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 - 29 February 2024
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 $1866.3 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 - 29 February 2024
Fund Inception Date Jun 12, 2013
Share Class Inception Date Jun 12, 2013
Total Net Assets $1866.3 million
Average Duration 0.5 years
Average Maturity 3.3 years
Yield to Maturity (hedged) 7.17%
Duration Breakdown
Years Percent of Portfolio
0-155%
1-345%
3-59%
5-74%
7+-13%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA32%
AA6%
A14%
BBB29%
BB and Below16%
Unrated3%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Investment Grade Corporates25%
Asset-Backed Securities18%
Mortgage-Backed Securities15%
CMBS13%
Emerging Markets12%
Gov't Related12%
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 (12/31/2023) 5.64% 5.64% 1.05% 2.50% 2.20% 2.31%
Month-end (2/29/2024) 1.33% 5.33% 1.36% 2.42% 2.28% 2.40%
Yearly Returns
20235.64%
2022-3.34%
20211.04%
20203.59%
20195.89%
20180.46%
20172.86%
20163.88%
20151.09%
20141.24%
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 - 29 February 2024

MARKET
Fixed-income total returns were mostly negative for the month given interest rates increased meaningfully on the heels of higher-than-anticipated inflation data reports. The January core personal consumption expenditures (PCE) price index release matched the consumer price index (CPI) reading, rising 0.4% over the month, the largest monthly increase in a year. Globally, European area inflation eased less than expected, pushing bund yields higher. As such, more rate sensitive asset classes, such as investment-grade corporates and agency mortgage-backed securities were negatively impacted. On the other hand, credit risk premium performance was positive for the month across most asset classes given ongoing economic data reports signaling a strong economy and resilient labour market, as well as robust corporate earnings.

OUTLOOK
The combination of a secularly strong labour market, flatlining measures of inflation, significant easing of financial conditions, and less hawkish global central banks appear supportive of a “stronger for longer” economic outcome. As a result, growth expectations are likely too low and therefore market pricing of interest rate cuts too aggressive. If this proves correct, interest rates need to rise, particularly in the long end of the curve if policy remains lenient in the front-end. Historic analogues suggest risk assets can remain resilient despite fair-to-poor valuations in both credit and equities. Positive correlations in the current environment present a challenge for asset allocation decisions given risk asset sensitivity to higher rates. Said differently, the role of duration within a multi-asset fixed-income portfolio today is likely different when compared to the 2000 and 2010 decades. Thus, attractive all-in yields in high-quality fixed income allow for portfolio construction solutions that are resilient in various macro-outcomes, minimising price risk whilst not overly mitigating running yield.

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.