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 $21.0 million
Benchmark ICE BofA ML Global 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 $21.0 million
Average Duration 3.7 years
Average Maturity 6.4 years
Yield to Maturity (hedged) 6.1%
Duration Breakdown
Years Percent of Portfolio
0-121%
1-319%
3-539%
5-714%
7-103%
10+4%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
BBB and Above8%
BB31%
B52%
CCC9%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Energy18%
Communications15%
Industrials14%
Consumer Non-Cyclical13%
Consumer Cyclical12%
Financials8%
Loans6%
Cash4%
Mortgage Securities4%
Utilities3%
Total 97%
Country Breakdown
Country Percent of Portfolio
US69.0%
Euroland15.0%
Canada4.0%
UK2.0%
Ghana2.0%
Cayman Islands2.0%
Mongolia1.0%
Colombia1.0%
India1.0%
Mexico1.0%

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 (3/31/2019) 7.24% 5.31% 6.06% 3.79% 7.76% 5.67%
Month-end (4/30/2019) 8.92% 6.32% 5.86% 4.00% 7.46% 5.73%
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 +1.3% in April as measured by the ICE BOFA ML BB/B US Cash Pay High Yield Constrained Index. Performance continues to be driven by a combination of good corporate earnings and strong economic fundamentals.
According to the ICE BOFA ML US Cash Pay High Yield Constrained Indices, BB-rated, B-rated, and CCC-rated bonds returned +1.1%, +1.6%, and +2.2%, respectively.
High-yield mutual funds and ETFs have experienced inflows of +$15 billion in 2019.

OUTLOOK
Although the initial snapback has lost steam (in fact, positive performance in March was driven by income and lower rates rather than spread-tightening), the macro fundamentals that drove this really appear sustainable. At least in the US, the economy continues to grow, unemployment continues to fall, and inflation remains benign.
Spreads appear to have settled into a trading range for the time being. We believe default rates will remain below historical averages which should take the edge off spread volatility.
Given the attractive relative valuation we remain constructive on the asset class for 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.