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 €69.6 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 €69.6 million
Average Duration 1.0 years
Average Maturity 1.9 years
Yield to Maturity 0.0%
Duration Breakdown
Years Percent of Portfolio
0-167%
1-324%
3-59%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA17%
AA6%
A33%
BBB44%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates70%
Asset-Backed13%
Money Markets11%
Mortgage-Backed4%
Government/Gov't Related2%
Total 100%
Country Breakdown
Country Percent of Portfolio
Euroland55.0%
US16.0%
UK13.0%
Scandinavia5.0%
China4.0%
Japan3.0%
New Zealand2.0%
Switzerland1.0%
Jersey1.0%

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 (9/30/2019) 0.72% 0.29% 0.07% 0.21% 0.63% 0.67%
Month-end (10/31/2019) 0.67% 0.28% 0.06% 0.19% 0.62% 0.66%
Yearly Returns
2018-0.88%
20170.35%
20160.57%
20150.19%
20140.90%
20130.69%
20121.81%
20110.85%
20100.83%
20091.81%
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
Last month began with a string of disappointing economic data which, coupled with continuing trade tensions, perpetuated market participant fears of a global economic slowdown. Such fears were heightened as the IMF's steering committee downgraded its 2019 global growth outlook for the fifth time. Incongruously, investor sentiment quickly improved as extended negotiations between US and Chinese officials highlighted their willingness to progress towards a "phase one" trade deal. This did little to stop another rate cut by the Federal Reserve (Fed), however, as they cited economic growth and inflationary targets as the reasoning behind their expansionary monetary policy.
Elsewhere, Brexit developments were under the spotlight after a meaningful vote on Johnson's deal was deferred, with the UK Parliament refusing to fast-track the process ahead of the October 31st deadline. Although this led to a new January 31, 2020, Brexit extension deadline being granted by the EU, with a general election scheduled for the 12th of December. The likelihood of a no-deal Brexit remains low, providing an opportunity for the pound to extend its gains.
In this environment, developed sovereign debt yields ended the month higher having retraced their lows from the beginning of the month. Risk markets were buoyed by improving investor sentiment as the month progressed, with US dollar-denominated investment-grade corporates outperforming their euro and sterling counterparts. The fund underperformed its benchmark by 1 basis point net of fees.

OUTLOOK
We believe that balanced remarks following the Fed's most recent rate cut marks the start of an extended period of monetary policy neutrality; with Powell stating the US economy is in a 'good place' and that the hurdle to cut rates further, is high.
Despite relatively strong economic data releases for the US, we expect that a protectionist attitude from the US administration and a current account deficit may weigh modestly on the US dollar.
Although the ability for Lagarde to further utilise expansionary monetary policy to stem the eurozone economic slowdown is limited, we believe that investor sentiment towards the eurozone is overly pessimistic. If economic weakness in certain countries continues to persist, we expect the chances of fiscal loosening being implemented could be high.
For now, we believe 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.