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 $2461.4 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 0.45%
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
Fund Inception Date Jun 12, 2013
Share Class Inception Date Jun 12, 2013
Total Net Assets $2461.4 million
Average Duration 2.0 years
Average Maturity 4.8 years
Yield to Maturity (hedged) 4.2%
Duration Breakdown
Years Percent of Portfolio
0-157%
1-321%
3-518%
5+4%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA20%
AA3%
A7%
BBB24%
BB and Below35%
Unrated11%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed Securities30%
Investment Grade Corporates18%
Asset-Backed Securities13%
CMBS11%
Emerging Markets9%
Bank Loans7%
High Yield6%
Money Markets5%
Corporates1%
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 (12/31/2018) 0.46% 0.46% 2.39% 1.90% N/A 2.13%
Month-end (2/28/2019) 1.75% 1.96% 3.08% 2.14% N/A 2.38%
Yearly Returns
20180.46%
20172.86%
20163.88%
20151.09%
20141.24%
20132.33%
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

MARKET
The January rally in financial markets continued through February, with a broad range of asset classes generating positive returns.
We believe the continued patience from the U.S. Federal Reserve has resonated positively with investors, as the widespread fear in December has largely dissipated.
Over the course of the month, the MSCI World Index returned 3.3%, U.S. High Yield Index returned 1.7% and Oil prices rose by 6.4%.

OUTLOOK
The Fund 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.
Investor confidence has improved materially with the recovery in asset prices since Q4 2018. At the same time, the global backdrop has objectively weakened, with economic data slowing for most countries in the Eurozone and Asia. Putting these two elements together means vigilance is paramount at this point of the cycle, whereby the narrative, and corresponding price action can change very quickly.
Despite a weakening global backdrop, the U.S. economy continues to be the anchor for the rest of the world, with GDP still north of 2% and unemployment at historic lows.

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.