UCITS Funds

Payden Global Inflation-Linked Bond Fund (PRGILBU ID)

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

The purpose of the 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.

Fund Snapshot
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 $96.8 million
Benchmark Bloomberg Barclays World Government Inflation-Linked G7
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.25%
Total Expense Ratio 0.30%
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 Aug 10, 2009
Share Class Inception Date Aug 10, 2009
Total Net Assets $96.8 million
Average Duration 12.1 years
Average Maturity 13.2 years
Yield to Maturity (hedged) 3.1%
Maturity Breakdown
Years Percent of Portfolio
0-18%
1-313%
3-512%
5-718%
7-105%
10+44%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA55%
AA39%
BBB6%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Inflation-Linked Government Bonds99%
Money Markets1%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States49.0%
United Kingdom29.0%
France10.0%
Italy6.0%
Germany4.0%
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 (12/31/2018) -0.52% -0.52% 4.07% 3.86% N/A 4.01%
Month-end (12/31/2018) -0.52% -0.52% 4.07% 3.86% N/A 4.01%
Yearly Returns
2018-0.52%
20172.99%
201610.02%
2015-1.16%
20148.46%
2013-6.00%
20125.04%
201110.49%
20105.11%
20094.40%
Expenses
Management Fee 0.25%
Total Expense Ratio 0.30%

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
Early in December Trade war rhetoric was not escalated at the G20 summit and instead a 90-day truce was declared between the US and China on further tariffs giving some short-term support to risk sentiment. In the UK, Theresa May postponed a parliamentary vote on her latest Brexit deal which led to a vote of confidence in her, being triggered by her party, which she subsequently survived. As the month developed, risk sentiment soured as investors worried about global growth, a plummeting oil price, tighter monetary policy and political uncertainty. US dollar investment-grade corporates underperformed their euro and sterling-denominated counterparts.
Developed sovereign yields fell sharply during the month with 10-year yields on US Treasuries falling 30 basis points and 10-year German Bunds reaching a low yield of 0.20%. Due to its safe-haven status, the Japanese yen outperformed its G10 peers. The inflation-linked universe of bonds marginally underperformed their conventional counterparts.

OUTLOOK
A robust labour market and stable growth dynamics should allow the Federal Reserve to raise rates marginally above market expectations by end 2019.
Even with strong economic prospects for the US economy, we believe that a combination of monetary policy convergence, a protectionist attitude from the US administration and a current account deficit will weigh modestly on the US dollar.
Despite softening data in the eurozone we expect momentum will pick up later in the year and believe the European Central Bank (ECB) will continue to be cautious and accommodative over the foreseeable future. However, we believe that given strengths and improvement in the economy the ECB will be able to remove some of their ultra-accommodative policies faster than currently priced in.
For now, we expect sentiment toward sterling markets will continue to be subdued by Brexit related uncertainty.

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.