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 $30.4 million
Benchmark ICE BOFA ML BB/B US CASH PAY HIGH YIELD CONSTRAINED INDEX
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 $30.4 million
Average Duration 3.8 years
Average Maturity 6.6 years
Yield to Maturity (hedged) 6.0%
Duration Breakdown
Years Percent of Portfolio
0-119%
1-316%
3-534%
5-725%
7+6%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
BBB and Above7%
BB31%
B50%
CCC11%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Energy20%
Industrials15%
Communications13%
Consumer Cyclical12%
Consumer Non-Cyclical12%
Financials10%
Loans9%
Cash5%
Utilities4%
Total 100%
Country Breakdown
Country Percent of Portfolio
US77.0%
Euroland10.0%
Canada6.0%
UK1.0%
Cayman Islands1.0%
Mexico1.0%
Hong Kong1.0%
Colombia1.0%
India1.0%
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 (6/30/2018) -0.63% 1.51% 3.84% 4.41% 5.42% 5.63%
Month-end (7/31/2018) 0.55% 1.67% 4.21% 4.31% 5.64% 5.67%
Yearly Returns
20176.24%
201610.40%
2015-1.49%
20143.18%
20134.41%
201214.74%
20115.12%
201012.28%
200928.46%
2008-22.05%
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 returned +1.0% during the month as measured by the ICE BOFA ML BB/B US Cash Pay High Yield Constrained Index. Markets responded favorably to the prospects of trade war de-escalation, and a lack of new issue supply provided another tailwind for performance.
BB-rated bonds returned +1.1%, B-rated bonds returned +1.0%, and CCC-rated bonds returned +1.4%.
New issuance of $7.8 billion in July was the lightest month for new issue since April 2009. Year-to-date, supply is down 32% relative to the same period last year.

OUTLOOK
A strong economy is good news for high-yield markets. Strong earnings reports bolstered by last year's corporate tax cut have improved companies' financial health and low unemployment and higher wages should continue to drive growth.
Traditional warning signs for the high yield market are not sounding any alarms. CCC issuance is at historical lows, and the size of the high yield bond market is actually shrinking as net new issuance remains scarce.
Of course, risks to the asset class remain. Trade war escalation would certainly spook risk markets, and rising rates remain a risk for fixed income assets. Nonetheless, with default rates expected to fall through the end of the year, high yield remains healthy.

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.