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 $23.5 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 $23.5 million
Average Duration 3.6 years
Average Maturity 6.2 years
Yield to Maturity (hedged) 6.4%
Duration Breakdown
Years Percent of Portfolio
0-115%
1-322%
3-544%
5-714%
7+5%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
BBB and Above8%
BB28%
B53%
CCC11%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Energy18%
Communications16%
Industrials15%
Consumer Cyclical13%
Consumer Non-Cyclical13%
Loans9%
Financials7%
Cash4%
Other5%
Total 100%
Country Breakdown
Country Percent of Portfolio
US76.0%
Euroland9.0%
Canada6.0%
Cayman Islands2.0%
Hong Kong1.0%
Mongolia1.0%
UK1.0%
Ghana1.0%
Japan1.0%
Egypt1.0%

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 (12/31/2018) -2.80% -2.80% 4.46% 2.99% 7.72% 5.33%
Month-end (2/28/2019) 6.03% 3.53% 6.31% 3.58% 7.71% 5.63%
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 +6.2% in the first quarter as measured by the ICE BOFA ML BB/B US Cash Pay High Yield Constrained Index, recovering all its 2018 losses and then some. Performance was driven by strong US economic data, higher oil prices, and more dovish signalling from the Fed.
According to the ICE BOFA ML US Cash Pay High Yield Constrained Indices, BB-rated, B-rated, and CCC-rated bonds returned +6.0%, +6.4%, and +7.5%, respectively.
$37 billion in high-yield bonds have been issued in the first quarter as markets have re-opened to issuers. The majority of bonds issued have been to refinance debt.

OUTLOOK
The technical backdrop of the high-yield bond market is strong. Net issuance has been declining for the last few years, making high-yield bonds increasingly scarce. We expect this trend to continue, and the limited supply of bonds should be supportive of secondary prices.
The recent selloff in high-yield bonds means we entered 2019 at an attractive valuation. Strong performance has taken the edge off somewhat, but yields offered on high-yield bonds relative to comparable-maturity U.S. Treasuries remain attractive.
Given strong credit fundamentals, we expect below-average default rates in 2019.

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.