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 - 30 June 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 $1917.1 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 - 30 June 2025
Fund Inception Date Jun 12, 2013
Share Class Inception Date Jun 12, 2013
Total Net Assets $1917.1 million
Average Duration 3.2 years
Average Maturity 3.5 years
Yield to Maturity (hedged) 5.58%
Duration Breakdown
Years Percent of Portfolio
0-1-8%
1-382%
3-518%
5+8%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA19%
AA17%
A21%
BBB27%
BB and Below14%
Unrated2%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed Securities29%
Investment Grade Corporates19%
Asset-Backed Securities17%
Emerging Markets10%
Money Markets7%
Gov't Related6%
High Yield6%
CMBS4%
Bank Loans2%
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 - 30 June 2025

MARKET
Despite a volatile start to the second quarter, fixed-income markets ultimately posted positive returns as conditions stabilised and sentiment improved. April was marked by a sharp repricing in interest rates and wider credit risk premiums following the US administration’s announcement of broad-based tariffs, which revived concerns around inflation and global growth. US Treasury yields moved meaningfully throughout the quarter, with the 10-year rate hovering around 4.50% on several occasions, then retracing lower as markets digested the policy shifts. Risk sentiment improved in May and June as economic data surprised to the upside, supported by firm labour market readings and steady consumer activity, which helped ease fears of a near-term slowdown. Equities also recovered over the quarter following a weak start, supported by resilient earnings and reduced policy uncertainty. Meanwhile, policymakers adopted a more measured tone, further calming markets. US Treasury yields ultimately ended the quarter mixed, with front-end yields lower and longer-end yields flat to higher, whilst credit risk premiums retraced much of their April widening. The combination of resilient growth, moderating volatility, and improved policy clarity supported a broad recovery across fixed-income markets.

OUTLOOK
Recent market movements suggest a more resilient tone has taken hold, with risk assets rebounding from recent volatility despite persistent macroeconomic uncertainty. Whilst sentiment has improved, we believe markets are increasingly priced for a soft landing, leaving little margin for error. Policy remains tight in the US, with a growth-negative mix of elevated tariffs, potential for increased spending, and fading fiscal support. Against this backdrop, valuations appear stretched, and recession risks underappreciated. The team reduced overall credit exposure and is more favourable in adding non-US credit exposure. Emerging-markets local debt remains a relatively bright spot, supported by favourable growth differentials, anchored inflation, and more accommodative monetary policy. Looking ahead, our positioning will be guided by incoming data, market dynamics, and evolving policy developments, with a focus on navigating what remains a fragile and policy-constrained 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.