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 $23.0 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 $23.0 million
Average Duration 3.9 years
Average Maturity 6.9 years
Yield to Maturity (hedged) 6.1%
Duration Breakdown
Years Percent of Portfolio
0-116%
1-318%
3-540%
5-721%
7+5%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
BBB and Above6%
BB27%
B53%
CCC14%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Energy20%
Communications17%
Industrials15%
Consumer Cyclical12%
Consumer Non-Cyclical12%
Financials10%
Loans8%
Cash3%
Utilities3%
Total 100%
Country Breakdown
Country Percent of Portfolio
US76.0%
Euroland11.0%
Canada7.0%
Cayman Islands1.0%
Hong Kong1.0%
Mexico1.0%
UK1.0%
Chile1.0%
Multiple1.0%

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 (9/30/2018) 1.54% 1.81% 5.88% 4.60% 6.39% 5.67%
Month-end (9/30/2018) 1.54% 1.81% 5.88% 4.60% 6.39% 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 +2.4% during the third quarter as measured by the ICE BOFA ML BB/B US Cash Pay High Yield Constrained Index. Although rising rates have taken a bite out of performance this year, a combination of carry (i.e., cash interest payments) and credit spread tightening has resulted in positive total returns during the third quarter.
According to their relative ICE BOFA ML US Cash Pay High Yield Constrained Indices, BB-rated and B-rated bonds each returned +2.3% while CCC-rated bonds returned +2.8%.
Gross new issuance of $42 billion during the third quarter was the lowest quarterly level since the fourth quarter of 2011. Year-to-date gross issuance of $168 billion trails the 2017 level of $256 billion by -34%.

OUTLOOK
The overall narrative of the high-yield asset class remains intact. The market is characterised by low levels of new CCC-rated issuance, relatively muted volatility, and improving leverage and interest coverage ratios.
The economy is growing. The handful of sectors that could drive short-term weakness are relatively small and new issue will likely remain muted through the end of the year which increases the scarcity value of outstanding bonds.
We expect corporate fundamentals, market technicals, and general economic health to remain sound. High yield remains fundamentally insulated from trade wars and emerging-markets volatility. Like many asset classes, high yield is vulnerable to a risk-off correction, but it's hard to see the catalyst coming from within the asset class itself.

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.