Payden Global Emerging Markets Bond Fund

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Payden Global Emerging Markets Bond Fund

PARGSAC

CHF Accumulating

Fact Sheet Other Literature

NAV / Daily Prices

NAV (CHF)

11.26

NAV Change (CHF)

-0.01

Date as of

28 Apr 2026

Statistics

Yield to Maturity

5.81%

Effective Duration

6.00 Years

Average Maturity

9.20 Years

Average Fund Credit Rating

BBB-

Number of Issuers

108

Expenses

Management Fee

0.50%

Maximum Total Expense Ratio (TER) Capped at

0.66%

Initial Charge

NONE

Redemption Fee

NONE

¹

# of Funds

Overall

★★★★

159

Portfolio Characteristics

Data as of 31 Mar 2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

6%

1-3 yrs

13%

3-5 yrs

19%

5-7 yrs

32%

7-10 yrs

20%

10+ yrs

10%

Credit Allocation

Credit

Percent of Portfolio

A and Above

20%

BBB

33%

BB

30%

B

12%

CCC

5%

Sector Allocation

Sector

Percent of Portfolio

Government/Gov't Related

84%

Corporates

13%

Money Markets

3%

Top-10 Country Allocation

Top-10 Country

Percent of Portfolio

Mexico

9.0%

Brazil

7.3%

S.Africa

6.8%

Peru

6.3%

Supranational

5.1%

Indonesia

5.0%

Romania

4.8%

Malaysia

4.3%

Nigeria

4.0%

Colombia

3.7%

Fund Commentary

Data as of 31 Mar 2026

Market

Emerging-markets (EM) debt indices experienced negative returns amidst the market volatility generated by the US and Israel’s military operation against Iran. Yields on hard-currency sovereign and corporate credit increased by 0.30% and 0.06%, respectively, relative to similar-maturity US Treasuries, which also moved higher during the month. Local markets underperformed hard-currency markets, as the US dollar strengthened against most global currencies, and interest rates quickly shifted higher, reflecting the possible inflationary consequences of rising energy prices.

Outlook

EM fundamentals began 2026 on a solid footing. Heading into the US/Israel conflict with Iran, growth was steady, inflation was contained, real rates were firmly positive, and external accounts were in balance, underpinned by elevated foreign reserves. Financial conditions loosened materially over the past year, helped by strong equity returns and declining interest rates. Looking ahead, higher energy prices are likely to have implications for EM economies, to varying degrees. Under most reasonable scenarios, the economic implications for EM countries should be temporary and manageable.

EM central banks have been easing monetary policy, though most have remained prudent by maintaining a gap between policy rates and inflation. This should serve policymakers well as they navigate the energy price shock, and in most cases, we expect central banks to keep rates on hold in the near term. Whilst energy prices will likely remain higher than before the conflict, we would anticipate prices moving lower in the latter half of the year. Adding this to our view that EM currencies should resume appreciation versus the US dollar, we anticipate the inflationary impulse to be contained.

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. Renewed interest in diversification has been favourable for EM assets, and we expect inflows to resume as the dust settles after the current volatility. 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 159 Global Emerging Markets Bond - CHF Hedged funds as of 31-03-26.

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 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

6%

1-3 yrs

13%

3-5 yrs

19%

5-7 yrs

32%

7-10 yrs

20%

10+ yrs

10%

Credit Allocation

Credit

Percent of Portfolio

A and Above

20%

BBB

33%

BB

30%

B

12%

CCC

5%

Sector Allocation

Sector

Percent of Portfolio

Government/Gov't Related

84%

Corporates

13%

Money Markets

3%

Top-10 Country Allocation

Top-10 Country

Percent of Portfolio

Mexico

9.0%

Brazil

7.3%

S.Africa

6.8%

Peru

6.3%

Supranational

5.1%

Indonesia

5.0%

Romania

4.8%

Malaysia

4.3%

Nigeria

4.0%

Colombia

3.7%

Performance²

Payden Global Emerging Markets Bond Fund - CHF Accumulating

Blend 50% JP Morgan EMBI Global Diversified Bond Index CHF Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index CHF Unhedged

Total Returns	Month-End (31 Mar 2026)	Blend 50% JP Morgan EMBI Global Diversified Bond Index CHF Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index CHF Unhedged<sup>3</sup>
YTD	-2.73%	-1.68%
1 Year	3.47%	3.28%
3 Years	4.15%	3.73%
5 Years	-0.85%	-1.32%
10 Years	1.09%	0.48%
Since Inception	1.21%	1.21%
Returns less than one year are not annualized. All returns are net of fees.

