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 $2919.4 million
Benchmark ICE BOFA US DOLLAR 1-MONTH DEPOSIT OFFERED RATE CONSTANT MATURITY INDEX
Currency Share Classes Available AUD, 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 $2919.4 million
Average Duration 1.5 years
Average Maturity 3.5 years
Yield to Maturity (hedged) 2.7%
Duration Breakdown
Years Percent of Portfolio
0-168%
1-316%
3-513%
5+3%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA31%
AA3%
A9%
BBB18%
BB and Below27%
Unrated12%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed Securities24%
Investment Grade Corporates21%
Asset-Backed Securities16%
CMBS12%
Gov't Related9%
Emerging Markets8%
High Yield5%
Other5%
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 (6/30/2020) -0.49% 0.87% 2.29% 2.49% N/A 2.43%
Month-end (8/31/2020) 0.89% 1.58% 2.56% 2.74% N/A 2.57%
Yearly Returns
20195.89%
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
In August, global COVID-19 cases surged past 25 million. The US, Brazil, and India continued to see the highest case counts. Gridlock continued in Congress on another round of stimulus, but 40 states have now applied for additional unemployment benefit funding authorized under the Trump administration’s executive order. Federal Reserve (Fed) Chair, Jerome Powell, announced a new, flexible, 2% average inflation targeting strategy in his keynote speech at the Jackson Hole Economic Policy Symposium. Across the Atlantic, large protests broke out in Belarus over the contested election of Alexander Lukashenko. Second-quarter GDP data showed that the UK economy suffered a contraction in GDP of 20.4% (a much larger contraction than many of its European peers) due to the timing and severity of the stay-at-home orders. Globally, Purchasing Managers’ Indices (PMIs) showed that service and manufacturing sector activity continued to rebound in August. The global composite PMI, a weighted average of both PMI measures, improved to a seventeen-month high of 52.4.

OUTLOOK
After a slower July, the corporate credit market experienced record-breaking August issuance. As a result, spreads softened from their mid-August lows as the market absorbed the increased supply. The strategy selectively participated in the primary market in investment grade and high yield. Within securitised product, the strategy increased exposure to the top of the capital stack, particularly in collateralized loan obligations and credit risk transfer, as the relative value looked attractive compared to investment-grade corporates. Despite the strong recovery in financial markets and improvement in sentiment, the strategy remains cautious in areas like high-yield corporate bonds, bank loans, and commercial mortgage-backed securities as defaults are likely to rise in COVID-19 sensitive industries.

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.