UCITS Funds

Base Share Class:
  • 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 - 31 March 2021
Fund Inception Date May 21, 2013
Share Class Inception Date
Ticker
ISIN Number
Sedol Number
Fund Total Net Assets
Benchmark
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee
Total Expense Ratio
Investment Minimum

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 - 31 March 2021
Fund Inception Date May 21, 2013
Share Class Inception Date
Total Net Assets
Average Duration 4.6 years
Average Maturity 7.0 years
Duration Breakdown
Years Percent of Portfolio
0-119%
1-314%
3-526%
5-715%
7-1020%
10+6%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A and Above3%
BBB27%
BB38%
B23%
CCC6%
CC and Below1%
Unrated2%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates86%
Government/Gov't Related6%
Preferred Stocks3%
Other5%
Total 100%
Country Breakdown
Country Percent of Portfolio
Brazil12.1%
India11.6%
Mexico11.0%
United States9.0%
Euroland5.5%
Colombia5.2%
Israel4.2%
Saudi Arabia3.6%
Peru3.5%
UAE3.5%

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 ()
Month-end ()
Yearly Returns
Expenses
Management Fee
Total Expense Ratio

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 - 31 March 2021

MARKET
Emerging markets (EM) fixed income continued to rally through May. EM local debt returns outperformed hard currency debt, boosted by relatively broad EM currency appreciation, against the softer US dollar. Yields on hard-currency sovereign credit narrowed modestly versus range-bound U.S. Treasury yields, while yields on hard-currency corporate credit were roughly flat. The high-yield portion of both markets delivered stronger gains than investment grade, supported by healthy risk appetite and lower market volatility. EM debt funds received inflows, with a higher share going to local currency debt.

OUTLOOK
Rising yields in developed markets may remain the primary hurdle for EM debt returns in 2021, notwithstanding the more stable backdrop in Q2. We believe that higher rates are manageable for the asset class, as they come in the context of an improving growth backdrop, stronger commodity prices, and well-balanced EM external accounts. Rising inflation, driven by cyclical factors and base effects, has caused a few EM central banks to begin unwinding historic levels of monetary policy accommodation. However, we believe that, in most cases, negative output gaps suggest that near-term price pressures could be transitory. Although COVID-19 outbreaks remain an issue in some jurisdictions, on whole EM countries are avoiding harsh restrictions, and the growth recovery has proven resilient. Despite slow initial vaccine rollouts in many EM countries, we anticipate the pace of deployment will increase through the balance of 2021.
Under a core scenario where virus effects diminish, we believe EM growth is poised to improve in 2021. China’s economy has proven resilient, and in many cases, EM countries have weathered the pandemic as well or better than developed countries. With developed market nominal and real yields still depressed, we believe valuation and income generation in hard and local currency EM debt remain compelling. Persistent US dollar weakness 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.