Loading...
NAV / Daily Prices
NAV (€)
10.89
NAV Change (€)
-0.03
Statistics
Hedged Yield to Maturity
2.38%
Effective Duration
2.88 Years
Average Maturity
3.10 Years
Average Fund Credit Rating
A-
Number of Issuers
274
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 EUR Hedged
| Total Returns | Month-End (28 Feb 2026) | Bloomberg US Corporate 1-5 Years Index EUR Hedged |
| YTD | 0.72% | 0.72% |
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 USD Low Duration Credit 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.
The Fund is actively managed with reference to the Bloomberg US Corporate 1-5 Years Index EUR Hedged (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, it is expected that a significant portion of the Fund’s constituents will also be Index constituents and deviations from the Index may be limited. 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.
Sector
Percent of Portfolio
Financials
43%
Industrials
35%
Utilities
6%
CMO
6%
ABS
3%
CMBS
3%
Other
4%
| 1 Year | 3.85% | 3.96% |
| 3 Year | 4.28% | 4.18% |
| 5 Year | 0.87% | 0.64% |
| 10 Year |
| Since Inception | 1.41% | 1.38% |
*From inception 06 Feb 2019 through 31 Dec 2019.
Fund Inception Date
5 Dec 2013
Fund Share Class Inception Date
6 Feb 2019
Fund Share Class
EUR Hedged Accumulating
Hedged
Yes
ISIN Number
IE00BD1NTF62
Ticker
PRULDEA
Irish Stock Exchange Listed
Yes
UCITS Compliant
Yes
Liquidity
Daily
Investment Minimum*
€1,000,000 Initial
Overall Fund AUM
As of 28 Feb 2026
$856.4 Million
Total Payden Low Duration Strategy AUM
As of 31 Dec 2025
$31.3 Billion
Benchmark
Bloomberg US Corporate 1-5 Years Index EUR 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 28 Feb 2026
Data as of 28 Feb 2026
In February, data showed that the US economy grew at a solid pace, the labour market stayed weak, and inflation moderated. All eyes were on artificial intelligence (AI) disruption, as investors scrutinised which sectors might benefit from the productivity surge and which could see margins, business models, and credit quality pressured by rapid technological change. US Treasury yields fell broadly on the month, with the 2-year yield falling 0.15% to 3.38%, whilst the 10-year yield fell by 0.30% to 3.94%.
Corporate yields over similar-maturity U.S. Treasuries rose 0.08% to 0.62% for the 1- to 5-year maturities. As a result, the overall yield on 1- to 5-year corporate bonds rose 0.09% to 4.09%.
February saw companies issuing $193 billion of new corporate bonds, bringing year-to-date totals to $411 billion, up 19% versus this same time last year.
During the month, the Fund continued to selectively participate in newly issued bonds, across a broad range of sectors, including bonds from high-quality banks and large technology companies such as Oracle and Alphabet. At the same time, it reduced credits within insurance whilst also reducing exposure to longer-maturity utility bonds that have performed well. Duration remains modestly long relative to the benchmark.
Volatility picked up in corporate markets sparked by AI-related concerns that initially impacted software companies, before spreading more broadly. Within investment-grade corporates, business development companies were hit hardest amid worries about their underlying investments in technology. Pressure then extended to parts of the insurance sector over private credit holdings, which also weighed on the banking sector. The onset of the war in Iran has, so far, had a limited impact on USD credit markets.
Given expectations for another month of heavy supply, along with lower underlying US Treasury yields, we would not be surprised to see investors demand bigger new issue concessions. We still believe there is healthy demand for corporates, but investors are likely to be more discerning going forward. This environment is likely to present both increased risks and opportunities, making careful credit selection essential, as we expect to see greater dispersion across sectors and individual issuers in the year ahead.
*From inception 6 Feb 2019 through 31 Dec 2019.
IE00BD1NTF62
Ticker
PRULDEA
Irish Stock Exchange Listed
Yes
UCITS Compliant
Yes
Liquidity
Daily
Investment Minimum*
€1,000,000 Initial
Overall Fund AUM
As of 28 Feb 2026
$856.4 Million
Total Payden Low Duration Strategy AUM
As of 31 Dec 2025
$31.3 Billion
Benchmark
Bloomberg US Corporate 1-5 Years Index EUR 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 (28 Feb 2026) | 0.72% | 3.85% | 4.28% | 0.87% | - | 1.41% |
Bloomberg US Corporate 1-5 Years Index EUR Hedged | 0.72% | 3.96% | 4.18% | 0.64% | - | 1.38% |
Duration
Percent of Portfolio
0-1 yr
15%
1-3 yrs
49%
3-5 yrs
32%
5-7 yrs
4%
Credit
Percent of Portfolio
AAA
13%
AA
4%
A
36%
BBB
41%
BB and Below
6%
Sector
Percent of Portfolio
Financials
43%
Industrials
35%
Utilities
6%
CMO
6%
ABS
3%
CMBS
3%
Other
4%