Payden Global Emerging Markets Bond Fund (Hard Currency)

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Payden Global Emerging Markets Bond Fund (Hard Currency)

PAEHCUA

USD Accumulating

Fact Sheet Other Literature

NAV / Daily Prices

NAV ($)

12.84

NAV Change ($)

-0.08

Date as of

19 Mar 2026

Statistics

Yield to Maturity

7.29%

Effective Duration

6.68 Years

Average Maturity

10.10 Years

Average Fund Credit Rating

BB+

Number of Issuers

61

Expenses

Management Fee

0.50%

Maximum Total Expense Ratio (TER) Capped at

0.63%

Initial Charge

NONE

Redemption Fee

NONE

¹

# of Funds

Overall

★★★

1468

Portfolio Characteristics

Data as of 28 Feb 2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

7%

1-3 yrs

8%

3-5 yrs

20%

5-7 yrs

28%

7-10 yrs

21%

10+ yrs

16%

Credit Allocation

Credit

Percent of Portfolio

AAA

2%

AA

2%

A

5%

BBB

30%

BB and Below

61%

Sector Allocation

Sector

Percent of Portfolio

Government/Gov't Related

89%

Corporates

9%

Money Markets

2%

Top-10 Country Allocation

Top-10 Country

Percent of Portfolio

Mexico

7.8%

Peru

6.2%

S.Africa

5.4%

Brazil

5.0%

Nigeria

4.9%

Romania

4.5%

Egypt

4.4%

Turkey

4.0%

Hungary

4.0%

Argentina

3.9%

Fund Commentary

Data as of 28 Feb 2026

Market

Emerging-markets (EM) debt indices experienced positive total returns in February. Yields on hard-currency sovereign and corporate credit increased by 0.14% and 0.18%, respectively, relative to similar-maturity US Treasuries, but posted gains given the underlying move lower in US Treasury yields. Largely due to their greater sensitivity to interest rate duration, investment-grade-rated issuers outperformed high-yield-rated issuers. Local markets maintained positive momentum, with interest rates moving modestly lower, whilst most EM currencies appreciated against the US dollar.

Outlook

EM fundamentals enter 2026 on a solid footing. Sovereign credit ratings have been on a net upward trend for more than two years, and we expect this improvement to continue. Growth has been steady, inflation remains contained, and external accounts are broadly balanced, underpinned by elevated foreign reserve buffers. Financial conditions have also loosened over the past year, helped by strong equity returns and declining interest rates, which support the economic outlook. Whilst we remain alert to the risk of higher energy prices brought on by the US and Israel’s conflict with Iran, we do not expect the effects to be long-lasting.

EM central banks have generally been easing monetary policy, though most have remained prudent by maintaining a gap between policy rates and inflation. Low-cost Chinese exports and currency appreciation against a weaker US dollar should help moderate potential inflation pressures. Whilst further rate cuts are likely in the near term, easing cycles may reach their natural conclusion in 2026.

Over the long term, structural forces continue to benefit EM debt, including stronger growth prospects relative to developed markets and a widening set of investment opportunities across nearly 90 countries, spanning sovereign, corporate, and local market bonds. Recent global liquidity trends and renewed interest in diversification have been favourable for EM asset flows. In our view, EM debt offers value as a strategic allocation, with attractive yields that can generate income over time.

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 1468 Global Emerging Markets Bond funds as of 28-02-26.

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.

Payden Global Emerging Markets Bond Fund (Hard Currency) is a sub-fund of Payden Global Funds plc, an open-ended investment company with variable capital incorporated under Ireland law and is authorised by FINMA for offering to non-qualified investors. The prospectus for Switzerland, the key investor information documents ("KIID"), the articles, the semi-annual and annual reports and other information can be obtained free of charge from the Fund’s representative and paying agent in Switzerland: Reyl & Cie SA., 4, rue de Rhône, 1204 Geneva, Switzerland.

