UCITS Funds

Payden Global Equity Income Fund (PYGEIUA ID)

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

The fund invests primarily in global large-capitalization common stocks with above-average dividend yields and other income-producing securities such as preferred stocks, master limited partnerships, and real estate investment trusts. The fund focuses on companies that have strong fundamentals and are expected to achieve positive earnings and dividend growth.

Fund Snapshot
Fund Inception Date Jun 21, 2017
Ticker PYGEIUA ID
ISIN Number IE00BYQJ9894
Sedol Number BYQJ989
Fund Total Net Assets $58.4 million
Benchmark
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.55%
Total Expense Ratio 0.65%
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 Jun 21, 2017
Total Net Assets $58.4 million
Country Breakdown
Country Percent of Portfolio
United States70.0%
Euroland13.0%
United Kingdom7.0%
Switzerland3.0%
Japan3.0%
Scandinavia1.0%
Canada1.0%
Australia1.0%
Hong Kong1.0%
Sector Breakdown
Sector Percent of Portfolio
Financials17%
Health Care14%
Energy13%
Technology12%
Industrials9%
Consumer Discretionary8%
Consumer Staples8%
Utilities7%
Communication Services4%
Real Estate4%
Total 96%

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 (6/30/2019) 17.60% 7.74% N/A N/A N/A 5.55%
Month-end (6/30/2019) 17.60% 7.74% N/A N/A N/A 5.55%
Yearly Returns
2018-11.60%
20177.33%
Expenses
Management Fee 0.55%
Total Expense Ratio 0.65%

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
Global equities (MSCI World Index, net in USD) posted a gain of +4.0% for 2Q 2019, which capped off the best 1st half return (+17.0%) for the index since 1998.
Despite volatility picking up during the quarter due to rising macro risks (US-China trade, Brexit, Iran) and weaker global economic data, equities were resilient as major central banks turned more dovish on their monetary policies.
Nearly all sectors posted positive returns for the quarter, with financials (+6.4%) and technology (+6.0%) leading markets higher. Energy (-1.3%) was the only sector that posted losses.
Dividend stocks participated in the rally but lagged the broad equity market, despite the significant decline in interest rates. Preferred stocks (+2.3%) and REITs (+1.6%) were the best performers.

OUTLOOK
Positive expected GDP and corporate earnings growth support higher equity prices over the next 12 months, but ongoing macro headwinds and less compelling equity valuations temper our optimism.
Volatility should pick up in the near term as the stock prices are near record highs, valuation multiples are above long-term averages, and elevated macro risks remain an overhang.
US continues to offer the best combination of economic stability, and strong earnings and dividend growth rates. We favor the technology and energy midstream sectors.
Europe trades at attractive valuations, but political uncertainties and below trend GDP growth continue to weigh on investor risk sentiment.

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.