UCITS Funds

Payden Global High Yield Bond Fund (PARGLHI ID)

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

The Payden Global High Yield Bond Fund invests in corporate high-yield bonds, which provide a premium to US Treasury bonds. The fund generally invests in the higher-quality segment of the market and looks for companies with good growth prospects, superior and defensible products and strong management teams.

Fund Snapshot
Fund Inception Date Jul 11, 2001
Share Class Inception Date Jul 11, 2001
Ticker PARGLHI ID
ISIN Number IE0030624831
Sedol Number 3062483
Fund Total Net Assets $15.0 million
Benchmark ICE BOFA ML BB/B GLOBAL High Yield Constrained Index (USD Hedged)
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.60%
Total Expense Ratio 0.75%
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 Jul 11, 2001
Share Class Inception Date Jul 11, 2001
Total Net Assets $15.0 million
Average Duration 3.6 years
Average Maturity 9.4 years
Yield to Maturity (hedged) 5.6%
Duration Breakdown
Years Percent of Portfolio
0-116%
1-324%
3-538%
5-714%
7-106%
10+2%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
BBB and Above7%
BB45%
B44%
CCC4%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Industrials19%
Consumer Cyclical15%
Financials12%
Communications12%
Consumer Non-Cyclical10%
Energy10%
Mortgage Securities7%
Government5%
Loans5%
Other5%
Total 100%
Country Breakdown
Country Percent of Portfolio
US60.0%
Euroland20.0%
UK5.0%
Canada5.0%
India3.0%
Ghana2.0%
Saudi Arabia1.0%
Other4.0%

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 (9/30/2019) 13.07% 8.23% 5.57% 4.80% 6.76% 5.81%
Month-end (10/31/2019) 13.86% 10.55% 5.73% 4.58% 6.73% 5.82%
Yearly Returns
2018-2.80%
20176.24%
201610.40%
2015-1.49%
20143.18%
20134.41%
201214.74%
20115.12%
201012.28%
200928.46%
Expenses
Management Fee 0.60%
Total Expense Ratio 0.75%

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
High-yield bonds have returned +1.4% during third quarter as measured by the ICE BofAML BB-B Global High Yield Constrained Index (USD-hedged) as rising cash balances and a focus on issuer fundamentals provided a tailwind through quarter-end.
According to the ICE BofA ML Global High Yield Constrained Indices, BB-rated, B-rated, and CCC-rated bonds returned +2.0%, +0.5%, and -1.0%, respectively.
Inflows of $2.8 billion during the third quarter have generated a total inflow of +$15.3 billion for the year. This is the largest inflow since 2012.

OUTLOOK
During a quarter that saw a raft of geopolitical headlines, a flood of new issuance, and a wave of cash generated by calls, tenders, and maturities, investors remained disciplined.
High-yield investors have been reluctant to finance more speculative, lower quality enterprises, so the risk of contagion from any given sector should remain muted. Contrast the present dynamic to the telecom bubble in 2002 or the commodity price crisis in 2015-16.
Positive fundamentals and reasonable valuations leave us constructive on high yield. With low default expectations and yields falling around the globe, high yield remains an attractive source of carry for yield-oriented investors.

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.