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 $184.1 million
Benchmark 70% JPM EMBI GLOBAL DIVERSIFIED/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 $184.1 million
Average Duration 6.2 years
Average Maturity 10.6 years
Yield to Maturity (hedged) 7.7%
Duration Breakdown
Years Percent of Portfolio
0-17%
1-321%
3-528%
5-716%
7-1018%
10+10%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above14%
BBB27%
BB20%
B34%
CCC2%
CC and Below1%
Unrated2%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related83%
Corporates14%
Money Markets3%
Total 100%
Country Breakdown
Country Percent of Portfolio
Mexico7.3%
Indonesia6.7%
Argentina6.2%
S.Africa6.1%
Brazil4.4%
Malaysia4.0%
Peru4.0%
Ukraine3.2%
Egypt3.2%
Colombia3.1%

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 (9/30/2018) -5.30% -3.85% 6.49% 3.12% 6.54% 7.43%
Month-end (9/30/2018) -5.30% -3.85% 6.49% 3.12% 6.54% 7.43%
Yearly Returns
201714.03%
201611.38%
2015-5.47%
20141.78%
2013-8.14%
201220.08%
20112.41%
201013.81%
200928.36%
2008-6.58%
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) fixed income saw positive returns in September, with local currency markets outperforming sovereign and corporate US dollar credit. A weaker skew in the US dollar and stabilisation in the Chinese renminbi supported sentiment during the month. Declining yields in EM credit more than offset higher US Treasury yields, even as the US Federal Reserve (Fed) continued its hiking cycle. The improved tone brought inflows back to EM debt assets later in the period, while primary market activity also picked up.

OUTLOOK
Strong relative performance of the US economy along with tighter global liquidity have negatively impacted EM returns in 2018. While vulnerabilities in specific EM countries have played a part, we view the broader sell-off as primarily caused by exogenous factors, including the US Fed's policy normalisation and rhetoric around trade disputes. Market technicals have also weighed on performance as retail outflows have prevailed in EM debt and EM equities. Importantly, however, we do not believe the EM asset class faces systemic risks. With key exceptions, EM policymakers have taken appropriate measures like monetary tightening and prudent fiscal management in response to unsettled external conditions.
We believe investors are well served to consider EM debt as a strategic asset allocation and opportunistically add to the asset class. On the whole, we believe EM countries enjoy solid fundamentals, including higher growth rates and lower debt burdens than developed countries. We believe EM debt offers an attractive diversification and income opportunity; long-run risk-adjusted returns consistently rank among the strongest in global fixed income.

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.