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 $204.6 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 $204.6 million
Average Duration 7.6 years
Average Maturity 11.7 years
Yield to Maturity (hedged) 6.6%
Duration Breakdown
Years Percent of Portfolio
0-15%
1-39%
3-519%
5-720%
7-1022%
10+25%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above13%
BBB35%
BB21%
B24%
CCC3%
CC and Below1%
Unrated3%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related81%
Corporates17%
Money Markets2%
Total 100%
Country Breakdown
Country Percent of Portfolio
Indonesia9.3%
Mexico6.9%
S.Africa4.8%
Russia4.5%
Brazil4.4%
Malaysia4.4%
Colombia4.2%
Ukraine3.7%
Peru3.5%
Egypt3.3%

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 (9/30/2020) -3.48% 0.51% 1.77% 5.77% 3.58% 7.13%
Month-end (9/30/2020) -3.48% 0.51% 1.77% 5.77% 3.58% 7.13%
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 markets (EM) debt saw increased volatility in September, as investors focused on uncertainties including the outcome of U.S. elections, negotiations around another U.S. fiscal stimulus package and rising COVID-19 case counts in several countries. Returns were negative across EM sectors. In hard currency credit, high yield lagged versus investment grade, and sovereigns underperformed corporates. Local market returns were driven predominantly by currency depreciation against the U.S. dollar, while interest rates trended sideways. Towards the end of September, hard currency debt broke a streak of twelve consecutive weeks of inflows. Of note, however, local currency debt saw solid inflows, including the largest weekly inflow of 2020 late in the month.

OUTLOOK
Recent market volatility may persist in the fourth quarter as investors signal caution around U.S. elections and increasing COVID-19 cases in various jurisdictions. While coronavirus-related uncertainties may linger, on whole EM governments are easing mobility and business restrictions, and we believe EM economic activity should continue to rebound. The combination of economic contraction, weaker revenues and increased spending needs are causing scrutiny of higher EM debt levels. However, with large EM countries primarily reliant on domestic financing, and smaller economies receiving support from multilateral institutions, we do not expect systemic problems to arise.
Despite the challenging backdrop, we expect economic disruptions to be temporary. China has demonstrated a path to normalization, and in many cases EM countries have handled the crisis as well or better than developed markets. Under a core scenario where virus mitigation tactics are relatively effective, we feel broad-based global monetary and fiscal stimulus will support EM economic activity and financial markets. With yields in core markets likely to stay anchored near historic lows, we believe income opportunities in hard and local currency EM debt will remain compelling. A weakening U.S. dollar bias would provide an additional tailwind for EM assets.

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.