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 - 31 August 2023
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 $161.1 million
Benchmark 70% J. P. Morgan EMBI Global Diversified Bond Index/30% J. P. 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 - 31 August 2023
Fund Inception Date Jul 15, 2002
Share Class Inception Date Jul 15, 2002
Total Net Assets $161.1 million
Average Duration 6.4 years
Average Maturity 10.6 years
Yield to Maturity (hedged) 9.30%
Duration Breakdown
Years Percent of Portfolio
0-14%
1-310%
3-526%
5-726%
7-1018%
10+16%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above19%
BBB34%
BB26%
B13%
CCC3%
CC and Below5%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related83%
Corporates13%
Money Markets4%
Total 100%
Country Breakdown
Country Percent of Portfolio
Mexico9.1%
S.Africa6.3%
Indonesia6.3%
Colombia5.7%
Brazil5.2%
Romania4.2%
Peru4.0%
Saudi Arabia3.6%
Hungary3.6%
Malaysia3.1%

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 (6/30/2023) 5.88% 11.00% -1.45% 0.76% 1.78% 5.83%
Month-end (8/31/2023) 5.97% 8.55% -2.93% 0.97% 2.14% 5.79%
Yearly Returns
2022-15.90%
2021-3.32%
20204.97%
201916.20%
2018-7.44%
201714.03%
201611.38%
2015-5.47%
20141.78%
2013-8.14%
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 - 31 August 2023

MARKET
Emerging-markets (“EM”) debt returns were negative in August, with rising US Treasury yields and softer economic data in China affecting sentiment, amid lower trading volumes in the late summer environment. Yields on hard-currency EM sovereign and corporate debt moved higher both in absolute terms and relative to US Treasury yields. EM local-market returns underperformed hard currency, with interest rates moving higher and currencies broadly weaker against the US dollar.

OUTLOOK
Steady progress on disinflation suggests that developed-market central banks are nearing the end of their respective hiking cycles. Similarly, inflation readings continue to fall across most EM countries. EM central banks are largely finished with rate hikes, and several have turned the page to begin unwinding tight policy. Central banks are likely to see their paths diverge as policymakers face varying degrees of inflation, growth, and external risks.
Higher interest rates are putting downward pressure on global growth, overall. To date, however, EM growth trends have been relatively resilient, whilst impending monetary policy easing may also provide support. Softer economic data and poor property market dynamics have dented sentiment towards China. That said, recent policy measures may bring some improvement looking ahead.
We believe systemically important EM countries and the majority of EM corporates, have navigated tighter liquidity conditions well. That said, we remain alert to various risk factors. Continued hawkish policy by the US Federal Reserve, potential developed-market recessions, and geopolitical risks, including the ongoing Russia-Ukraine war, may generate volatility.
In our view, EM debt offers investors diversification benefits and attractive income. A more balanced flow environment, along with negative net issuance by EM debt issuers, has created a supportive technical backdrop. Whilst the market environment calls for a selective approach, we believe there are many 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.