UCITS Funds

Payden Euro Liquidity Fund (PAYGLEA ID)

Base Share Class: EUR
  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden Euro Liquidity Fund seeks to outperform current money market funds by utilizing investment-grade short-term securities. The fund is primarily comprised of euro government securities, investment-grade corporate bonds. The average duration of the fund is generally kept below one year.

Fund Snapshot
Fund Inception Date Jun 29, 2007
Share Class Inception Date Jun 29, 2007
Ticker PAYGLEA ID
ISIN Number IE00B04NL018
Sedol Number B04NL01
Fund Total Net Assets €111.6 million
Benchmark ICE BofA ML 1-Month EUR LIBOR
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.10%
Total Expense Ratio 0.16%
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 29, 2007
Share Class Inception Date Jun 29, 2007
Total Net Assets €111.6 million
Average Duration 0.6 years
Average Maturity 1.6 years
Yield to Maturity 0.0%
Duration Breakdown
Years Percent of Portfolio
0-181%
1-319%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA27%
AA12%
A28%
BBB33%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates51%
Asset-Backed17%
Money Markets15%
Government/Gov't Related13%
Mortgage-Backed4%
Total 100%
Country Breakdown
Country Percent of Portfolio
Euroland62.0%
UK11.0%
US10.0%
China6.0%
Scandinavia4.0%
Japan2.0%
Iceland1.0%
New Zealand1.0%
Jersey1.0%
Australia1.0%

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) -0.45% -0.44% 0.20% 0.34% 0.86% 0.70%
Month-end (9/30/2018) -0.45% -0.44% 0.20% 0.34% 0.86% 0.70%
Yearly Returns
20170.35%
20160.57%
20150.19%
20140.90%
20130.69%
20121.81%
20110.85%
20100.83%
20091.81%
20084.03%
Expenses
Management Fee 0.10%
Total Expense Ratio 0.16%

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
After a turbulent August for emerging markets (EM), September offered little respite for some economies as a strong US dollar continued to weigh on EM. The strongest wage growth data since 2009, in the US, built up expectations of a third 0.25% rate hike for 2018 which was delivered later in the month. Speculation over Italy's deficit target for 2019, as well as the stability of the populist government, ensured Italian sovereign yields remained elevated and volatile. Yields on front-end Italian debt ended the month lower. Otherwise, developed sovereign debt yields ended the month higher as risk sentiment improved away from emerging markets.
Despite more supply from corporate new issue markets reopening after the summer and continued trade war rhetoric from the Trump administration, spreads on euro and US dollar-denominated corporates moved tighter over the month. Sterling-denominated paper moved sideways as Brexit-related headlines continued to dominate.
In the G10 space, the Norwegian krone was the strongest performer as oil marched higher over the month. Other commodity-related currencies, such as the Canadian and Australian dollars, also outperformed, albeit with NAFTA-related uncertainty weighing on the Canadian currency. The fund performed in line with its benchmark net of fees.

OUTLOOK
A robust labour market and stable growth dynamics should allow the Federal Reserve to raise rates marginally above market expectations by end 2019.
Despite strong economic prospects for the US economy, we believe that a combination of monetary policy convergence, a protectionist attitude from the US administration, and a current account deficit will weigh modestly on the US dollar.
Even with softening data in the eurozone in the first quarter of 2018, we expect momentum in the eurozone will pick up as the European Central Bank (ECB) may continue to be cautious and accommodative over the foreseeable future. However, we believe the ECB will be able to remove some of their ultra-accommodative policies faster than currently priced-in, as a result of strengths and improvement in the economy.
For now, we expect sentiment toward sterling markets will continue to be subdued by Brexit-related uncertainty.

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.