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 Citigroup 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 $288.2 million
Benchmark CITIGROUP 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 $288.2 million
Average Duration 7.2 years
Average Maturity 9.7 years
Yield to Maturity (hedged) 3.6%
Duration Breakdown
Years Percent of Portfolio
0-115%
1-313%
3-517%
5-716%
7-1012%
10+27%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA22%
AA15%
A31%
BBB31%
BB and Below1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Governments/Cash65%
Corporates23%
Asset-Backed5%
Government Related4%
Mortgage-Backed3%
Total 100%
Country Breakdown
Country Percent of Portfolio
Euroland37.0%
US22.0%
Japan20.0%
UK6.0%
Cayman Islands3.0%
Australia3.0%
Canada2.0%
Scandinavia1.0%
Mexico1.0%
Kazakhstan1.0%

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 (12/31/2018) 1.40% 1.40% 2.66% 3.51% 3.34% 4.51%
Month-end (12/31/2018) 1.40% 1.40% 2.66% 3.51% 3.34% 4.51%
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
Early in December Trade war rhetoric was not escalated at the G20 summit and instead a 90-day truce was declared between the US and China on further tariffs giving some short-term support to risk sentiment. In the UK, Theresa May postponed a parliamentary vote on her latest Brexit deal which led to a vote of confidence in her, being triggered by her party, which she subsequently survived. As the month developed, risk sentiment soured as investors worried about global growth, a plummeting oil price, tighter monetary policy and political uncertainty. US dollar investment-grade corporates underperformed their euro and sterling-denominated counterparts.
Developed sovereign yields fell sharply during the month with 10-year yields on US Treasuries falling 30 basis points and 10-year German Bunds reaching a low yield of 0.20%. Due to its safe-haven status, the Japanese yen outperformed its G10 peers. The fund underperformed its benchmark by 34 basis points net of fees.

OUTLOOK
A robust labour market and stable growth dynamics should allow the Federal Reserve to raise rates marginally above market expectations by end 2019.
Even with 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 we expect momentum will pick up later in the year and believe the European Central Bank (ECB) will continue to be cautious and accommodative over the foreseeable future. However, we believe that given strengths and improvement in the economy the ECB will be able to remove some of their ultra-accommodative policies faster than currently priced in.
For now, we expect 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.