Yearly Returns

2025

7.47%

6.62%

2024

4.49%

3.03%

2023

5.35%

5.11%

2022

-16.93%

-17.35%

2021

Overview

Fund Snapshot

Fund Inception Date

15 Jul 2002

Fund Share Class Inception Date

3 Mar 2011

Portfolio Characteristics

Data as of 31 Mar 2026

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

6%

1-3 yrs

13%

3-5 yrs

19%

5-7 yrs

32%

7-10 yrs

20%

10+ yrs

10%

Credit Allocation

Credit

Percent of Portfolio

A and Above

20%

BBB

33%

BB

30%

B

12%

CCC

5%

Sector Allocation

Sector

Percent of Portfolio

Government/Gov't Related

84%

Corporates

13%

Money Markets

3%

Top-10 Country Allocation

Top-10 Country

Percent of Portfolio

Mexico

9.0%

Brazil

7.3%

S.Africa

6.8%

Peru

6.3%

Supranational

5.1%

Indonesia

5.0%

Romania

4.8%

Malaysia

4.3%

Nigeria

4.0%

Colombia

3.7%

Fund Commentary

Data as of 31 Mar 2026

Market

Emerging-markets (EM) debt indices experienced negative returns amidst the market volatility generated by the US and Israel’s military operation against Iran. Yields on hard-currency sovereign and corporate credit increased by 0.30% and 0.06%, respectively, relative to similar-maturity US Treasuries, which also moved higher during the month. Local markets underperformed hard-currency markets, as the US dollar strengthened against most global currencies, and interest rates quickly shifted higher, reflecting the possible inflationary consequences of rising energy prices.

Outlook

EM fundamentals began 2026 on a solid footing. Heading into the US/Israel conflict with Iran, growth was steady, inflation was contained, real rates were firmly positive, and external accounts were in balance, underpinned by elevated foreign reserves. Financial conditions loosened materially over the past year, helped by strong equity returns and declining interest rates. Looking ahead, higher energy prices are likely to have implications for EM economies, to varying degrees. Under most reasonable scenarios, the economic implications for EM countries should be temporary and manageable.

EM central banks have been easing monetary policy, though most have remained prudent by maintaining a gap between policy rates and inflation. This should serve policymakers well as they navigate the energy price shock, and in most cases, we expect central banks to keep rates on hold in the near term. Whilst energy prices will likely remain higher than before the conflict, we would anticipate prices moving lower in the latter half of the year. Adding this to our view that EM currencies should resume appreciation versus the US dollar, we anticipate the inflationary impulse to be contained.

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. Renewed interest in diversification has been favourable for EM assets, and we expect inflows to resume as the dust settles after the current volatility. In our view, EM debt offers value as a strategic allocation, with attractive yields that can generate income over time.

3.

Effective 1 July 2024 the Fund is actively managed with reference to the Blend 50% JP Morgan EMBI Global Diversified Bond Index CHF Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index CHF Unhedged (the "Index"). Since Inception to 30 June 2017, the Fund was actively managed with reference to the blend of 70% JP Morgan EMBI Global Diversified Bond Index CHF Hedged and 30% JP Morgan GBI-EM Global Diversified Bond Index USD Unhedged, Hedged to CHF. From 1 July 2017 to 30 June 2024, the Fund was actively managed with reference to the blend of 70% JP Morgan EMBI Global Diversified Bond Index CHF Hedged and 30% JP Morgan GBI-EM Global Diversified Bond Index CHF Unhedged. 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 the 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

31 Mar 2026

Performance²

Payden Global Emerging Markets Bond Fund - CHF Accumulating

Blend 50% JP Morgan EMBI Global Diversified Bond Index CHF Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index CHF Unhedged

Total Returns

	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Month-End (31 Mar 2026)	-2.73%	3.47%	4.15%	-0.85%	1.09%	1.21%
Blend 50% JP Morgan EMBI Global Diversified Bond Index CHF Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index CHF Unhedged³	-1.68%	3.28%	3.73%	-1.32%	0.48%	1.21%

