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 $55.8 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 $55.8 million
Average Duration 4.0 years
Average Maturity 6.9 years
Yield to Maturity (hedged) 5.4%
Duration Breakdown
Years Percent of Portfolio
0-115%
1-312%
3-542%
5-725%
7+6%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
BBB and Above8%
BB37%
B49%
CCC6%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Energy18%
Communications18%
Consumer Cyclical13%
Financials13%
Industrials12%
Consumer Non-Cyclical12%
Loans6%
Cash5%
Utilities3%
Total 100%
Country Breakdown
Country Percent of Portfolio
US79.0%
Euroland8.0%
Canada6.0%
UK1.0%
Guernsey1.0%
Other5.0%

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 (12/31/2017) 6.24% 6.24% 4.93% 4.47% 5.37% 5.84%
Month-end (1/31/2018) 0.71% 6.21% 4.94% 4.41% 5.58% 5.85%
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 +0.43% in January as measured by the Merrill Lynch BB/B Constrained Index. Rising oil prices helped boost the energy sector for the month, which delivered a +1.4% return, while M&A and ongoing concerns about cord-cutting weighed on the media sector, which returned -0.2%.
Lower quality bonds outperformed in January. BB-rated bonds returned 0.1%, B-rated bonds returned +0.8%, and CCC-rated bonds returned +2.4%.
New issuance was strong in January as issuers priced $30.7 billion in new bonds. The majority of proceeds were used to refinance existing debt, so net new issuance of $7.9 billion was actually lower-than-average.

OUTLOOK
While some market participants argue that the current credit cycle is "long in the tooth," we see indicators of a healthy market reflected in both fundamental and macroeconomic data.
Credit metrics like interest coverage are strong, and the economy continues to grow without generating excess inflation. High-yield bonds are positioned to do reasonably well in this environment. Trouble sectors like telecoms and retail remain, so investors should position their portfolios accordingly.

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.