UCITS Funds

Payden Global Emerging Markets Bond Fund (PARGEMD ID)

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

The Payden Global Emerging Markets Bond Fund invests in a diversified portfolio of emerging-market sovereign and corporate bonds. The fund invests in countries that demonstrate improving macroeconomic and political trends, and maintains geographic diversification across Latin America, Europe and Asia. Most of our investments are US dollar-denominated, although we also see excellent growing opportunities in certain local markets.

Fund Snapshot
Fund Inception Date Jul 15, 2002
Share Class Inception Date Jul 15, 2002
Ticker PARGEMD ID
ISIN Number IE0030928885
Sedol Number 3092888
Fund Total Net Assets $199.2 million
Benchmark 70% JPM EMBI GLOBAL DIVERSIFIED BOND INDEX/30% JPM GBI-EM GLOBAL DIVERSIFIED USD UNHEDGED
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.50%
Total Expense Ratio 0.75%
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 Jul 15, 2002
Share Class Inception Date Jul 15, 2002
Total Net Assets $199.2 million
Average Duration 7.2 years
Average Maturity 11.4 years
Yield to Maturity (hedged) 6.5%
Duration Breakdown
Years Percent of Portfolio
0-16%
1-311%
3-516%
5-723%
7-1021%
10+23%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above13%
BBB34%
BB21%
B25%
CCC1%
CC and Below3%
Unrated3%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related82%
Corporates16%
Money Markets2%
Total 100%
Country Breakdown
Country Percent of Portfolio
Indonesia9.4%
Mexico6.4%
Malaysia5.4%
Russia5.0%
S.Africa4.6%
Brazil4.5%
Colombia4.2%
Ukraine4.0%
Peru3.4%
Dominican Republic3.2%

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 (6/30/2020) -5.60% -2.09% 2.36% 4.09% 4.19% 7.10%
Month-end (7/31/2020) -1.91% 0.38% 3.14% 5.00% 4.16% 7.29%
Yearly Returns
201916.20%
2018-7.44%
201714.03%
201611.38%
2015-5.47%
20141.78%
2013-8.14%
201220.08%
20112.41%
201013.81%
Expenses
Management Fee 0.50%
Total Expense Ratio 0.75%

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 maintained favorable momentum in July. Positive returns across hard currency sovereign and corporate credit brought year-to-date returns for those sectors into positive territory. There was balance between investment grade and high yield credit returns during the month, as both duration and risk were supported. Local currency markets also posted a healthy result for July but are lagging for the year. Weakness in the U.S. dollar has been a key market theme of late, although it is more clearly seen against developed market currencies, while individual EM currencies have shown mixed performance. Primary market activity remained healthy, but slowed from the April-June period, particularly as the large wave of sovereign issuance eased.

OUTLOOK
While near-term EM economic activity is poised to bounce higher on easing mobility and business restrictions, uncertainty may linger, and we see headwinds persisting in discretionary sectors like tourism. Although we believe the worst of the growth shock was concentrated in the first half of 2020, countries that have yet to tame the spread of coronavirus could face a slow recovery. Scrutiny of EM debt levels are in focus due to the combination of weak growth and challenging fiscal dynamics. However, with large EM countries primarily reliant on domestic financing, we do not expect systemic problems to arise. We believe that health, economic and social outcomes across EM countries show significant disparity. EM investors should focus on distinguishing between countries and corporates with varying degrees of capacity to negotiate the consequences of the crisis.
Despite the difficult backdrop, we expect economic disruptions to be temporary. China’s economy has demonstrated a path of normalization, and in many cases EM countries have handled the crisis as well or better than their developed market counterparts. Under a core scenario where virus mitigation tactics are relatively effective, we expect broad-based global monetary and fiscal stimulus will support EM economic activity and financial markets. We believe opportunities in hard and local currency EM debt are compelling, particularly as yields in core markets are likely to stay anchored near historic lows.

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.