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 $188.1 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 $188.1 million
Average Duration 6.1 years
Average Maturity 10.8 years
Yield to Maturity (hedged) 7.8%
Duration Breakdown
Years Percent of Portfolio
0-17%
1-320%
3-529%
5-714%
7-1018%
10+12%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above12%
BBB28%
BB22%
B34%
CCC1%
CC and Below1%
Unrated2%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related87%
Corporates11%
Money Markets2%
Total 100%
Country Breakdown
Country Percent of Portfolio
Indonesia6.8%
Argentina6.5%
Brazil5.8%
Mexico5.8%
S.Africa5.5%
Peru4.2%
Russia4.2%
Malaysia4.0%
Ukraine3.4%
Turkey3.4%

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 (6/30/2018) -6.44% -1.18% 4.03% 2.80% 5.96% 7.47%
Month-end (7/31/2018) -3.55% 0.33% 5.28% 3.39% 6.10% 7.64%
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 delivered positive returns in July, partially rebounding from the weak May-June period. EM sovereigns outperformed corporate and local currency debt, led by a strong rally in high-yield countries. Risk markets responded favorably to the potential for de-escalation of trade frictions between the U.S. and EU, while economic data was broadly supportive and the U.S. dollar and U.S. Treasuries moved sideways. A prolonged stretch of EM debt outflows reversed, although inflows were limited to hard currency assets.

OUTLOOK
Tighter global financial conditions have been negatively impacting EM returns in 2018. We view the sell-off as caused primarily by exogenous factors, including the U.S. Fed’s policy normalization and sentiment around trade disputes. After two strong years through early 2018, technicals have weighed on performance recently as retail flows turned negative for both EM debt and EM equities in the second quarter. However, while EM features select country-specific risks, we don’t see systemic issues. With exceptions, policymakers have taken appropriate measures like monetary tightening and prudent fiscal management in response to market conditions.
We believe investors will be rewarded for considering EM debt as a strategic asset allocation and opportunistically adding 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.