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 $199.6 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 $199.6 million
Average Duration 6.4 years
Average Maturity 10.5 years
Yield to Maturity (hedged) 7.4%
Duration Breakdown
Years Percent of Portfolio
0-12%
1-315%
3-519%
5-727%
7-1022%
10+15%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above14%
BBB27%
BB23%
B31%
CCC1%
CC and Below1%
Unrated3%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related83%
Corporates16%
Money Markets1%
Total 100%
Country Breakdown
Country Percent of Portfolio
Indonesia8.7%
Mexico6.3%
Brazil4.9%
S.Africa4.7%
Russia4.6%
Argentina4.3%
Sri Lanka4.1%
Malaysia3.7%
Colombia3.2%
Poland3.2%

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 (3/31/2019) 7.04% -1.72% 5.91% 3.41% 6.92% 7.49%
Month-end (4/30/2019) 6.89% 0.35% 5.12% 3.20% 6.44% 7.45%
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 subdued in April. Returns in EM sovereign and corporate credit were modestly positive as yields held steady against an uptick in U.S. Treasury yields. Local currency debt returns were slightly negative, with yields inching higher. However, outside of weakness in Turkey and volatility in Argentina, currency movements were generally contained against the U.S. dollar. Market technicals were supportive overall; inflows into EM debt prevailed but decelerated from the first quarter.

OUTLOOK
Global conditions are broadly supportive for EM assets: The Fed may be near the end of its tightening cycle, China’s economy appears to be stabilizing after a string of weaker data, and trade discussions between the U.S. and China seem to be making progress. We are alert to the risks around softer global growth, although near-term concerns around a recession in Europe or the U.S. may have been overstated. While Argentina and Turkey are likely to face continued volatility, we are generally constructive on the monetary and fiscal response of most EM countries to the evolving external environment.
We believe investors are well served to consider emerging-market debt (EMD) as a strategic asset allocation and opportunistically add to the asset class in periods of weakness. On whole, EM countries enjoy favourable fundamentals including higher growth rates and lower debt burdens than developed countries. EM debt offers an attractive diversification and income opportunity, and long-term risk-adjusted returns consistently stand among the strongest in global fixed income. The technical backdrop is supported by limited net issuance of US dollar bonds and structural allocations to EMD by global institutional investors.

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.