UCITS Funds

Payden Global Emerging Markets Corporate Bond Fund (PEMLBUD ID)

Base Share Class: USD
  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden Global Emerging Markets Corporate Bond Fund invests in a diversified portfolio of emerging-market corporate bonds. The fund invests in companies that demonstrate positive financial trends which are domiciled in countries exhibiting improving macroeconomic and political fundamentals. Investments are geographically diversified across Latin America, Europe, Asia, Africa and the Middle East. Most of the investments are dollar-denominated, although the fund will take advantage of growing opportunities in select local markets.

Fund Snapshot
Fund Inception Date May 21, 2013
Share Class Inception Date May 22, 2013
Ticker PEMLBUD ID
ISIN Number IE00B7PV8R90
Sedol Number B7PV8R9
Fund Total Net Assets $49.3 million
Benchmark JP MORGAN CEMBI BROAD DIVERSIFIED BOND INDEX
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.82%
Total Expense Ratio 0.88%
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 May 21, 2013
Share Class Inception Date May 22, 2013
Total Net Assets $49.3 million
Average Duration 5.4 years
Average Maturity 8.0 years
Yield to Maturity (hedged) 5.3%
Duration Breakdown
Years Percent of Portfolio
0-110%
1-319%
3-522%
5-719%
7-1021%
10+9%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above9%
BBB33%
BB35%
B16%
CCC5%
CC and Below1%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates84%
Government/Gov't Related8%
Mortgage-Backed3%
Other5%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States11.0%
Mexico9.5%
Brazil8.3%
India7.1%
Euroland6.2%
Colombia6.1%
Peru4.7%
China4.3%
UAE4.3%
Saudi Arabia4.2%

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 (9/30/2020) 2.01% 4.45% 3.66% 5.72% N/A 3.74%
Month-end (9/30/2020) 2.01% 4.45% 3.66% 5.72% N/A 3.74%
Yearly Returns
201912.08%
2018-3.41%
20179.02%
20169.93%
2015-0.84%
20145.13%
2013-5.01%
Expenses
Management Fee 0.82%
Total Expense Ratio 0.88%

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.