UCITS Funds

Payden Global Emerging Markets Bond Fund (Hard Currency) (PAEHCUA ID)

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

Fund Snapshot
Fund Inception Date May 5, 2022
Share Class Inception Date May 5, 2022
Ticker PAEHCUA ID
ISIN Number IE00BHX5Q577
Sedol Number BHX5Q57
Fund Total Net Assets $35.3 million
Benchmark J. P. Morgan EMBI Global Diversified Bond Index
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.50%
Total Expense Ratio 0.63%
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 May 5, 2022
Share Class Inception Date May 5, 2022
Total Net Assets $35.3 million
Average Duration 6.7 years
Average Maturity 11.2 years
Yield to Maturity (hedged) 9.08%
Duration Breakdown
Years Percent of Portfolio
0-19%
1-38%
3-522%
5-720%
7-1018%
10+23%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA5%
AA3%
A5%
BBB27%
BB and Below57%
Unrated3%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related78%
Corporates18%
Money Markets4%
Total 100%
Country Breakdown
Country Percent of Portfolio
Mexico7.3%
Dominican Republic5.9%
Brazil5.4%
Indonesia4.0%
Romania3.9%
Colombia3.9%
Malaysia3.8%
Egypt3.4%
S.Africa3.3%
Ecuador3.0%

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 (12/31/2022) -4.41% N/A N/A N/A N/A -4.41%
Month-end (12/31/2022) -4.41% N/A N/A N/A N/A -4.41%
Yearly Returns
2022-4.41%
Expenses
Management Fee 0.50%
Total Expense Ratio 0.63%

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
Emerging-markets (“EM”) debt closed 2022 with positive returns in December, wrapping up a challenging year. In EM hard-currency corporates and sovereigns, yields narrowed relative to comparable-maturity US Treasuries, compensating for headwinds from duration. Within these credit sectors, high yield bonds generally outperformed investment grade bonds. Local markets also delivered positive returns, with interest rates remaining stable, while most EM currencies rallied against a softer US dollar.

OUTLOOK
The outlook for fixed-income assets may be more balanced, as inflation momentum has shown signs of slowing, whilst central-bank tightening is reaching late stages. Barring further shocks, inflation readings should ease across most EM countries during 2023, especially as food and energy prices have moderated. Still, elevated price pressures suggest that monetary policy may need to remain restrictive. Even as most EM central banks are winding down hiking cycles, markets will likely remain captive to the evolution of developed-country monetary policy.
Higher interest rates and the waning post-pandemic demand recovery will likely lead to slower growth. Dynamics in China may play a counteracting role, however, as the rapid abandonment of ‘COVID-zero’ policy creates uncertainty at the onset of 2023, but boosts growth prospects thereafter. Overall, we emphasise that the fundamental effects of the global environment vary considerably among EM countries and corporates, and we expect issuer differentiation to remain a key theme.
Whilst we believe systemically-important EM countries have navigated tighter liquidity conditions well, we remain alert to the risks ahead. Hawkish policy by the US Federal Reserve, slowing global growth, and geopolitical risks, including the ongoing Russia-Ukraine conflict, may continue to generate volatility. However, we believe risk factors are better priced and better understood compared to early 2022. In our view, EM debt continues to offer investors diversification benefits and attractive income. Whilst the environment calls for a selective approach, we believe many hard and local currency EM debt markets present compelling opportunities.

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.