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.
Share Class Snapshot - 31 January 2026
Fund Inception Date
Mar 9, 2023
Share Class Inception Date
Mar 9, 2023
Ticker
PAGABUA
ISIN Number
IE00BMBRV223
Sedol Number
BMBRV22
Fund Total Net Assets
$410.0 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.
A collective redress mechanism by consumers in respect of infringements of applicable Irish or EU laws is available under the Representative Actions for the Protection of the Collective Interests of Consumers Act 2023 which transposes Directive (EU) 2020/1828 into Irish law.
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.
A collective redress mechanism by consumers in respect of infringements of applicable Irish or EU laws is available under the Representative Actions for the Protection of the Collective Interests of Consumers Act 2023 which transposes Directive (EU) 2020/1828 into Irish law.
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.
A collective redress mechanism by consumers in respect of infringements of applicable Irish or EU laws is available under the Representative Actions for the Protection of the Collective Interests of Consumers Act 2023 which transposes Directive (EU) 2020/1828 into Irish law.
As 2026 gets underway, global markets are adjusting to a late-cycle environment characterised by moderating growth, uneven disinflation, and cautious central banks. January's data broadly supported a "cooling but resilient" global backdrop. Economic momentum slowed from the highs seen in late 2025 but remained intact, whilst inflation continued to ease, albeit unevenly. Policy uncertainty, geopolitics, and trade dynamics played an outsized role in shaping market sentiment, reinforcing a data-driven and scenario-based outlook across asset classes.
In the US, the economy entered 2026 with solid underlying momentum but clearer signs of moderation. Growth remained supported by resilient services activity and steady consumer demand, whilst manufacturing stayed subdued and labour-market cooling became more evident. Jobless claims remained low, pointing to limited layoffs, but hiring slowed, and payroll gains were modest, consistent with easing labour demand. Inflation continued to move gradually towards target, although uneven progress kept the Federal Reserve (Fed) firmly data-dependent and cautious on the timing of any policy easing. Markets were also influenced by political developments, including President Trump's nomination of Kevin Warsh to succeed Jerome Powell as Fed Chair when Powell's term ends in May 2026. This renewed focus on the future policy framework and central bank independence. Financial conditions were further shaped by a softer US dollar during the month, reflecting shifting rate expectations and improved global risk sentiment. The S&P 500 ended the month up 1.37%, whilst the yield on the 10-year US Treasury closed at 4.24%.
European data surprised modestly to the upside, with fourth-quarter GDP growth exceeding expectations and marking another quarter of expansion. The recovery continued to be driven by domestic demand, whilst exports remained a constraint. Inflation trends were mixed: headline readings eased towards target, but core pressures and inflation expectations remained elevated, reinforcing the European Central Bank's patient stance. In the UK, growth remained modest and uneven, with sticky domestic inflation complicating the policy outlook despite signs of a cooling labour market. The yields on 10-year Bunds ended the month at 2.84%, whilst 10-year Gilts closed at 4.52%.
OUTLOOK
Our outlook for 2026 can be characterised as cautiously optimistic, though risks are skewed to the downside. The US economy remains central to our global outlook particularly given the unusual divergence between strong GDP growth and a weakening labour market, an imbalance we do not expect to persist in 2026. In our view, the US economy faces a binary path: either re-accelerating as technology-driven productivity gains take hold or slipping into recession if labour-market softness begins to weigh more broadly on economic activity. In either scenario, US inflation is expected to continue moderating. This disinflationary trend, combined with labour-market weakness, should allow the Fed to continue easing policy towards neutral, and potentially beyond. Outside the US, most developed economies are likely to remain resilient, supported by benign economic growth, declining inflation, and accommodating, or further easing, monetary policy. Japan stands as an exception, where gradual policy tightening is expected to continue.
Moderating inflation and range-bound inflation expectations have historically been associated with a negative correlation between interest rates and risk assets. With risks to economic growth tilted to the downside, we believe a balanced and diversified allocation between duration and credit risk positions portfolios well to navigate the uncertainty and range of potential outcomes in 2026. Despite the level of macroeconomic uncertainty across the economy, credit valuations remain at the most expensive end of the historical ranges, even as corporate fundamentals appear relatively healthy.
In this environment, we prefer to distribute risk in our portfolios in a more balanced manner across duration and credit. Consistent with our central outlook, we continue to hold modest overweight positions in higher-quality credit sectors, including investment-grade corporates and select high-quality securitised assets.
Given the ongoing concerns around economic growth, we favour an overweight to duration, positioning portfolios to benefit from further declines in interest rates. Within this exposure, we prefer intermediate-maturity US Treasuries and select emerging-market sovereign bonds. We are also positioned to benefit if the gap between short-term and long-term interest rates grows wider (a "steepening" yield curve), especially in the US and Germany, which we believe could provide some protection in an economic slowdown or if fiscal policies become more expansionary.
