UCITS Funds

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

Base Share Class: USD

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

Share Class Snapshot - 30 November 2023
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 $51.1 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 - 30 November 2023
Fund Inception Date May 5, 2022
Share Class Inception Date May 5, 2022
Total Net Assets $51.1 million
Average Duration 6.8 years
Average Maturity 11.8 years
Yield to Maturity (hedged) 9.41%
Duration Breakdown
Years Percent of Portfolio
0-12%
1-316%
3-523%
5-723%
7-1013%
10+23%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA3%
AA5%
A9%
BBB24%
BB and Below59%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related84%
Corporates14%
Money Markets2%
Total 100%
Country Breakdown
Country Percent of Portfolio
Mexico7.6%
Colombia6.3%
S.Africa5.0%
Brazil4.5%
Indonesia4.1%
Saudi Arabia4.0%
Hungary4.0%
Costa Rica3.7%
Dominican Republic3.3%
Chile3.2%

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 (9/30/2023) 1.68% 11.45% N/A N/A N/A -1.99%
Month-end (11/30/2023) 5.48% 6.52% N/A N/A N/A 0.53%
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 - 30 November 2023

MARKET
Emerging-markets (EM) debt returns were strongly positive in November. US Treasury yields declined significantly, amidst signs of softer growth, reduced inflation pressure, and a more balanced monetary-policy outlook from the US Federal Reserve. Yields on hard-currency sovereign and corporate credit fell an even greater amount than US Treasury yields, adding to returns. EM local debt markets benefited from this environment, with bond yields moving lower, and currencies gaining against the weaker US dollar.

OUTLOOK
As inflation falls back towards target levels, developed-market central banks have been able to take a more balanced view of monetary policy. In most EM countries, inflation readings are contained, or continuing to fall. Several EM central banks have begun cutting rates, whilst others remain cautious, as policymakers face varying degrees of inflation, growth, financial, and external risks.
Elevated interest rates are expected to put downward pressure on growth, overall. To date, EM growth trends have been resilient, though pronounced differences exist between regions and countries. China’s economic outlook has been dented by challenges in the property sector, but a series of policy-support measures may allow for near-term cyclical improvement.
We believe systemically important EM countries and EM corporates (outside of specific sectors, like China property), have navigated tighter liquidity conditions well. That said, we remain alert to global and country-specific risk factors. Renewed bouts of inflationary pressure, potential developed-market recessions, and political risks, including a heavy global election calendar in 2024, may generate volatility.
In our view, EM debt offers investors diversification benefits, although historically elevated yields can generate healthy long-term income. Supply and demand factors have been broadly supportive, and the softening of the US dollar could provide a tailwind. Whilst the market backdrop warrants a selective approach, we believe many compelling opportunities exist across hard and local-currency EM debt.

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.