UCITS Funds

Payden Global Bond Fund (PARINBI ID)

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

The Payden & Rygel Global Bond Fund is actively managed against the FTSE World Government Bond Index hedged into the investor's base currency. Duration, country, credit and foreign exchange views are expressed in the fund to add value over the benchmark performance. A properly balanced approach to risk management and idea generation strives to provide consistent outperformance of global government bond markets whilst limiting downside surprises.

Fund Snapshot
Fund Inception Date Sep 30, 1997
Share Class Inception Date Sep 30, 1997
Ticker PARINBI ID
ISIN Number IE0007440070
Sedol Number 0744007
Fund Total Net Assets $404.9 million
Benchmark FTSE WORLD GOVERNMENT BOND 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 Sep 30, 1997
Share Class Inception Date Sep 30, 1997
Total Net Assets $404.9 million
Average Duration 8.3 years
Average Maturity 10.6 years
Yield to Maturity (hedged) 2.5%
Duration Breakdown
Years Percent of Portfolio
0-113%
1-37%
3-518%
5-715%
7-1016%
10+31%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA22%
AA17%
A31%
BBB28%
BB and Below1%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Governments/Cash63%
Corporates24%
Asset-Backed6%
Mortgage-Backed4%
Other3%
Total 100%
Country Breakdown
Country Percent of Portfolio
Euroland39.0%
US24.0%
Japan18.0%
UK6.0%
Cayman Islands5.0%
Canada3.0%
Australia2.0%
Scandinavia1.0%
Other2.0%

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 (9/30/2019) 9.90% 11.47% 3.97% 4.32% 4.11% 4.80%
Month-end (10/31/2019) 9.52% 11.32% 4.28% 4.16% 4.07% 4.77%
Yearly Returns
20181.40%
20173.41%
20163.19%
20151.58%
20148.12%
2013-0.71%
20126.38%
20113.14%
20104.92%
20092.28%
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 began with a string of disappointing economic data which, coupled with continuing trade tensions, perpetuated market participant fears of a global economic slowdown. Such fears were heightened as the IMF's steering committee downgraded its 2019 global growth outlook for the fifth time. Incongruously, investor sentiment quickly improved as extended negotiations between US and Chinese officials highlighted their willingness to progress towards a "phase one" trade deal. This did little to stop another rate cut by the Federal Reserve (Fed), however, as they cited economic growth and inflationary targets as the reasoning behind their expansionary monetary policy.
Elsewhere, Brexit developments were under the spotlight after a meaningful vote on Johnson's deal was deferred, with the UK Parliament refusing to fast-track the process ahead of the October 31st deadline. Although this led to a new January 31, 2020, Brexit extension deadline being granted by the EU, with a general election scheduled for the 12th of December. The likelihood of a no-deal Brexit remains low, providing an opportunity for the pound to extend its gains.
In this environment, developed sovereign debt yields ended the month higher having retraced their lows from the beginning of the month. Risk markets were buoyed by improving investor sentiment as the month progressed, with US dollar-denominated investment-grade corporates outperforming their euro and sterling counterparts. The fund outperformed its benchmark by 8 basis points net of fees.

OUTLOOK
We believe that balanced remarks following the Fed's most recent rate cut marks the start of an extended period of monetary policy neutrality; with Powell stating the US economy is in a 'good place' and that the hurdle to cut rates further, is high.
Despite relatively strong economic data releases for the US, we expect that a protectionist attitude from the US administration and a current account deficit may weigh modestly on the US dollar.
Although the ability for Lagarde to further utilise expansionary monetary policy to stem eurozone economic slowdown is limited, we believe that investor sentiment towards the eurozone is overly pessimistic. If economic weakness in certain countries continues to persist, we expect the chances of fiscal loosening being implemented could be high.
For now, we believe sentiment toward sterling markets will continue to be subdued by Brexit related uncertainty.

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.