In our currency strategy, we hold an underweight position in the US dollar, although less pronounced than earlier in 2025. This positioning is expressed against a diversified basket of developed and emerging-market currencies, such as the euro, the Japanese yen, and the Brazilian real.
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.
A collective redress mechanism by consumers in respect of infringements of applicable Irish or EU laws is available under the Representative Actions for the Protection of the Collective Interests of Consumers Act 2023 which transposes Directive (EU) 2020/1828 into Irish law.
Payden Funds PO Box 534496 Pittsburgh, PA 15253-4496
Overnight: Payden Funds Attention: 534496 500 Ross Street 154-0520 Pittsburgh, PA 15262
Career Opportunities
Payden & Rygel provides superior solutions by employing a staff whose education, experience and vision have made the firm a leader in the field. We welcome the opportunity to speak with talented and motivated individuals who wish to meet this challenge.
If you are interested in a career with Payden & Rygel, please submit your resume to the firm's human resources department at careers@payden.com.
Disaster Recovery and Business Continuity Preperations
Payden & Rygel has developed a Business Continuity Plan to ensure that all critical functions continue in the event of a disruption in normal operations.
The firm has configured data replication servers and related infrastructure in its Boston, Massachusetts office. Data on critical Los Angeles servers is replicated to corresponding servers in the Boston location on a live basis throughout each day. In addition, other servers and databases are backed up, sent electronically to Boston, and restored at the end of each day. The firm has established a dedicated high-speed connection between the Los Angeles and Boston offices to facilitate the secure transmission of data backups.
A number of individuals from the Trading, Portfolio Operations, Information Technology, Compliance and Portfolio Management departments have been selected to connect remotely to the Boston office to complete their daily responsibilities, in the event of a disruption to normal business operations. The firm has implemented a VMWare virtual environment for each of these individuals so that they each have their own remote desktop in Boston to which they securely connect using a laptop or desktop computer with an Internet connection. Our expectation is that routine business operations will resume within 24 hours of a business continuity event. In addition, the Boston office has capacity to accommodate additional employees if a physical relocation of selected Los Angeles employees is necessary.
The firm uses a third-party hosted mass notification system to quickly communicate with all employees in the event of a disruption in operations. The system allows management to compose a text or voice message notifying employees of the event, which is then sent automatically to employees' mobile phones, home phones, and e-mail addresses. Employees indicate their receipt of the message from their phone or mobile device, which allows management to immediately review summary reports of the employees who are aware of the disruption. Additional instructions and updates can then be sent to all staff, as necessary under the circumstances.
In the event that our Business Continuity Plan is activated and Los Angeles office phone lines are down, the Los Angeles phone numbers are re-directed to the Boston office. Boston-based staff will direct callers to the mobile phones of key portfolio professionals, as necessary. All key investment personnel have access to firm e-mail on mobile devices. E-mail delivery to Payden & Rygel addresses is not dependent on the availability of either Los Angeles or Boston servers. Finally, Boston-based staff has access to portfolio management and reporting information independent of Los Angeles technology availability.
The transfer agent for the Payden Funds is not located in Payden & Rygel's offices. The transfer agent for all of the funds maintains all shareholder records and will continue to receive all shareholder calls related to their accounts.
On at least a quarterly basis, several employees from the departments specified above will remotely connect to the Boston office to test the infrastructure by conducting their daily job responsibilities, including the execution, ticketing, settlement and processing of securities trades.
The Business Continuity Plan was developed and is monitored by a committee of senior managers, including the heads of the Trading, Portfolio Operations, Compliance and Information Technology departments. The committee meets regularly to discuss any necessary updates to the Plan and coordinates ongoing tests of the Boston location by a team of employees from various departments. The committee also solicits feedback from personnel based on the ongoing tests and promptly makes adjustments to the Plan and the Boston office resources, as necessary.
Updates to the Business Continuity Plan will be posted on this website page and a copy of the Plan may also be obtained by written request.
Environmental, Social, and Governance (ESG)
& STEWARDSHIP
To assure that Payden & Rygel meets their fiduciary responsibilities as an investment adviser, we have in place policies and procedures to support our ESG & Stewardship efforts
In addition to our applicable firm wide policies, Payden & Rygel and affiliated companies have been appointed as investment manager/adviser to various EU domiciled collective investment schemes. Payden manages many of these investments so that they can be designated as Article 8 financial products pursuant to the Sustainable Finance Disclosure Regulation (EU 2019/2088). Payden has further been appointed by certain clients under separately managed accounts to manage assets in accordance with SFDR Article 8.
Payden & Rygel respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner and in compliance with applicable legal and regulatory requirements.
Collection of Information
To meet those expectations, we must collect and maintain certain personal information that is required by state and federal agencies, such as name, address and tax ID. We may collect or capture nonpublic information about you from the following sources:
Client onboarding forms;
Oral conversations or written correspondence between you and your Payden & Rygel representatives; and
Electronic sources, such as our Web site, or E-Mails.
