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 $2564.9 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 $2564.9 million
Average Duration 1.7 years
Average Maturity 3.9 years
Yield to Maturity (hedged) 3.5%
Duration Breakdown
Years Percent of Portfolio
0-141%
1-340%
3-517%
5+2%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA25%
AA2%
A17%
BBB25%
BB and Below28%
Unrated3%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Gov't Related25%
Investment Grade Corporates23%
Mortgage-Backed Securities20%
Emerging Markets11%
Asset-Backed Securities10%
Bank Loans7%
Other4%
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 (3/31/2018) 0.47% 2.54% 2.43% N/A N/A 2.47%
Month-end (4/30/2018) 0.32% 2.00% 2.34% N/A N/A 2.39%
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 April, risky assets regained some of the ground lost in the first quarter of the year. The U.S. economy notched another quarter of growth, showing 2.3% gains quarter-over-quarter annualized and 2.9% year-over-year. Compared to global peers, the U.S. continues to outperform both in terms of growth rate and total progress since the recession.
During the month, total returns were negative across interest-rate sensitive fixed income sectors as positive returns from modestly tighter credit risk premiums was offset by higher risk-free rates. Specifically, U.S. Treasuries returned -0.9% and investment-grade corporate bonds -0.9%.
Floating-rate securities continued to perform well, as total returns were positive for leveraged loans and investment-grade collateralized loan obligations (CLOs). Total returns within those sectors were +0.2% and +0.2%, respectively.

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.
We have modestly increased interest-rate duration as U.S. Treasury yields have increased this year.

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.