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 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.

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 $1744.1 million
Benchmark ICE BofA SOFR Overnight Rate 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 $1744.1 million
Average Duration 1.9 years
Average Maturity 3.8 years
Yield to Maturity (hedged) 7.59%
Duration Breakdown
Years Percent of Portfolio
0-158%
1-315%
3-511%
5-710%
7+6%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA17%
AA8%
A16%
BBB32%
BB and Below19%
Unrated8%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
CMBS22%
Investment Grade Corporates21%
Asset-Backed Securities20%
Emerging Markets11%
Mortgage-Backed Securities11%
High Yield8%
Money Markets3%
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 (12/31/2022) -3.34% -3.34% 0.39% 1.48% N/A 1.96%
Month-end (12/31/2022) -3.34% -3.34% 0.39% 1.48% N/A 1.96%
Yearly Returns
2022-3.34%
20211.04%
20203.59%
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
The fourth quarter was a bright spot in a difficult year for fixed income. Despite a volatile year for emerging markets (EM) debt, in the last few months of the year the asset class generated strong positive performance, benefiting from news of China reopening and the fact that most EM central banks were ahead of the developed market central banks’ hiking cycle. In structured products, a more favorable macroeconomic environment highlighted by an approximate 1% decrease in mortgage rates to end the year was a main driver for strong positive performance of residential mortgage credit. Credit risk premiums compressed for the quarter; however, more positive total returns were modestly offset by higher global developed rates (on average).

OUTLOOK
While the strategy remains constructive on the structural protections of securitized product, the team has a nuanced view of the asset class and is focused on a more balanced risk allocation with respect to securitized product relative to the combination of corporates and emerging markets debt. The strategy has become more constructive on interest rates at current levels as the Fed hiking cycle ages. As economic growth expectations once again become a dominant factor versus inflation, the strategy team has taken steps to improve the liquidity profile of the Fund and is more focused on specific themes and bottom-up item selection rather than broad beta.

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.