UCITS Funds

Payden Global Emerging Markets Bond Fund (PARGEMD ID)

Base Share Class: USD

Share Class
  • 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.

Share Class Snapshot - 29 February 2024
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 $165.6 million
Benchmark BLEND 70% JP MORGAN EMBI GLOBAL DIVERSIFIED BOND INDEX/30% JP MORGAN 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 0.66%
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 - 29 February 2024
Fund Inception Date Jul 15, 2002
Share Class Inception Date Jul 15, 2002
Total Net Assets $165.6 million
Average Duration 6.4 years
Average Maturity 10.1 years
Yield to Maturity (hedged) 9.30%
Duration Breakdown
Years Percent of Portfolio
0-11%
1-318%
3-524%
5-723%
7-1017%
10+17%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above22%
BBB28%
BB29%
B12%
CCC3%
CC and Below6%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related84%
Corporates13%
Money Markets3%
Total 100%
Country Breakdown
Country Percent of Portfolio
Mexico8.4%
Brazil6.5%
Colombia5.7%
S.Africa5.0%
Hungary4.2%
Indonesia4.1%
Malaysia3.7%
Peru3.5%
Czech Rep3.2%
Saudi Arabia3.1%

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 (12/31/2023) 11.74% 11.74% -3.15% 2.08% 2.28% 5.96%
Month-end (2/29/2024) -0.80% 9.41% -2.30% 0.63% 2.13% 5.87%
Yearly Returns
202311.74%
2022-15.90%
2021-3.32%
20204.97%
201916.20%
2018-7.44%
201714.03%
201611.38%
2015-5.47%
20141.78%
Expenses
Management Fee 0.50%
Total Expense Ratio 0.66%

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 - 29 February 2024

MARKET
Emerging-markets (EM) debt experienced mixed returns in February, amid an overall constructive market backdrop. On the positive side, hard-currency sovereign and corporate credit performed well, with high-yield-rated issuers delivering solid gains, whilst returns among investment-grade issuers faced headwinds from rising US Treasury yields. In EM local-debt markets, interest rates were stable, but most currencies depreciated against the US dollar. Primary-market activity remained robust, with new deals attracting healthy investor demand.

OUTLOOK
Whilst disinflation momentum has slowed, developed-market central banks have been more comfortable relaying that policy rates have peaked. The timing and magnitude of monetary easing are the main topics of debate. Many EM central banks have already responded to disinflation by cutting rates, though the pace of easing is contingent on the mix of inflation, growth, and external risks facing each country.
Consensus forecasts see modestly slower global growth in 2024. To date, EM growth has shown resilience, but pronounced differences exist between regions and countries. China’s economic outlook faces headwinds from the struggling property sector, but a series of policy and liquidity support measures may mitigate downside risks.
We believe systemically important EM countries and EM corporates have handled lower global liquidity conditions well. That said, we remain alert to global and country-specific risk factors. Renewed bouts of inflationary pressure, weaker growth, geopolitical uncertainty, and political risks, including the crowded 2024 global election calendar, may generate volatility.
In our view, EM debt offers diversification benefits, as elevated yields have historically generated healthy long-term income for investors. An increase in EM bond supply to start 2024 has been met with strong demand for fixed income, indicating supportive market technicals. Valuations may warrant a degree of caution, but we continue to see compelling opportunities 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.