UCITS Funds

Payden Absolute Return Bond Fund (PYARBUA ID)

Base Share Class: USD
  • 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 1-month LIBOR +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.

Fund Snapshot
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 $2810.6 million
Benchmark ICE BofA ML US Dollar 1-Month Deposit Offered Rate Constant Maturity Index
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.62%
Total Expense Ratio 0.68%
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
Fund Inception Date Jun 12, 2013
Share Class Inception Date Jun 12, 2013
Total Net Assets $2810.6 million
Average Duration 1.8 years
Average Maturity 3.9 years
Yield to Maturity (hedged) 3.8%
Duration Breakdown
Years Percent of Portfolio
0-141%
1-337%
3-518%
5-74%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA25%
AA1%
A15%
BBB24%
BB and Below30%
Unrated5%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed Securities26%
Investment Grade Corporates23%
Gov't Related17%
Emerging Markets11%
Asset-Backed Securities10%
Bank Loans7%
CMBS3%
Other3%
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 (6/30/2018) 0.36% 1.45% 2.35% 2.35% N/A 2.32%
Month-end (7/31/2018) 0.75% 1.47% 2.44% 2.33% N/A 2.36%
Yearly Returns
20172.86%
20163.88%
20151.09%
20141.24%
20132.33%
Expenses
Management Fee 0.62%
Total Expense Ratio 0.68%

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

MARKET
In the month of July, investors learned U.S. real GDP in Q2 was 4.1% on the back of strong underlying economic momentum and fiscal policy. Elsewhere, the Bank of Japan introduced forward guidance through October 2019 and revised its yield target higher from 0% +/- 10 basis points to 0% +/- 20 basis points. Finally, during July, China's second quarter GDP release was in focus, with growth registering 6.7% year-over-year, matching expectations. While the growth rate was modestly slower than the first quarter, China's year-to-date output came above consensus at 6.8%.
The tone in risk assets was positive as global equities continued to move higher and corporate credit yields relative to government bonds also compressed. In addition, sentiment improved in Emerging Markets, as dollar strength abated and broad fundamentals remain on solid footing. Global yields increased on the heels of positive global growth and incrementally less accommodative global central bank policy.

OUTLOOK
The portfolio remains structured with low interest-rate sensitivity as we continue to invest in a diversified mix of fixed-income sectors including corporate, mortgage-backed and asset-backed securities.
With less central bank accommodation and an uncertain global political backdrop, we believe volatility may ramp up with higher levels of dispersion, which should create pockets of opportunity.

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.