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 €58.0 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 €58.0 million
Average Duration 0.8 years
Average Maturity 2.2 years
Yield to Maturity (hedged) 0.0%
Duration Breakdown
Years Percent of Portfolio
0-174%
1-318%
3-58%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA26%
AA6%
A22%
BBB46%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates60%
Money Markets19%
Asset-Backed11%
Government/Gov't Related7%
Mortgage-Backed3%
Total 100%
Country Breakdown
Country Percent of Portfolio
Euroland47.0%
US17.0%
UK13.0%
China6.0%
Iceland4.0%
Japan3.0%
New Zealand3.0%
Scandinavia3.0%
Other4.0%

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 (12/31/2017) 0.35% 0.35% 0.37% 0.54% 1.20% 0.80%
Month-end (1/31/2018) 0.05% 0.39% 0.35% 0.56% 1.17% 0.79%
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
2018 started with positive sentiment towards global growth as expectations are for most economies to expand over the coming year. A combination of more hawkish developed central bank rhetoric, the possibility of American corporates selling treasury holdings after repatriating cash from overseas, higher debt issuance from the US in the face of tax reform and higher inflation caused developed sovereign yields to rise over the month.
As economic data from the US, Europe and Japan came in generally strong credit markets were well supported. Spread sectors moved tighter over the month with sterling denominated credit outperforming its euro and US dollar counterparts as markets continue to believe in a higher chance of a ‘softer’ Brexit. Further, industrials outperformed financials as commodity prices rose over January. The US dollar continued to be squeezed last month as stronger fundamentals in emerging markets (EM), better outlook for the Eurozone, a possible ‘softer’ Brexit and rising commodities benefitted traditional commodity based currencies caused longer positioning against the US dollar. As such the US dollar was the worst performing currency in G10 space and fell against most EM currencies too. The fund outperformed its benchmark by 8bps.

OUTLOOK
We believe the US Fed will raise rates at a faster rate than currently priced-in by markets. Still, such a shallow path by historical standards should keep any yield rises moderate.
The Japanese economy is showing signs of improved growth and we expect this could lead to a steady improvement in inflation expectations.
We believe the US dollar will be moderately stronger in the medium-term given our expectation that the US Fed will be raising interest rates.

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.