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NAV / Daily Prices
NAV (£)
9.17
NAV Change (£)
-0.01
Statistics
Hedged Yield to Maturity
4.89%
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 GBP Hedged
| Total Returns | Month-End (31 Mar 2026) | Bloomberg US Corporate 1-5 Years Index GBP Hedged |
| YTD | -0.16% | 0.07% |
| 1 Year | 4.41% |
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.
The Fund is actively managed with reference to the Bloomberg US Corporate 1-5 Years Index GBP 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.
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%
| 4.66% |
| 3 Years | 5.11% | 5.11% |
| 5 Years | 2.07% | 1.95% |
| 10 Years | - | - |
| Since Inception | 1.97% | 1.94% |
| Returns less than one year are not annualized. All returns are net of fees. |
*From inception 19 Oct 2016 through 31 Dec 2016.
Fund Inception Date
5 Dec 2013
Fund Share Class Inception Date
19 Oct 2016
Fund Share Class
GBP Hedged Distributing
Hedged
Yes
ISIN Number
IE00BD1NV720
Ticker
PRULDGD
Irish Stock Exchange Listed
Yes
UCITS Compliant
Yes
Liquidity
Daily
Investment Minimum*
£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 GBP 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.
*From inception 19 Oct 2016 through 31 Dec 2016.
IE00BD1NV720
Ticker
PRULDGD
Irish Stock Exchange Listed
Yes
UCITS Compliant
Yes
Liquidity
Daily
Investment Minimum*
£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 GBP 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) | -0.16% | 4.41% | 5.11% | 2.07% | - | 1.97% |
Bloomberg US Corporate 1-5 Years Index GBP Hedged | 0.07% | 4.66% | 5.11% | 1.95% | - | 1.94% |
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%