Payden & Rygel clients have the right to: (i) be informed, at or before the point of collection, of the categories of personal information to be collected and the purposes for which the categories of personal information shall be used; and (ii) be informed of (a) the categories of personal information Payden & Rygel has collected about them; (b) the specific pieces of personal information Payden & Rygel has collected about them; (c) the categories of sources from which Payden & Rygel has collected the personal information; (d) the business or commercial purpose for collecting the personal information; and (e) the categories of third parties with whom Payden & Rygel share personal information about any client.
Disclosure of information
We do not disclose any nonpublic personal and account information about our clients, or former clients, to anyone, except as permitted by law.
In this regard, we may disclose such information to our affiliates, including Payden & Rygel Global Limited; Treasury Plus, Inc.; and Payden & Rygel Distributors. We also may disclose such information to unaffiliated third parties who are service providers to Payden & Rygel, such as broker-dealers, transfer agents or custodians. In each case, such disclosure is permitted by law, and the recipients are permitted to use it only as needed to provide agreed services to you. Finally, we may also disclose information to appropriate government agencies, and to others, as required by law or to prevent fraud.
We do not sell personal information collected, nor make that personal information available on-line. To change your personal information, call Payden & Rygel at (213) 625-1900 and request to speak to your Payden & Rygel representative.
Internal access to information and safeguards
We limit access to your personal and account information to those employees who need to know that information so that we can provide products and services to you. We also maintain physical, electronic and procedural safeguards to protect your nonpublic personal and account information. Finally, when we dispose of such information, we have in place policies and procedures to assure that such information is properly stored and shredded in the case of documentary material and erased in the case of electronic media so that in either case the information cannot be practicably read or reconstructed.
As required by U.S. federal law, Payden & Rygel will update this information at least annually.
This website is for information purposes only. It is not intended to be a solicitation, offering or recommendation of any security, investment management service or investment advisory service. Nor does Payden & Rygel intend to provide investment, tax or legal advice through this website. In particular, Payden & Rygel does not represent that the securities, products or services discussed on this website are suitable or appropriate for all investors.
The information on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Payden & Rygel to any registration requirement within such jurisdiction or country.
The reliability and accuracy of the material on this website cannot be assured because of possible technical malfunctions and unauthorized tampering. In addition, the material on this website, including any opinions expressed herein, is subject to change without notice. Past performance is not a guarantee of future results.
No part of this website may be reproduced in any of form, or referred to in any other publication without the express written consent of Payden & Rygel. Any links to other Internet sites ("hyperlinks") are included only as a convenience for visitors to this website. Payden & Rygel assumes no liability for the content or presentation of such hyperlink sites.
Legal Disclaimer
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
The Funds respect your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner and in compliance with applicable legal and regulatory requirements.
Collection of Information
To meet those expectations, we must collect and maintain certain personal information that is required by state and federal agencies, such as name, address and tax ID. We may collect or capture nonpublic information about you from the following sources:
The Fund application, or other forms;
Oral conversations or written correspondence between you and our representatives;
Your transactions with us; and
Electronic sources, such as our Web site, or E-Mails.
Payden & Rygel clients have the right to: (i) be informed, at or before the point of collection, of the categories of personal information to be collected and the purposes for which the categories of personal information shall be used; and (ii) be informed of (a) the categories of personal information Payden & Rygel has collected about them; (b) the specific pieces of personal information Payden & Rygel has collected about them; (c) the categories of sources from which Payden & Rygel has collected the personal information; (d) the business or commercial purpose for collecting the personal information; and (e) the categories of third parties with whom Payden & Rygel share personal information.
Disclosure of Information
We do not disclose any nonpublic personal and account information about our customers, or former customers, to anyone, except as permitted by law.
In this regard, we may disclose such information to our affiliates, including the Funds’ investment adviser, Payden & Rygel; administrator, Treasury Plus, Inc.; and distributor, Payden & Rygel Distributors. We also may disclose such information to unaffiliated third parties who are service providers to you or to the Funds, such as broker-dealers, transfer agents, custodians, or our mail processing firm. In each case, such disclosure is permitted by law, and the recipients are permitted to use it only as needed to provide agreed services to you. Finally, we may also disclose information to appropriate government agencies, and to others, as required by law or to prevent fraud.
We do not sell personal information collected, nor make that personal information available on-line. To change your personal information, call Paydenfund Shareholder Services at 800-572-9366 and request the forms necessary to make any such changes.
Internal Access to Information and Safeguards
We limit access to your personal and account information to those employees who need to know that information so that we can provide products and services to you. We also maintain physical, electronic and procedural safeguards to protect your nonpublic personal and account information. Finally, when we dispose of such information, we have in place policies and procedures to assure that such information is properly stored and shredded in the case of documentary material and erased in the case of electronic media so that in either case the information cannot be practicably read or reconstructed.
As required by U.S. federal law, Payden & Rygel will update this information at least annually.