UCITS Funds

Payden Global Aggregate Bond Fund (PAGABUA ID)

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

The Payden Global Aggregate Bond Fund invests in a range of fixed-income instruments across a variety of sectors, maturities, and currencies of denomination with a primary focus on investment-grade securities. The Fund combines top-down and bottom-up views across duration, country, credit, and foreign exchange markets. The Fund is actively managed against the Bloomberg Barclays Global Aggregate Index hedged into the base currency of the investor's chosen share class.

Fund Snapshot
Fund Inception Date May 28, 2021
Share Class Inception Date May 28, 2021
Ticker PAGABUA ID
ISIN Number IE00BMBRV223
Sedol Number BMBRV22
Fund Total Net Assets $107.2 million
Benchmark BLOOMBERG GLOBAL AGGREGATE INDEX USD HEDGED
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.30%
Total Expense Ratio 0.35%
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 May 28, 2021
Share Class Inception Date May 28, 2021
Total Net Assets $107.2 million
Average Duration 6.7 years
Average Maturity 9.2 years
Yield to Maturity (hedged) 1.9%
Duration Breakdown
Years Percent of Portfolio
0-110%
1-316%
3-530%
5-714%
7-107%
10+23%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA34%
AA9%
A19%
BBB21%
BB and Below16%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Governments/Cash54%
Corporates29%
Mortgage-Backed11%
Government Related2%
Other4%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States41.2%
Euroland21.8%
Japan13.2%
United Kingdom6.5%
Canada3.5%
Mexico1.5%
Australia1.3%
S.Africa1.1%
Scandinavia1.1%
Brazil0.8%

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 (9/30/2021) 0.78% N/A N/A N/A N/A 0.78%
Month-end (11/30/2021) 0.96% N/A N/A N/A N/A 0.96%
Yearly Returns
Expenses
Management Fee 0.30%
Total Expense Ratio 0.35%

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 saw global stocks reach all-time highs, with the S&P 500 Index rising by 6.9% and the Euro Stoxx 50 Index up by 5.0% over the month, supported in part by a robust corporate earnings season. The month began with US jobs report data recording its second consecutive miss towards the downside compared to analyst expectations. Whilst the report didn’t deter expectations of the US Federal Reserve announcing tapering plans, it did remove pressure for the central bank to raise interest rates. Given the market backdrop, the US 10-year Treasury yield rose over the course of October.
Senate Majority Leader Chuck Schumer gave a boost to financial assets by announcing an agreement with Republicans to extend the debt ceiling through early December, a move that would hopefully help to prevent market disruptions. Meanwhile, in Europe, the European Central Bank left rates unchanged and announced that the bond buying would continue at a moderately slower pace. President Christine Lagarde said higher inflation might be around for longer than expected, though the monetary authority expects prices to start moderating next year. In the UK, Bank of England Governor Andrew Bailey strengthened the case for raising interest rates, saying that the central bank will have to act to curb inflationary forces and warning that higher energy costs mean price pressures will persist. On the Brexit front, Prime Minister Johnson was determined to find a solution to an impasse with the EU over Brexit provisions related to Northern Ireland, a sign that a compromise may be reached in a dispute that had threatened to spiral into a trade war.
On the macro-news front, China's economy slowed in the third quarter, with GDP below consensus values, as the property slump and energy crisis took their toll. Elsewhere, the US agreed to drop the threat of trade tariffs against five European countries over their digital service taxes on big tech groups such as Amazon and Facebook.

OUTLOOK
Over the next couple of months, financial markets may be approaching an unusual crossroads, whereby major central banks are looking to withdraw their monetary accommodation on the back of mounting inflation pressures, despite the economic growth rate coming in lower than expected due to lingering impacts from the COVID-19 Delta variant. Against this backdrop, we remain constructive on global growth and see the slowdown as more of a normalization towards lower but still healthy growth rates, expecting the path of normalisation to be relatively shallow. Inflation pressures could build further; however, we maintain the view of a transitory spike in inflation, primarily driven by supply-side factors. We prefer to maintain an underweight duration stance, though we expect tactical opportunities to fade sharp repricing of a monetary policy normalisation might present themselves.
In credit markets, our focus remains on the carry component of excess returns as we see limited scope for substantial spread tightening. We believe risk-to-reward payoffs are better in securitised, developed, high-yield corporates and hard-currency emerging-market sectors, especially given the lower interest rate sensitivity in high-yield corporates and securitised markets. We maintain a neutral stance on investment-grade corporates and keep underweight positions in agency mortgage-backed securities.
In currency space, we expect the broad US dollar index to be somewhat rangebound in the short term, with modest positive momentum in the next few months giving way to some weakness later as investors look to identify which central bank will be the next to move closer towards normalisation.

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.