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 $14.6 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 $14.6 million
Average Duration 3.7 years
Average Maturity 8.1 years
Yield to Maturity (hedged) 6.1%
Duration Breakdown
Years Percent of Portfolio
0-124%
1-320%
3-535%
5-717%
7+4%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
BBB and Above10%
BB38%
B46%
CCC6%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Industrials16%
Consumer Cyclical14%
Energy12%
Communications11%
Consumer Non-Cyclical9%
Financials9%
Cash8%
Loans6%
Government6%
Mortgage Securities5%
Total 96%
Country Breakdown
Country Percent of Portfolio
US69.0%
Euroland15.0%
Canada4.0%
UK4.0%
Ecuador2.0%
Ghana2.0%
India1.0%
Cayman Islands1.0%
Mexico1.0%
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 (6/30/2019) 10.68% 8.26% 6.17% 4.00% 7.36% 5.77%
Month-end (6/30/2019) 10.68% 8.26% 6.17% 4.00% 7.36% 5.77%
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 returned +2.8% in the second quarter as measured by the ICE BOFA ML BB/B US Cash Pay High Yield Constrained Index. Falling rates and coupon income helped drive performance for the quarter.
According to the ICE BOFA ML US Cash Pay High Yield Constrained Indices, BB-rated, B-rated, and CCC-rated bonds returned +3.2%, +2.3%, and +0.5%, respectively.
High-yield mutual funds and ETFs have experienced inflows of +$12 billion in 2019.

OUTLOOK
High yield markets are benefitting from the dual tailwinds of a growing economy and an increasingly dovish Fed. High yield issuers should benefit from the former while bond prices should benefit from the latter.
While headline-level returns have been eyewatering in 2019, valuations remain reasonable at current spread levels, or the yield in excess of comparable maturity treasuries, remain above the 2018 average.
Although trade issues and geopolitics will continue to drive volatility, positive fundamentals and reasonable valuations leave us constructive on high yield.

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.