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 $110.1 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 $110.1 million
Average Duration 7.8 years
Average Maturity 9.8 years
Yield to Maturity (hedged) 1.0%
Maturity Breakdown
Years Percent of Portfolio
0-15%
1-319%
3-521%
5-78%
7-1017%
10+30%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA50%
AA18%
A25%
BBB7%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related97%
Money Markets3%
Total 100%
Country Breakdown
Country Percent of Portfolio
US37.0%
Euroland33.0%
Japan19.0%
UK6.0%
Canada2.0%
Australia2.0%
Scandinavia1.0%

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 (3/31/2019) 2.14% 2.80% 1.06% 2.96% 3.16% 3.74%
Month-end (4/30/2019) 1.81% 3.04% 1.03% 2.76% 3.18% 3.68%
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
Jobs data for March in the US came in strong and provided a nice bounce-back from the February numbers. Good data continued in Europe and China with PMI service data in the former and manufacturing data in the latter beating expectations. Article 50 was extended to October 31st in the UK and Prime Minister May said she would be working with opposition leader Corbyn to find a way to end the stalemate. Both the US Federal Reserve (Fed) and the European Central Bank (ECB) continued to take a dovish stance. As such risk markets continued to be upbeat with credit markets outperforming developed sovereign debt.
Most developed sovereign bond yields moved higher over the course of the month. The British pound was the strongest performing currency in G10 space as the extension to Article 50 and collaboration between May and Corbyn point towards a softer approach to Brexit. The fund performed in-line with its benchmark.

OUTLOOK
Should the labour market remain robust and growth dynamics improve we believe the Fed could hike later in the year.
Despite 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 at the start of the year we expect momentum in the eurozone will pick up later in the year and believe the ECB will continue to be cautious and accommodative over the foreseeable future. However, 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 believe 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.