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NAV / Daily Prices
NAV (A$)
11.51
NAV Change (A$)
-0.01
Statistics
Hedged Yield to Maturity
5.30%
Effective Duration
3.00 Years
Average Maturity
3.19 Years
Average Fund Credit Rating
A-
Number of Issuers
280
Expenses
Management Fee
0.23%
Maximum Total Expense Ratio (TER) Capped at
0.30%
Initial Charge
NONE
Redemption Fee
NONE
Bloomberg US Corporate 1-5 Years Index AUD Hedged
| Total Returns | Month-End (31 Mar 2026) | Bloomberg US Corporate 1-5 Years Index AUD Hedged |
| YTD | -0.22% | 0.03% |
| 1 Year | 4.06% |
Credit
Percent of Portfolio
AAA
15%
AA
4%
A
36%
BBB
38%
BB and Below
6%
Unrated
Sector
Percent of Portfolio
Financials
40%
Industrials
36%
CMO
8%
Utilities
6%
CMBS
5%
Other
1%
5%
| 4.36% |
| 3 Years | - | - |
| 5 Years | - | - |
| 10 Years | - | - |
| Since Inception | 5.59% | 5.68% |
| Returns less than one year are not annualized. All returns are net of fees. |
Fund Inception Date
5 Dec 2013
Fund Share Class Inception Date
6 Oct 2023
Fund Share Class
AUD Hedged Accumulating
Hedged
Yes
ISIN Number
IE00BD1NT567
Ticker
PRULDAA
Irish Stock Exchange Listed
Yes
UCITS Compliant
Yes
Liquidity
Daily
Investment Minimum*
A$1,000,000 Initial
Overall Fund AUM
As of 31 Mar 2026
$938.5 Million
Total Payden Low Duration Strategy AUM
As of 31 Mar 2026
$32.5 Billion
Benchmark
Bloomberg US Corporate 1-5 Years Index AUD Hedged
* The minimum initial investment can be reduced at the Directors' discretion.
Appropriate for investors who seek the income and potential for capital appreciation offered by corporate bonds, whilst minimising exposure to interest rate movements.
The Payden USD Low Duration Credit Fund invests in a diversified portfolio of investment-grade corporate bonds. In an environment of heightened sensitivity to rising interest rates, the Fund invests primarily in short-maturity (1-5 year) bonds and floating-rate notes to limit the impact of interest rate movements whilst still capturing the upside of compressing credit spreads. The Fund employs tactical allocations to emerging-market debt and high-yield bonds as opportunities present themselves, but the focus remains on US investment-grade companies.
Actively managed by Payden & Rygel with more than 40 years' experience managing institutional low duration fixed-income accounts.
Fund inception date 5 Dec 2013.
Global markets experience.
KIID SRRI: 3/PRIIPs KID SRI: 2.
Data as of 31 Mar 2026
Data as of 31 Mar 2026
The conflict in Iran dominated markets in March, pushing yields higher amid inflation fears. However, we remain sanguine, as US macroeconomic fundamentals pose little upside risk to core inflation, supported by on-trend economic growth, a weak labour market, and cooling underlying inflation. US Treasury yields rose sharply during the month, with the 2-year yield rising 0.42% to 3.80%, whilst the 10-year yield rose by 0.38% to 4.32%.
Corporate bond yields compared to similar-maturity US Treasuries rose 0.08% to 0.70% for the 1- to 5-year maturities. As a result, the overall yield on 1- to 5-year corporate bonds rose 0.49% to 4.58%.
March saw companies issue $235 billion of new corporate bonds, bringing first-quarter totals to $645 billion, the largest quarter on record.
During the month, the Fund selectively participated in the new-issue calendar, adding credits across the technology (including hyperscalers), energy, and consumer cyclicals sectors. The Fund also increased exposure to securitized assets, notably within commercial mortgage-backed securities (CMBS). At the same time, it reduced exposure to relatively expensive credits in various sectors, such as banking and communication. Duration remains modestly long relative to the benchmark.
As long as the war with Iran persists, we expect elevated market volatility to continue. So far, we have seen more pronounced moves in underlying US Treasury yields, whilst corporate bonds have shown only modest weakness. This dynamic has pushed all-in yields on investment-grade corporate bonds higher, which should support continued strong demand for the asset class.
Given this environment of heightened uncertainty, we would not be surprised to see investors demand larger new issue concessions. That said, in our view, a resolution to the Middle East conflict could prompt a swift reversal of recent market weakness, with US Treasury yields declining and corporate bonds delivering strong performance. We continue to see healthy demand for corporates, although investors are likely to become more selective going forward.
IE00BD1NT567
Ticker
PRULDAA
Irish Stock Exchange Listed
Yes
UCITS Compliant
Yes
Liquidity
Daily
Investment Minimum*
A$1,000,000 Initial
Overall Fund AUM
As of 31 Mar 2026
$938.5 Million
Total Payden Low Duration Strategy AUM
As of 31 Mar 2026
$32.5 Billion
Benchmark
Bloomberg US Corporate 1-5 Years Index AUD Hedged
* The minimum initial investment can be reduced at the Directors' discretion.
Appropriate for investors who seek the income and potential for capital appreciation offered by corporate bonds, whilst minimising exposure to interest rate movements.
The Fund primarily invests in a diversified portfolio of USD investment-grade corporate bonds.
It may also invest in high-yield, emerging-market, sovereign, securitised, and floating-rate securities.
The Fund has been classified as a financial product subject to Article 8 of the Sustainable Finance Disclosure Regulation (EU) 2019/2088.
Actively managed by Payden & Rygel with more than 40 years' experience managing institutional low duration fixed-income accounts.
Fund inception date 5 Dec 2013.
Global markets experience.
KIID SRRI: 3/PRIIPs KID SRI: 2.
| YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|
Month-End (31 Mar 2026) | -0.22% | 4.06% | - | - | - | 5.59% |
Bloomberg US Corporate 1-5 Years Index AUD Hedged | 0.03% | 4.36% | - | - | - | 5.68% |
Duration
Percent of Portfolio
0-1 yr
16%
1-3 yrs
51%
3-5 yrs
29%
5-10 yrs
4%
Credit
Percent of Portfolio
AAA
15%
AA
4%
A
36%
BBB
38%
BB and Below
6%
Unrated
1%
Sector
Percent of Portfolio
Financials
40%
Industrials
36%
CMO
8%
Utilities
6%
CMBS
5%
Other
5%