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

Yearly Returns

2025

7.47%

6.62%

2024

4.49%

3.03%

2023

5.35%

5.11%

2022

-16.93%

-17.35%

2021

-2.70%

-3.88%

2020

-0.33%

0.42%

2019

12.85%

11.33%

2018

-8.31%

-6.58%

2017

12.60%

10.10%

2016

8.68%

7.47%

Overview

Fund Snapshot

Fund Inception Date

15 Jul 2002

Fund Share Class Inception Date

3 Mar 2011

Fund Share Class

CHF Accumulating

Hedged

No

ISIN Number

IE00B1Y4M427

Ticker

PARGSAC

Irish Stock Exchange Listed

Yes

UCITS Compliant

Yes

Liquidity

Daily

Investment Minimum*

CHF 1,000,000 Initial

Overall Fund AUM
As of 31 Mar 2026

$170.1 Million

Total Payden Emerging Markets Strategy AUM
As of 31 Mar 2026

$11.7 Billion

Benchmark

Blend 50% JP Morgan EMBI Global Diversified Bond Index CHF Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index CHF Unhedged

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

Role In Portfolio

Appropriate for investors with long investment horizons who seek diversification via sovereign and corporate bonds issued by emerging-market countries.

Investment Features

Investments will primarily consist of securities of government and corporate issuers located in the emerging markets of Latin America, Asia and Europe.

Investments will be denominated in US dollars, euro and emerging-markets local currencies. The latter will be mostly unhedged and will fluctuate around a central allocation of 50%.

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 of managing institutional emerging-markets fixed-income accounts.
Fund inception 15 Jul 2002.
Global markets experience.
KIID SRRI: 4/PRIIPs KID SRI: 3.

-2.70%

-3.88%

2020

-0.33%

0.42%

2019

12.85%

11.33%

2018

-8.31%

-6.58%

2017

12.60%

10.10%

2016

8.68%

7.47%

Fund Share Class

CHF Accumulating

Hedged

No

ISIN Number

IE00B1Y4M427

Ticker

PARGSAC

Irish Stock Exchange Listed

Yes

UCITS Compliant

Yes

Liquidity

Daily

Investment Minimum*

CHF 1,000,000 Initial

Overall Fund AUM
As of 31 Mar 2026

$170.1 Million

Total Payden Emerging Markets Strategy AUM
As of 31 Mar 2026

$11.7 Billion

Benchmark

Blend 50% JP Morgan EMBI Global Diversified Bond Index CHF Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index CHF Unhedged

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

Role in Portfolio

Appropriate for investors with long investment horizons who seek diversification via sovereign and corporate bonds issued by emerging-market countries.

Investment Strategy

The Payden Global Emerging Markets Bond Fund invests in a diversified portfolio of emerging-market sovereign and corporate bonds. The Fund invests in countries that demonstrate improving macroeconomic and political trends, and maintains geographic diversification across Latin America, Europe and Asia. Most of our investments are US dollar-denominated, although we also see excellent growing opportunities in certain local markets.

Fund Highlights

Actively managed by Payden & Rygel with more than 20 years' experience of managing institutional emerging-markets fixed-income accounts.
Fund inception 15 Jul 2002.
Global markets experience.
KIID SRRI: 4/PRIIPs KID SRI: 3.

Duration Allocation

Duration

Percent of Portfolio

0-1 yr

6%

1-3 yrs

13%

3-5 yrs

19%

5-7 yrs

32%

7-10 yrs

20%

10+ yrs

10%

Credit Allocation

Credit

Percent of Portfolio

A and Above

20%

BBB

33%

BB

30%

B

12%

CCC

5%

Sector Allocation

Sector

Percent of Portfolio

Government/Gov't Related

84%

Corporates

13%

Money Markets

3%

Top-10 Country Allocation

Top-10 Country

Percent of Portfolio

Mexico

9.0%

Brazil

7.3%

S.Africa

6.8%

Peru

6.3%

Supranational

5.1%

Indonesia

5.0%

Romania

4.8%

Malaysia

4.3%

Nigeria

4.0%

Colombia

3.7%

Payden Global Emerging Markets Bond Fund

Reports and Forms SFDR Policies Purchase Payden Funds