UCITS Funds

Payden Global Aggregate Bond Fund (PAGABUA ID)

Base Share Class: USD

Share Class
  • 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.

Share Class Snapshot - 31 March 2025
Fund Inception Date Mar 9, 2023
Share Class Inception Date Mar 9, 2023
Ticker PAGABUA ID
ISIN Number IE00BMBRV223
Sedol Number BMBRV22
Fund Total Net Assets $311.8 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 - 31 March 2025
Fund Inception Date Mar 9, 2023
Share Class Inception Date Mar 9, 2023
Total Net Assets $311.8 million
Average Duration 6.2 years
Average Maturity 7.8 years
Yield to Maturity (hedged) 5.02%
Duration Breakdown
Years Percent of Portfolio
0-118%
1-312%
3-520%
5-725%
7-1016%
10+9%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA23%
AA25%
A16%
BBB28%
BB and Below8%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Governments/Cash40%
Corporates34%
Mortgage-Backed18%
Government Related7%
Asset-Backed1%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States59.4%
Euroland18.0%
Japan6.1%
United Kingdom3.5%
Canada3.3%
Indonesia1.5%
Australia1.4%
Peru1.2%
Switzerland1.1%
Scandinavia1.0%

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 (3/31/2025) 1.27% 4.72% N/A N/A N/A 5.19%
Month-end (3/31/2025) 1.27% 4.72% N/A N/A N/A 5.19%
Yearly Returns
20243.36%
20236.06%
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 - 31 March 2025

MARKET
March continued the narrative of the potential waning of 'US exceptionalism' that has characterised the post-pandemic recovery. Whilst US economic indicators, largely showing signs of weakness, pointed to a slowdown, Europe displayed surprising resilience, suggesting a possible shift in global economic momentum. As a result, equity markets closed lower, and bond yields showed mixed performance across regions amid these changing dynamics.
Throughout the month, President Trump made several announcements regarding potential tariffs, set to be revealed on the 2nd of April, which fuelled a risk-off sentiment. Notably, this included a 25% tariff on imported vehicles, in addition to existing tariffs on steel, aluminium, and Chinese goods. Alongside investors waiting for policy clarity, economic data painted a concerning picture: core personal consumption expenditures (PCE) price index inflation increased to 2.8% year-on-year in February, whilst manufacturing activity unexpectedly contracted, with the purchasing manager’s index (PMI) falling to 49.8 in March. Labour markets showed signs of cooling, with non-farm payrolls adding just 151,000 jobs. The Federal Reserve kept rates steady at 4.25% to 4.50%, with Chair Powell unexpectedly describing tariff-driven inflation as 'transitory,' despite upward revisions to inflation projections. The S&P 500 declined 5.75% over the month, with the 10-year US Treasury yield ended at 4.21%.
European markets navigated challenges as positive fiscal developments partially offset concerns over tariffs. The European Central Bank (ECB) cut rates by 25 basis points to 2.5%, whilst the Bank of England held rates steady. The UK’s Spring Statement outlined £4.8 billion in welfare cuts alongside increased defence spending, whilst inflation continued to fall to 2.8%. Germany’s parliament approved a pivotal constitutional amendment loosening the debt brake, exempting defence spending above 1% of GDP from debt restrictions and establishing a €500 billion infrastructure fund. This fiscal shift brightens the outlook for both German and broader eurozone growth. The Eurozone Composite PMI improved marginally to 50.4, with manufacturing output growing for the first time in two years. The Stoxx 600 fell 4.18%, whilst German bund and UK gilt yields closed at 2.74% and 4.67%, respectively.

OUTLOOK
Uncertainty has risen significantly in the first quarter, with tariff threats and concerns surrounding other US policies (such as immigration and federal spending cuts) dominating investors’ attention globally. The rise in uncertainty has weakened both consumer and business sentiment, whilst pushing inflation expectations higher, especially in the US.
However, key economic indicators have remained relatively strong. Income growth is solid, consumer spending is holding up, and the labour market remains healthy. Outside of the US, new expansionary fiscal packages in regions like Europe and China have lifted growth expectations.
Going forward, we maintain a relatively optimistic outlook for global growth in 2025 as our central case, expecting growth resilience and continued moderation of inflation. However, the increased uncertainty and the lack of detailed information on potential policies from the new US administration, we have raised the probability of subpar growth or even a recession, highlighting the growing economic risks ahead.
In this environment, we aim to distribute risk in our portfolios more evenly across duration and credit. Given our central views, we continue to favour modest overweights in credit sectors, particularly higher-quality sectors such as investment-grade corporates or AAA-rated securitised assets. Regionally, we prefer balanced exposure across USD- and EUR-denominated issuers, especially in corporates.
From a duration perspective and given concerns about growth, we favour an overweight duration position, with a bias towards the short end of the US yield curve and select emerging-markets countries. We also like positioning portfolios for steeper yield curves, particularly in the US and Germany, as these positions may provide protection in the event of an economic slowdown or if fiscal policies become more expansionary. Regarding currencies, we maintain a cautious approach with limited active risk in this area, as we have mixed views on the direction of the US dollar in the near term.

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.