UCITS Funds

Payden Global Government Bond Index Fund (PGVBISD ID)

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

The Payden & Rygel approach to index replication centers on picking appropriate bonds to represent key risks. We assess the trade-off between constructing a portfolio of bonds which track the benchmark, whilst also limiting the number of securities owned to control transaction costs, to maintain liquidity and at the margin, to reflect relative value. We use statistical and qualitative analysis to find the appropriate balance between minimizing tracking error and boosting returns. Ultimately, we strive to match the return of the benchmark with no deliberate performance drift relative to that benchmark.

Fund Snapshot
Fund Inception Date May 26, 2016
Share Class Inception Date Jul 14, 2008
Ticker PGVBISD ID
ISIN Number IE00B2QPHQ75
Sedol Number B2QPHQ7
Fund Total Net Assets $99.7 million
Benchmark CITIGROUP WORLD GOVERNMENT BOND INDEX USD HEDGED
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.15%
Total Expense Ratio 0.20%
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 26, 2016
Share Class Inception Date Jul 14, 2008
Total Net Assets $99.7 million
Average Duration 7.7 years
Average Maturity 9.7 years
Yield to Maturity (hedged) 1.2%
Maturity Breakdown
Years Percent of Portfolio
0-15%
1-322%
3-518%
5-78%
7-1016%
10+31%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA49%
AA18%
A25%
BBB8%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related98%
Money Markets2%
Total 100%
Country Breakdown
Country Percent of Portfolio
US36.0%
Euroland32.0%
Japan19.0%
UK6.0%
Canada2.0%
Australia2.0%
Scandinavia2.0%
Other1.0%

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 (12/31/2018) 0.83% 0.83% 1.62% 2.95% 2.93% 3.62%
Month-end (2/28/2019) 0.38% 2.11% 0.64% 2.64% 3.10% 3.60%
Yearly Returns
20180.83%
20170.81%
20163.22%
20151.57%
20148.51%
20130.08%
20124.39%
20115.82%
20103.42%
20090.93%
Expenses
Management Fee 0.15%
Total Expense Ratio 0.20%

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
Early in December Trade war rhetoric was not escalated at the G20 summit and instead a 90-day truce was declared between the US and China on further tariffs giving some short-term support to risk sentiment. In the UK, Theresa May postponed a parliamentary vote on her latest Brexit deal which led to a vote of confidence in her, being triggered by her party, which she subsequently survived. As the month developed, risk sentiment soured as investors worried about global growth, a plummeting oil price, tighter monetary policy, and political uncertainty. US dollar investment-grade corporates underperformed their euro and sterling-denominated counterparts.
Developed sovereign yields fell sharply during the month with 10-year yields on US Treasuries falling 30 basis points and 10-year German Bunds reaching a low yield of 0.20%. Due to its safe-haven status, the Japanese yen outperformed its G10 peers. The fund performed in-line with its benchmark.

OUTLOOK
A robust labour market and stable growth dynamics should allow the Federal Reserve to raise rates marginally above market expectations by end 2019.
Even with strong economic prospects for the US economy, we believe that a combination of monetary policy convergence, a protectionist attitude from the US administration and a current account deficit will weigh modestly on the US dollar.
Despite softening data in the eurozone we expect momentum will pick up later in the year and believe the European Central Bank (ECB) will continue to be cautious and accommodative over the foreseeable future. However, we believe that given strengths and improvement in the economy the ECB will be able to remove some of their ultra-accommodative policies faster than currently priced in.
For now, we expect sentiment toward sterling markets will continue to be subdued by Brexit related uncertainty.

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.