UCITS Funds

Payden Absolute Return Bond Fund (PYARBUA ID)

Base Share Class: USD

Share Class
  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden Absolute Return Bond Fund invests in a multi-sector portfolio of global government, corporate, securitised and emerging market debt as well as select equity-related investments. It moves dynamically among sectors and individual securities with the aim of achieving its overnight deposit rates +3% return objective. The fund takes advantage of Payden's broad investment resources by incorporating the most compelling risk-adjusted opportunities from each sector team. A special emphasis is also placed on risk management and mitigating downside potential.

SHARE CLASS Snapshot - 31 July 2025
Fund Inception Date Jun 12, 2013
Share Class Inception Date Jun 12, 2013
Ticker PYARBUA ID
ISIN Number IE00B88XTT84
Sedol Number B88XTT8
Fund Total Net Assets $1820.7 million
Benchmark ICE BofA SOFR Overnight Rate Index
Currency Share Classes Available AUD, CAD, CHF, EUR, EUR SI, GBP, GBP SI, JPY, NOK, SGD, USD, USD SI
Management Fee 0.45%
Total Expense Ratio 0.50%
Investment Minimum $1,000,000 initial

Unless otherwise indicated, all listed data represents past performance. There is no guarantee of future performance, nor are fund shares guaranteed. Funds are issued by Payden & Rygel Global, Ltd., which is authorised and regulated by the Financial Conduct Authority. The investment products and services of Payden & Rygel are not available in the United Kingdom to private investors. The value of an investment may fall as well as rise and an investor may get back less than the amount that has been invested. Income from an investment may fluctuate in value in money terms. Changes in rates of exchange may cause the value of an investment to go up or down.

Portfolio Characteristics - 31 July 2025
Fund Inception Date Jun 12, 2013
Share Class Inception Date Jun 12, 2013
Total Net Assets $1820.7 million
Average Duration 2.0 years
Average Maturity 3.4 years
Yield to Maturity (hedged) 5.89%
Duration Breakdown
Years Percent of Portfolio
0-161%
1-31%
3-523%
5-717%
7+-2%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA18%
AA16%
A19%
BBB26%
BB and Below19%
Unrated2%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed Securities31%
Investment Grade Corporates18%
Asset-Backed Securities17%
Emerging Markets13%
High Yield6%
Money Markets5%
CMBS4%
Bank Loans3%
Gov't Related3%
Total 100%

Unless otherwise indicated, all listed data represents past performance. There is no guarantee of future performance, nor are fund shares guaranteed. Funds are issued by Payden & Rygel Global, Ltd., which is authorised and regulated by the Financial Conduct Authority. The investment products and services of Payden & Rygel are not available in the United Kingdom to private investors. The value of an investment may fall as well as rise and an investor may get back less than the amount that has been invested. Income from an investment may fluctuate in value in money terms. Changes in rates of exchange may cause the value of an investment to go up or down.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (6/30/2025) 3.14% 6.03% 5.66% 3.33% 2.91% 2.80%
Month-end (7/31/2025) 2.95% 5.09% 5.25% 3.10% 2.88% 2.77%
Yearly Returns
20246.35%
20235.64%
2022-3.34%
20211.04%
20203.59%
20195.89%
20180.46%
20172.86%
20163.88%
20151.09%
Expenses
Management Fee 0.45%
Total Expense Ratio 0.50%

Unless otherwise indicated, all listed data represents past performance. There is no guarantee of future performance, nor are fund shares guaranteed. Funds are issued by Payden & Rygel Global, Ltd., which is authorised and regulated by the Financial Conduct Authority. The investment products and services of Payden & Rygel are not available in the United Kingdom to private investors. The value of an investment may fall as well as rise and an investor may get back less than the amount that has been invested. Income from an investment may fluctuate in value in money terms. Changes in rates of exchange may cause the value of an investment to go up or down.

Fund Commentary - 31 July 2025

MARKET
In July, the Federal Reserve (Fed) maintained its federal funds rate at 4.25%–4.50%, opting to stay cautious amid resilient labour markets and sticky inflation. Investor expectations for a September rate cut fell sharply after the Fed gave no sign of easing interest rates, despite two dissenting votes from Fed governors, the first time two have dissented since 1993. Moreover, geopolitical and tariff uncertainty continued for the month, clouding investor sentiment. US Treasury yields drifted modestly lower in July, whilst the curve flattened as investors favored intermediate (3-7 year) maturities. Credit risk premiums remained tight, limiting yield pick-up in traditional corporate bonds, though high‑quality high‑yield and securitised sectors offered relatively attractive income in our view.

OUTLOOK
Recent market moves reflect growing tension between softening fundamentals and increasingly optimistic pricing. Whilst policy direction appears more clear, particularly around fiscal developments, the economic backdrop continues to weaken with slower growth, cooling labour markets, and fading nominal momentum. The market has dialed back expectations for near-term rate cuts, heightening sensitivity to economic surprises. Despite this, asset valuations remain elevated, offering a limited cushion should fundamentals deteriorate. We remain cautious on credit, especially in sectors where credit risk premiums remain tight and fundamental deterioration is emerging. Duration remains an effective buffer for market stress, particularly in economies where monetary policy remains restrictive and growth expectations are under pressure. Looking ahead, our positioning will be guided by incoming data, shifts in market sentiment, and policy evolution, with an emphasis on flexibility and managing risk in an increasingly uncertain environment.

Unless otherwise indicated, all listed data represents past performance. There is no guarantee of future performance, nor are fund shares guaranteed. Funds are issued by Payden & Rygel Global, Ltd., which is authorised and regulated by the Financial Conduct Authority. The investment products and services of Payden & Rygel are not available in the United Kingdom to private investors. The value of an investment may fall as well as rise and an investor may get back less than the amount that has been invested. Income from an investment may fluctuate in value in money terms. Changes in rates of exchange may cause the value of an investment to go up or down.