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

7%

1-3 yrs

8%

3-5 yrs

20%

5-7 yrs

28%

7-10 yrs

21%

10+ yrs

16%

Credit Allocation

Credit

Percent of Portfolio

AAA

2%

AA

2%

A

5%

BBB

30%

BB and Below

61%

Sector Allocation

Sector

Percent of Portfolio

Government/Gov't Related

89%

Corporates

9%

Money Markets

2%

Top-10 Country Allocation

Top-10 Country

Percent of Portfolio

Mexico

7.8%

Peru

6.2%

S.Africa

5.4%

Brazil

5.0%

Nigeria

4.9%

Romania

4.5%

Egypt

4.4%

Turkey

4.0%

Hungary

4.0%

Argentina

3.9%

Performance²

Payden Global Emerging Markets Bond Fund (Hard Currency) - USD Accumulating

JP Morgan EMBI Global Diversified Bond Index

Total Returns	Month-End (28 Feb 2026)	JP Morgan EMBI Global Diversified Bond Index
YTD	1.85%	2.08%
1 Year	13.41%	13.24%
3 Year	11.18%	11.02%
5 Year
10 Year
Since Inception	7.75%	7.98%

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

Yearly Returns

2025

14.47%

14.30%

2024

7.55%

6.54%

2023

10.98%

11.09%

2022

-4.41%^*

-2.85%^*

*From inception 05 May 2022 through 31 Dec 2022.

Overview

Fund Snapshot

Fund Inception Date

3 Sep 2020

Fund Share Class Inception Date

5 May 2022

Portfolio Characteristics

Data as of 28 Feb 2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

7%

1-3 yrs

8%

3-5 yrs

20%

5-7 yrs

28%

7-10 yrs

21%

10+ yrs

16%

Credit Allocation

Credit

Percent of Portfolio

AAA

2%

AA

2%

A

5%

BBB

30%

BB and Below

61%

Sector Allocation

Sector

Percent of Portfolio

Government/Gov't Related

89%

Corporates

9%

Money Markets

2%

Top-10 Country Allocation

Top-10 Country

Percent of Portfolio

Mexico

7.8%

Peru

6.2%

S.Africa

5.4%

Brazil

5.0%

Nigeria

4.9%

Romania

4.5%

Egypt

4.4%

Turkey

4.0%

Hungary

4.0%

Argentina

3.9%

Fund Commentary

Data as of 28 Feb 2026

Market

Emerging-markets (EM) debt indices experienced positive total returns in February. Yields on hard-currency sovereign and corporate credit increased by 0.14% and 0.18%, respectively, relative to similar-maturity US Treasuries, but posted gains given the underlying move lower in US Treasury yields. Largely due to their greater sensitivity to interest rate duration, investment-grade-rated issuers outperformed high-yield-rated issuers. Local markets maintained positive momentum, with interest rates moving modestly lower, whilst most EM currencies appreciated against the US dollar.

Outlook

EM fundamentals enter 2026 on a solid footing. Sovereign credit ratings have been on a net upward trend for more than two years, and we expect this improvement to continue. Growth has been steady, inflation remains contained, and external accounts are broadly balanced, underpinned by elevated foreign reserve buffers. Financial conditions have also loosened over the past year, helped by strong equity returns and declining interest rates, which support the economic outlook. Whilst we remain alert to the risk of higher energy prices brought on by the US and Israel’s conflict with Iran, we do not expect the effects to be long-lasting.

EM central banks have generally been easing monetary policy, though most have remained prudent by maintaining a gap between policy rates and inflation. Low-cost Chinese exports and currency appreciation against a weaker US dollar should help moderate potential inflation pressures. Whilst further rate cuts are likely in the near term, easing cycles may reach their natural conclusion in 2026.

Over the long term, structural forces continue to benefit EM debt, including stronger growth prospects relative to developed markets and a widening set of investment opportunities across nearly 90 countries, spanning sovereign, corporate, and local market bonds. Recent global liquidity trends and renewed interest in diversification have been favourable for EM asset flows. In our view, EM debt offers value as a strategic allocation, with attractive yields that can generate income over time.

The Fund is actively managed with reference to the JP Morgan EMBI Global Diversified Bond Index (the "Index"). The Index is used (i) as a universe from which to select or hold securities; and (ii) to measure performance of the Fund. The investment manager has discretion over the composition of the portfolio of the Fund and may select securities not included in the Index. However, in normal market circumstances, whilst it is expected that a significant portion of the Fund’s constituents will also be Index constituents, deviations from the Index may be material. 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.

