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 $211.4 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 $211.4 million
Average Duration 7.0 years
Average Maturity 11.4 years
Yield to Maturity (hedged) 6.3%
Duration Breakdown
Years Percent of Portfolio
0-15%
1-316%
3-514%
5-724%
7-1019%
10+22%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above15%
BBB29%
BB19%
B29%
CCC2%
CC and Below2%
Unrated4%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related82%
Corporates16%
Money Markets2%
Total 100%
Country Breakdown
Country Percent of Portfolio
Indonesia8.5%
Brazil6.5%
Mexico6.1%
Russia5.9%
S.Africa4.7%
Colombia4.4%
Peru4.2%
Malaysia4.2%
Ukraine3.1%
Turkey2.9%

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 (12/31/2019) 16.20% 16.20% 7.04% 5.24% 5.38% 7.66%
Month-end (12/31/2019) 16.20% 16.20% 7.04% 5.24% 5.38% 7.66%
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-market (EM) fixed income posted strong performance in December. Yield compression relative to US Treasuries drove returns in EM hard currency sovereign and corporate credit markets. Local currency markets outperformed, as EM currencies gained against the weaker US dollar. Multiple catalysts supported performance for the period: central banks continued to provide liquidity, global economic data showed signs of modest recovery, and the US and China agreed to a "Phase 1" trade deal.

OUTLOOK
Robust EM performance in 2019 was aided by falling interest rates, as central banks eased globally in the face of slowing growth and low inflation. Beyond the US Federal Reserve, other developed central banks and dozens of emerging markets eased monetary policy. We believe monetary stimulus may support growth looking ahead. However, whilst interest rates in several EM countries have scope to decline further, EM fixed income returns in 2020 may hinge on an improvement in global growth and prospects for a range-bound (or weaker) US dollar. Countering this, a populist policy bias in many countries, social protest movements, elevated geopolitical risks or a shallow growth recovery may contribute to volatility.
Sound fundamentals support the resilience of EM debt markets. Economic activity 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, we believe trade-weighted EM exchange rates are broadly undervalued, while EM real yields are positive, in contrast to most developed markets. Against a backdrop of historically low core rates, we believe EM bonds offer attractive income and 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.