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 - 30 April 2025
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 $175.3 million
Benchmark Blend 50% JP Morgan EMBI Global Diversified Bond Index USD Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index 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 - 30 April 2025
Fund Inception Date Jul 15, 2002
Share Class Inception Date Jul 15, 2002
Total Net Assets $175.3 million
Average Duration 6.2 years
Average Maturity 9.1 years
Yield to Maturity (hedged) 7.87%
Duration Breakdown
Years Percent of Portfolio
0-1-10%
1-328%
3-525%
5-722%
7-1026%
10+9%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above29%
BBB31%
BB27%
B6%
CCC7%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related83%
Corporates10%
Money Markets7%
Total 100%
Country Breakdown
Country Percent of Portfolio
Brazil9.6%
Mexico7.4%
Indonesia7.2%
Poland5.3%
Peru5.2%
Supranational5.2%
S.Africa5.1%
Malaysia4.6%
Colombia3.5%
Hungary3.1%

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 (3/31/2025) 2.77% 5.90% 2.94% 4.02% 2.77% 5.94%
Month-end (4/30/2025) 4.24% 9.66% 5.38% 3.77% 2.71% 5.98%
Yearly Returns
20244.13%
202311.74%
2022-15.90%
2021-3.32%
20204.97%
201916.20%
2018-7.44%
201714.03%
201611.38%
2015-5.47%
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 - 30 April 2025

MARKET
Emerging-markets (EM) debt indices fluctuated amid a volatile market environment in April. In hard-currency sovereign and corporate credit, yields relative to similar-maturity US Treasuries increased by 0.19% and 0.29%, respectively. With risk sentiment remaining weak, high-yield rated issuers lagged relative to their investment-grade rated peers. EM local bond markets continued to outperform as a prospective slowdown in global economic growth pulled interest rates lower, although EM currencies largely appreciated against the US dollar.

OUTLOOK
Overall EM country fundamentals remain sound. EM growth has been steady, whilst inflation is contained. External accounts are in a healthy position, with limited signs of balance-of-payment pressures and comfortable foreign exchange reserve levels. Most EM central banks have been able to lower policy rates, although they have taken a cautious approach by maintaining a gap between policy rates and inflation. Central banks are safeguarding against financial instability, whilst preserving their ability to respond to choppier global waters.
The announcement of trade barriers in the United States has generated greater market volatility and policy uncertainty. EM countries face varying degrees of exposure to trade with the US, but overall, we believe the direct risk to EM economies is manageable. We expect recent developments to cause slower EM growth, which, alongside lower energy prices and an excess supply of goods, may also prove disinflationary. In this context, EM central banks should have space to provide stimulus, if needed. China is a special case, where policymakers may opt for increased monetary and fiscal easing, should high US tariff rates persist.
Two key structural forces that should continue to benefit EM debt investors are: 1) strong long-term growth prospects relative to developed markets, and 2) a broadening of the investment opportunities, including sovereign, corporate, and local market bonds across roughly 90 countries, spanning various geographies and sectors. In our view, EM debt offers investors useful diversification benefits, as yields are attractive for generating income over time.

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.