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 $12.5 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 $12.5 million
Average Duration 3.2 years
Average Maturity 9.1 years
Yield to Maturity (hedged) 5.2%
Duration Breakdown
Years Percent of Portfolio
0-123%
1-326%
3-529%
5-712%
7-107%
10+3%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
BBB and Above2%
BB47%
B47%
CCC4%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Industrials20%
Consumer Cyclical14%
Communications11%
Financials11%
Consumer Non-Cyclical9%
Energy9%
Loans7%
Mortgage Securities7%
Cash5%
Government4%
Total 97%
Country Breakdown
Country Percent of Portfolio
US62.0%
Euroland20.0%
Canada5.0%
UK4.0%
India3.0%
Saudi Arabia2.0%
Jersey1.0%
Egypt1.0%
Other2.0%

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 (12/31/2019) 16.49% 16.49% 6.35% 5.52% 6.67% 5.90%
Month-end (12/31/2019) 16.49% 16.49% 6.35% 5.52% 6.67% 5.90%
Yearly Returns
201916.49%
2018-2.80%
20176.24%
201610.40%
2015-1.49%
20143.18%
20134.41%
201214.74%
20115.12%
201012.28%
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 +2.8% 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 +2.5%, +3.2%, and +4.5%, respectively.
Markets benefited from strong technicals created by investors searching for yield in a low yielding environment. The European Central Bank started buying Investment Grade bonds during the quarter and that helped create a strong bid for all income producing assets.

OUTLOOK
The macroeconomic backdrop has become even stronger during the fourth quarter, while issuers continue to report good operating results and maintain reasonable levels of leverage. Indicators suggest these trends will continue in 2020.
That said, strong performance in 2019 leaves valuations less attractive than they were a year ago. Nonetheless, we believe high yield offers a range of opportunities to invest in good companies at reasonable yields while avoiding companies with material headwinds that trade at unjustifiably tight valuations. .
Easy financial conditions and the temptation to reach down in quality may cause complacency in the high-yield market. These conditions lend themselves to diligent, proactive portfolio management in 2020.

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.