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 $52.2 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 $52.2 million
Average Duration 4.2 years
Average Maturity 6.6 years
Yield to Maturity (hedged) 6.2%
Duration Breakdown
Years Percent of Portfolio
0-114%
1-39%
3-541%
5+36%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
BBB and Above3%
BB37%
B48%
CCC11%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Communications17%
Energy17%
Financials13%
Industrials13%
Consumer Cyclical13%
Consumer Non-Cyclical13%
Loans9%
Other5%
Total 100%
Country Breakdown
Country Percent of Portfolio
US77.0%
Euroland11.0%
Canada7.0%
UK1.0%
Argentina1.0%
Mexico1.0%
Cayman Islands1.0%
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 (3/31/2018) -1.02% 3.35% 3.70% 3.81% 5.50% 5.69%
Month-end (4/30/2018) -0.43% 2.64% 3.59% 3.51% 5.13% 5.70%
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 +0.57% in April as measured by the ICE BOFA ML BB/B US Cash Pay High Yield Constrained Index. High yield spreads absorbed rising rates and high yield investors clipped a coupon's worth of positive performance during the month.
Lower quality bonds, which tend to be less sensitive to interest rate moves, continued to outperformed in April. BB-rated bonds returned +0.23%, B-rated bonds returned +0.83%, and CCC-rated bonds returned +1.13%.
Although gross new issuance was down in April, net new issuance actually increased compared to the first three months of the year. This additional new issue volume was in part responsible for soft new issue performance during the month.

OUTLOOK
Volatility is back, but underneath the surface the water is calm. Default rates are falling, maturities have been extended, and leverage remains manageable. Tax reform remains a tailwind and earnings are expected to grow again this year.
At the same time, we are conscious of elevated market risk. Policy errors at the Fed, anti-trade rhetoric at the White House, and dollar repatriation will all likely serve to increase volatility this year, especially relative to 2017.
All in, this is a good environment for investing in high yield. Tighter financial conditions have resulted in higher yields, and elevated volatility means fundamental investors should have more opportunities to buy high quality bonds at attractive valuations.

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.