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 June 2025
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 $71.8 million
Benchmark JP 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 June 2025
Fund Inception Date May 5, 2022
Share Class Inception Date May 5, 2022
Total Net Assets $71.8 million
Average Duration 6.4 years
Average Maturity 10.4 years
Yield to Maturity (hedged) 7.55%
Duration Breakdown
Years Percent of Portfolio
0-16%
1-318%
3-517%
5-723%
7-1020%
10+16%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA3%
AA4%
A8%
BBB27%
BB and Below57%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related86%
Corporates10%
Money Markets4%
Total 100%
Country Breakdown
Country Percent of Portfolio
Brazil8.9%
Peru5.5%
Mexico5.0%
Indonesia4.7%
Hungary4.5%
S.Africa4.3%
Argentina3.8%
Colombia3.3%
Dominican Republic3.0%
Nigeria2.9%

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 (6/30/2025) 5.28% 11.06% 9.58% N/A N/A 5.98%
Month-end (6/30/2025) 5.28% 11.06% 9.58% N/A N/A 5.98%
Yearly Returns
20247.55%
202310.98%
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 June 2025

MARKET
Emerging-markets (EM) debt indices posted positive returns, as a constructive backdrop for interest rate duration was complemented by a risk-supportive market tone. Yields on hard-currency sovereign and corporate credit narrowed by 0.12% and 0.06%, respectively, compared to similar-maturity US Treasuries. In sovereigns, high-yield issuers outperformed their investment-grade peers, whilst corporate performance showed less variation between rating categories. EM local bond markets added to their robust performance thus far in 2025, with local interest rates shifting lower and currencies appreciating against the US dollar.

OUTLOOK
Overall, EM country fundamentals remain sound. EM growth has been steady, inflation is contained, and external accounts are in a healthy position, with limited signs of balance-of-payment pressure and comfortable foreign reserve levels. Over the past year, most EM central banks have been able to ease monetary policy, although they have taken a prudent approach, keeping a gap between policy rates and inflation.
Rising global trade tensions, particularly due to the United States’ efforts to impose global trade barriers, have increased policy uncertainty. Whilst EM countries vary in their exposure to US trade, we believe the direct economic risks are manageable. However, risks to global growth are likely to tilt to the downside, energy prices are lower, and goods exports from China are prevalent. These factors, along with EM currency appreciation against a weaker US dollar, may prove disinflationary. In this context, EM central banks should have space to respond to increased global volatility, if needed.
Looking ahead, two key structural forces continue to benefit EM debt investors: 1) strong long-term growth prospects relative to developed markets, and 2) a broadening of investment opportunities across roughly 90 countries, including sovereign, corporate, and local market bonds, spanning various geographies and sectors. In our view, EM debt offers investors useful diversification benefits, whilst yields are attractive for generating income over time.

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.