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 $47.8 million
Benchmark JP Morgan CEMBI Broad Diversified
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 $47.8 million
Average Duration 4.3 years
Average Maturity 6.5 years
Yield to Maturity (hedged) 6.5%
Duration Breakdown
Years Percent of Portfolio
0-123%
1-324%
3-529%
5-710%
7-107%
10+7%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above18%
BBB21%
BB31%
B24%
CCC4%
Unrated2%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates80%
Government/Gov't Related9%
Loans5%
Money Markets4%
Mortgage-Backed2%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States10.4%
Brazil10.3%
Peru6.3%
Mexico5.9%
Argentina5.2%
China5.1%
India4.5%
Colombia4.2%
UAE4.2%
Israel4.1%

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 (6/30/2018) -3.45% 0.20% 3.83% 4.24% N/A 2.70%
Month-end (7/31/2018) -1.73% 0.91% 4.44% 4.46% N/A 3.00%
Yearly Returns
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) 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.