This is a marketing communication. Please refer to the prospectus of Payden Global Funds plc and to the PRIIPs KID or KIID 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

28 Feb 2026

Performance²

Payden Global Emerging Markets Bond Fund (Hard Currency) - USD Accumulating

JP Morgan EMBI Global Diversified Bond Index

Total Returns

	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Month-End (28 Feb 2026)	1.85%	13.41%	11.18%	-	-	7.75%
JP Morgan EMBI Global Diversified Bond Index	2.08%	13.24%	11.02%	-	-	7.98%

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

Yearly Returns

2025

14.47%

14.30%

2024

7.55%

6.54%

2023

10.98%

11.09%

2022

-4.41%^*

-2.85%^*

*From inception 5 May 2022 through 31 Dec 2022.

Overview

Fund Snapshot

Fund Inception Date

3 Sep 2020

Fund Share Class Inception Date

5 May 2022

Fund Share Class

USD Accumulating

Hedged

N/A

ISIN Number

IE00BHX5Q577

Ticker

PAEHCUA

Irish Stock Exchange Listed

Yes

UCITS Compliant

Yes

Liquidity

Daily

Investment Minimum*

$1,000,000 Initial

Overall Fund AUM
As of 28 Feb 2026

$25.0 Million

Total Payden Emerging Markets Strategy AUM
As of 31 Dec 2025

$12.0 Billion

Benchmark

JP Morgan EMBI Global Diversified Bond Index

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

Investment Features

Investments will typically be comprised of emerging-markets debt securities, corporate bonds, and government securities.

Investments will predominantly be in US dollar-denominated securities, but local currency investments may be used opportunistically.

The Fund maintains geographic diversification across Latin America, Europe, and Asia.

The Fund has been classified as a financial product subject to Article 8 of the Sustainable Finance Disclosure Regulation (EU) 2019/2088.

Fund Highlights

Actively managed by Payden & Rygel with more than 20 years' experience managing institutional emerging-markets fixed-income accounts.
Steady leadership, consistent growth, low turnover.
Primarily sovereign and US dollar-focused, opportunistic exposure to corporates and local currency debt.
Global markets experience, with an ability to allocate meaningfully to smaller markets.
Environment, Social, and Governance factors.
KIID SRRI: 4/PRIIPs KID SRI: 3.

Fund Share Class

USD Accumulating

Hedged

N/A

ISIN Number

IE00BHX5Q577

Ticker

PAEHCUA

Irish Stock Exchange Listed

Yes

UCITS Compliant

Yes

Liquidity

Daily

Investment Minimum*

$1,000,000 Initial

Overall Fund AUM
As of 28 Feb 2026

$25.0 Million

Total Payden Emerging Markets Strategy AUM
As of 31 Dec 2025

$12.0 Billion

Benchmark

JP Morgan EMBI Global Diversified Bond Index

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

Role in Portfolio

Investment Strategy

Payden Global Emerging Markets Bond Fund (Hard Currency) will seek to maximise total return by investing in a wide variety of investment-grade and below-investment-grade debt instruments and income-producing securities. The performance of the Fund will be measured relative to the JP Morgan EMBI Global Diversified Index. The Index does not define asset allocation of the Fund and depending on market conditions the Fund may deviate significantly from the Index.

Fund Highlights

Actively managed by Payden & Rygel with more than 20 years' experience managing institutional emerging-markets fixed-income accounts.
Steady leadership, consistent growth, low turnover.
Primarily sovereign and US dollar-focused, opportunistic exposure to corporates and local currency debt.
Global markets experience, with an ability to allocate meaningfully to smaller markets.
Environment, Social, and Governance factors.
KIID SRRI: 4/PRIIPs KID SRI: 3.

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

7%

1-3 yrs

8%

3-5 yrs

20%

5-7 yrs

28%

7-10 yrs

21%

10+ yrs

16%

Credit Allocation

Credit

Percent of Portfolio

AAA

2%

AA

2%

A

5%

BBB

30%

BB and Below

61%

Sector Allocation

Sector

Percent of Portfolio

Government/Gov't Related

89%

Corporates

9%

Money Markets

2%

Top-10 Country Allocation

Top-10 Country

Percent of Portfolio

Mexico

7.8%

Peru

6.2%

S.Africa

5.4%

Brazil

5.0%

Nigeria

4.9%

Romania

4.5%

Egypt

4.4%

Turkey

4.0%

Hungary

4.0%

Argentina

3.9%

Payden Global Emerging Markets Bond Fund (Hard Currency)

Reports and Forms SFDR Policies Purchase Payden Funds