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 2.0 years
Yield to Maturity 0.0%
Duration Breakdown
Years Percent of Portfolio
0-180%
1-318%
3-52%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA27%
AA11%
A26%
BBB35%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates57%
Asset-Backed17%
Government/Gov't Related13%
Money Markets7%
Mortgage-Backed6%
Total 100%
Country Breakdown
Country Percent of Portfolio
Euroland60.0%
UK15.0%
US9.0%
China5.0%
Scandinavia4.0%
Iceland2.0%
New Zealand1.0%
Japan1.0%
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 (6/30/2018) -0.38% -0.19% 0.16% 0.40% 0.98% 0.72%
Month-end (7/31/2018) -0.39% -0.30% 0.14% 0.37% 0.94% 0.72%
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
July started with US President Trump threatening to impose tariffs on European automakers and $34 billion worth of Chinese goods. The US eventually gained a few concessions from the EU and tariffs on automakers were subsequently avoided. The US economy continued to add jobs in July and combined with generally positive corporate earnings, risk markets fared well over the month. Euro and US dollar denominated investment-grade corporates outperformed their sterling counterparts as they were subject to Brexit related volatility.
Governor Carney of the Bank of England expressed confidence in the UK economy. Theresa May outlined a softer approach to Brexit which subsequently saw the resignation of the Brexit Minister and the Foreign Secretary. Although sterling rose initially in response, it ended the month lower against most of its G10 peers as political wrangling weighed on markets.
The European Central Bank left monetary policy unchanged in July. Rumours of changes to Japan's current stimulus by the Bank of Japan (BoJ) caused developed sovereign debt yields to rise. At month end the BoJ decided to increase their tolerance to stray away from their 0%, 10-year yield target and increased Topix ETF purchases. The fund outperformed its benchmark by 3 basis points.

OUTLOOK
A robust labour market and stable growth dynamics should allow the Federal Reserve to raise rates marginally above market expectations by end 2019. However, US bond yields at longer maturities may only see a modest rise from here.
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.
Despite softening data in the eurozone in the first quarter of 2018 we believe momentum in the eurozone will pick up and expect the European Central Bank (ECB) will continue to be cautious and accommodative over the foreseeable future. However, we anticipate that with strengths and improvement in the economy, the ECB will be able to remove some of their ultra-accommodative policies faster than currently priced-in.
We expect that the BoJ will stay with its 0%, 10-year yield curve target for now. We believe that lower inflation outlooks in Japan made it necessary to adjust the tolerance around this target higher.

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.