd., which is authorised and regulated by the Financial Conduct Authority. The investment products and services of Payden & Rygel are not available in the United Kingdom to private investors. The value of an investment may fall as well as rise and an investor may get back less than the amount that has been invested. Income from an investment may fluctuate in value in money terms. Changes in rates of exchange may cause the value of an investment to go up or down.

Portfolio Characteristics
Fund Inception Date Feb 17, 2022
Share Class Inception Date Feb 17, 2022
Total Net Assets $165.7 million
Average Duration 2.8 years
Average Maturity 3.6 years
Yield to Maturity (hedged) 5.79%
Duration Breakdown
Years Percent of Portfolio
0-111%
1-365%
3-517%
5-75%
7+2%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA11%
AA11%
A26%
BBB24%
BB and Below25%
Unrated3%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed36%
Corporates32%
Asset-Backed18%
Government/Gov't Related10%
Other4%
Total 100%

Unless otherwise indicated, all listed data represents past performance. There is no guarantee of future performance, nor are fund shares guaranteed. Funds are issued by Payden & Rygel Global, Ltd., which is authorised and regulated by the Financial Conduct Authority. The investment products and services of Payden & Rygel are not available in the United Kingdom to private investors. The value of an investment may fall as well as rise and an investor may get back less than the amount that has been invested. Income from an investment may fluctuate in value in money terms. Changes in rates of exchange may cause the value of an investment to go up or down.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (3/31/2025) 1.44% 6.29% 4.94% N/A N/A 4.42%
Month-end (5/31/2025) 2.32% 6.08% 5.76% N/A N/A 4.47%
Yearly Returns
20247.14%
20236.64%
2022-1.25%
Expenses
Management Fee 0.50%
Total Expense Ratio 0.55%

Unless otherwise indicated, all listed data represents past performance. There is no guarantee of future performance, nor are fund shares guaranteed. Funds are issued by Payden & Rygel Global, Ltd., which is authorised and regulated by the Financial Conduct Authority. The investment products and services of Payden & Rygel are not available in the United Kingdom to private investors. The value of an investment may fall as well as rise and an investor may get back less than the amount that has been invested. Income from an investment may fluctuate in value in money terms. Changes in rates of exchange may cause the value of an investment to go up or down.

Fund Commentary

MARKET
Markets recovered in May, reversing some of April’s volatility as trade tensions eased and economic data remained resilient. The US Treasury curve shifted higher, with the 10-year yield rising 24 basis points to 4.40%, driven by concerns around inflation and fiscal expansion tied to proposed tax reforms. Yields also rose across global government bond markets, reflecting persistent inflationary pressures and weaker demand for sovereign issuance. Credit risk premiums tightened meaningfully over the month, supporting positive total returns across fixed income. Emerging-markets and high-yield credit saw the most pronounced risk premium compression, supported by improved global risk sentiment, reduced primary supply, and strong demand for higher-yielding assets. Investment-grade corporates also performed well, helped by solid earnings and stabilising volatility.

OUTLOOK
Recent market movements suggest a more resilient tone has taken hold, with risk assets rebounding from recent volatility despite persistent macroeconomic uncertainty. Whilst sentiment has improved, we believe markets are increasingly priced for a soft landing, leaving little margin for error. Policy remains tight, with a growth-negative mix of elevated tariffs, potential spending cuts, and fading fiscal support. Against this backdrop, valuations appear stretched, and recession risks underappreciated. We have reduced US credit exposure and prefer to add interest rate risk, particularly in the front end, during periods of rising yields. Looking ahead, our positioning will be guided by incoming data, market dynamics, and evolving policy developments, with an emphasis on downside protection in what remains a fragile and policy-constrained environment.

Unless otherwise indicated, all listed data represents past performance. There is no guarantee of future performance, nor are fund shares guaranteed. Funds are issued by Payden & Rygel Global, Ltd., which is authorised and regulated by the Financial Conduct Authority. The investment products and services of Payden & Rygel are not available in the United Kingdom to private investors. The value of an investment may fall as well as rise and an investor may get back less than the amount that has been invested. Income from an investment may fluctuate in value in money terms. Changes in rates of exchange may cause the value of an investment to go up or down.