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 $183.0 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 $183.0 million
Average Duration 1.7 years
Average Maturity 3.8 years
Yield to Maturity (hedged) 6.13%
Duration Breakdown
Years Percent of Portfolio
0-158%
1-31%
3-528%
5-718%
7+-5%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA14%
AA10%
A23%
BBB18%
BB and Below33%
Unrated2%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed33%
Corporates30%
Government/Gov't Related17%
Asset-Backed16%
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 (9/30/2025) 5.05% 6.50% 7.23% N/A N/A 4.81%
Month-end (9/30/2025) 5.05% 6.50% 7.23% N/A N/A 4.81%
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
At Jackson Hole, Federal Reserve (Fed) Chair Powell signalled openness to rate cuts in September, citing rising downside risks to employment. Job creation has slowed sharply and household consumption has weakened. Although core personal consumption expenditures (PCE) price index inflation rose to 2.9% year-on-year in July, labour market softness should help moderate services inflation and offset tariff-driven pressures on goods prices. With valuations stretched and growth momentum fading, we expect around 150 basis points of Fed easing by the end of 2026, including three 25-basis-point cuts by year-end 2025. Equity markets responded with modest gains, led by large-cap technology companies and driven by ongoing investor optimism despite macroeconomic uncertainty. Fixed-income markets also rallied across US Treasuries, corporate bonds, and emerging-market debt, reflecting improving sentiment and rising expectations for policy easing.

OUTLOOK
Whilst there are parallels with the third quarter of 2024, including Fed easing amid labour market softness, the current backdrop is marked by richer valuations, weaker US structural fundamentals, and unresolved policy risks from tariffs and fiscal priorities. In rates, we favour a curve-steepening stance — long US duration at the front end and short in the long end. In credit, positioning is more defensive towards credit-sensitive assets relative to the second half of 2024, with greater emphasis on emerging-market debt across both hard-currency and local-currency markets. We hold short positions in the US dollar versus select emerging markets and G10 currencies, balancing diminished near-term recession risks with the potential for renewed inflation pressures and policy missteps.

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.