UCITS Funds

Payden Global Inflation-Linked Bond Fund (PRGILBU ID)

Base Share Class: USD

Share Class
  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The purpose of the Payden Global Inflation-Linked Bond Fund is to provide investors with the diversification benefit of holding global inflation-linked securities (GILS) as a portion of their overall fixed-income allocation. Inflation-linked securities protect investors from unforeseen jumps in global inflation as the fund’s holdings accrue actual inflation while also earning a real yield. The fund’s benchmark, the G-7 Barclays Global Inflation-Linked Index, is composed exclusively of government securities issued by G-7 countries and 100% of the fund’s holdings are government-issued debt. Currency-hedged and currency-exposed share classes are available. As investors may use this fund as a form of inflation insurance within their overall portfolio, the fund will not hold any non-government issued debt to ensure returns remain consistent with a global inflation-linked product.

Share Class Snapshot - 30 April 2025
Fund Inception Date Aug 10, 2009
Share Class Inception Date Aug 10, 2009
Ticker PRGILBU ID
ISIN Number IE00B41T6832
Sedol Number B41T683
Fund Total Net Assets $103.2 million
Benchmark Bloomberg G7 Government Inflation-Linked All-Maturity Index USD Hedged
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.20%
Total Expense Ratio 0.25%
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 - 30 April 2025
Fund Inception Date Aug 10, 2009
Share Class Inception Date Aug 10, 2009
Total Net Assets $103.2 million
Average Duration 8.7 years
Average Maturity 9.7 years
Yield to Maturity (hedged) 1.79%
Maturity Breakdown
Years Percent of Portfolio
0-13%
1-311%
3-523%
5-713%
7-1018%
10+32%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA9%
AA85%
BBB6%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Inflation-Linked Government Bonds97%
Money Markets3%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States53.0%
United Kingdom30.0%
France6.0%
Italy6.0%
Germany3.0%
Canada2.0%

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 (3/31/2025) 1.90% 1.66% -3.71% -0.21% 1.67% 2.91%
Month-end (4/30/2025) 2.07% 4.13% -2.59% -0.80% 1.68% 2.90%
Yearly Returns
2024-1.00%
20234.08%
2022-17.32%
20214.74%
20209.99%
20198.26%
2018-0.52%
20172.99%
201610.02%
2015-1.16%
Expenses
Management Fee 0.20%
Total Expense Ratio 0.25%

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 - 30 April 2025

MARKET
The month began with severe market volatility following "Liberation Day", when the US imposed sweeping tariffs that sent shockwaves through global markets. The S&P 500 Index experienced one of its worst two-day declines since the Second World War, and the VIX (a key measure of market fear) spiked above 50—a level previously seen only during the 2008 financial crisis and the early COVID-19 pandemic. In a rare move, US Treasury bonds and the US dollar, traditionally viewed as safe-haven assets during periods of heightened volatility, also came under pressure as investor confidence in US assets weakened. Despite this turbulence, market conditions began to stabilise later in the month after President Trump announced a 90-day tariff extension for countries, excluding China. By month-end, there were early signs of a potential de-escalation in the trade war, though uncertainty remains as negotiation conditions continue to unfold.
The US economy showed signs of strain, with first-quarter GDP contracting by 0.3% (annualised), driven by a 41.3% surge in imports as businesses rushed to secure inventory ahead of tariff implementations. March inflation data was notably soft, with headline Consumer Price Index (CPI) declining 0.1% month-on-month. Federal Reserve (Fed) Chair Powell indicated that the Fed would "wait for greater clarity" before adjusting policy, effectively postponing anticipated rate cuts. Trade negotiations showed promising developments, with US Trade Representative Greer suggesting imminent agreements with several trading partners, though noting that no official discussions had commenced with China. Despite the volatility, the S&P 500 Index ended the month down 0.76%, and the 10-year US Treasury yield closed the quarter at 4.16%, virtually unchanged for the month.
European economic data offered positive surprises despite trade tensions, with euro area first-quarter GDP expanding by 0.4%, surpassing projections of 0.2%. Inflation moderated across major economies, with German CPI falling to 2.2% and French inflation declining to 0.8%. The European Central Bank proceeded with a quarter-point rate cut whilst preparing a measured response to US tariffs. European leaders adopted a firm stance; EU Commission President von der Leyen emphasised that whilst the EU is prepared to discuss barriers to transatlantic trade, it is also readying retaliatory countermeasures “if negotiations fail.” The Stoxx 600 Index fell by 1.21%, whilst German Bund and UK Gilt yields closed at 2.44% and 4.44%, respectively.

OUTLOOK
Uncertainty remains elevated due to ongoing tariff threats and concerns about other US policies, such as immigration and federal spending cuts. This rise in uncertainty has weakened consumer and business confidence and pushed inflation expectations higher, particularly in the US.
However, in contrast to sentiment indicators, key US economic data remains relatively strong. Income growth is still steady, consumer spending is resilient, and the labour market remains healthy. Outside of the US, new government stimulus efforts in regions such as Europe and China have improved growth expectations.
Looking ahead, we have revised our growth outlook for major economies downwards. Our base case now expects below-average growth, with risks tilted to the downside.
In this environment, we are taking a balanced approach to portfolio risk across both duration and credit. Given our central views, we continue to maintain modest overweights in credit sectors, with a preference for higher-quality credit, such as investment-grade corporate bonds and AAA-rated securitised assets. Regionally, we favour a balanced exposure to both US dollar and euro-denominated issuers, particularly in the corporate space.
From a duration perspective, considering growth concerns, we favour an overweight position, with a bias towards the front-end of the US yield curve and select emerging markets. We also like positions that benefit from a steeper yield curve, especially in the US and Germany, which we believe offer some protection in the event of an economic slowdown or a shift towards more expansionary fiscal policy. In currencies, we hold a modest underweight position in the US dollar, particularly against the euro and Japanese yen), whilst maintaining a relatively limited amount of active risk in this space for the time being.

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.