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 $2830.4 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 0.62%
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 $2830.4 million
Average Duration 2.0 years
Average Maturity 4.3 years
Yield to Maturity (hedged) 3.8%
Duration Breakdown
Years Percent of Portfolio
0-142%
1-330%
3-521%
5-75%
7+2%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA21%
AA2%
A14%
BBB24%
BB and Below32%
Unrated7%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed Securities27%
Investment Grade Corporates22%
Gov't Related16%
Asset-Backed Securities11%
Emerging Markets10%
CMBS8%
Bank Loans6%
Other0%
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 (9/30/2018) 1.09% 1.49% 2.66% 2.37% N/A 2.35%
Month-end (9/30/2018) 1.09% 1.49% 2.66% 2.37% N/A 2.35%
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
The third quarter was a tug-of-war between robust economic data and persistent geopolitical risk across the globe. The US economy remained the anchor for global growth, with tailwinds across employment and corporate profits. Consequently, the Federal Reserve continued to raise interest rates, notching their 8th hike since the end of 2015.
Headwinds outside the US included volatility in the emerging-market complex and overhang regarding the Italian political landscape and forthcoming "Brexit" outcome in the UK. All in all, the tone across broad risk assets was positive despite volatility in select sectors. Specifically, yields moved higher, corporate credit risk premium declined, and equity prices increased across the globe.

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.
Despite subdued volatility, geopolitical headlines, trade wars, and poor liquidity may be harbingers for heightened volatility for the remainder of the 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.