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 $212.9 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 $212.9 million
Average Duration 6.4 years
Average Maturity 10.2 years
Yield to Maturity (hedged) 6.6%
Duration Breakdown
Years Percent of Portfolio
0-14%
1-314%
3-517%
5-729%
7-1020%
10+16%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above13%
BBB26%
BB20%
B35%
CCC2%
Unrated4%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related83%
Corporates16%
Money Markets1%
Total 100%
Country Breakdown
Country Percent of Portfolio
Indonesia8.6%
Mexico5.9%
Brazil5.0%
S.Africa4.6%
Russia4.5%
Argentina4.4%
Malaysia4.0%
Ukraine4.0%
Sri Lanka3.9%
Peru3.7%

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 (6/30/2019) 12.04% 10.84% 5.86% 3.41% 6.42% 7.67%
Month-end (6/30/2019) 12.04% 10.84% 5.86% 3.41% 6.42% 7.67%
Yearly Returns
2018-7.44%
201714.03%
201611.38%
2015-5.47%
20141.78%
2013-8.14%
201220.08%
20112.41%
201013.81%
200928.36%
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 market (EM) fixed income performance was decidedly positive, helped by subdued U.S. Treasury yields and robust risk sentiment. EM local currency returns outpaced sovereign and corporate hard currency returns, as EM interest rates declined, while the U.S. dollar weakened following dovish signals from the U.S. Fed. EM central banks broadly demonstrated an easier policy stance given contained inflation and modest economic activity. The back and forth around the U.S.-China trade dispute, geopolitical incidents in the Middle East, and mixed global growth signals remained a key focus through the period.

OUTLOOK
Robust emerging market (EM) performance in 2019 has been aided by the Fed’s pivot toward a more accommodative stance, as well as EM growth holding up relatively well amid softer developed country economic data. Lower interest rates and rising stocks of negative-yielding debt, while supportive for EM assets, must be watched closely as a potential signal of growth continuing to slow. Prolonged uncertainty around the U.S.-China relationship, along with a populist or nationalist-leaning policy bias in many countries, may contribute to market volatility. We are generally constructive on the monetary and fiscal response of EM countries to the evolving external environment.
Stable fundamentals support the resilience of EM debt markets. Economic activity has eased but remains reasonable, and many countries feature growth cycles that are not closely linked to developed markets. Debt levels are sustainable, inflation is low, current account deficits are in check and foreign exchange reserve levels are healthy. In addition, trade-weighted EM exchange rates are broadly undervalued, while EM real yields are positive, in contrast to most developed markets. Against a backdrop of falling core rates, EM bonds offer attractive yields and have value versus peer asset classes.

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.