UCITS Funds

Payden Global Short Bond Fund (PARISBI ID)

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

Payden & Rygel’s bond funds aim to outperform passive strategies in both rising and falling interest rate environments. The Payden Global Short Bond Fund invests in a full range of (mostly investment grade) debt securities with a view to outperforming short-dated global governments, whilst at the same time outperforming bank deposits and other money market securities, including money market funds.

Fund Snapshot
Fund Inception Date Jul 22, 1999
Share Class Inception Date Jul 22, 1999
Ticker PARISBI ID
ISIN Number IE0008461414
Sedol Number 0846141
Fund Total Net Assets $472.9 million
Benchmark FTSE WORLD GOVERNMENT BOND INDEX 1-3 YEAR USD HEDGED
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SEK, SGD, USD
Management Fee 0.30%
Total Expense Ratio 0.35%
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 22, 1999
Share Class Inception Date Jul 22, 1999
Total Net Assets $472.9 million
Average Duration 1.8 years
Average Maturity 2.0 years
Yield to Maturity (hedged) 1.1%
Duration Breakdown
Years Percent of Portfolio
0-137%
1-350%
3-512%
5+1%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA22%
AA9%
A28%
BBB33%
BB and Below6%
Unrated2%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Governments/Cash46%
Corporates31%
Asset-Backed8%
Mortgage-Backed8%
Government Related4%
Other3%
Total 100%
Country Breakdown
Country Percent of Portfolio
Euroland39.2%
United States26.8%
Japan13.5%
United Kingdom6.6%
Cayman Islands4.0%
Australia1.2%
Scandinavia1.1%
India0.8%
Mexico0.7%
New Zealand0.7%

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 (9/30/2020) 1.37% 1.96% 2.27% 2.08% 1.95% 2.43%
Month-end (9/30/2020) 1.37% 1.96% 2.27% 2.08% 1.95% 2.43%
Yearly Returns
20194.29%
20180.81%
20172.15%
20161.68%
20151.07%
20141.34%
20131.01%
20123.78%
20111.63%
20103.30%
Expenses
Management Fee 0.30%
Total Expense Ratio 0.35%

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
Last month, investors continued to look past the rise in global Coronavirus cases, as better-than-expected earnings results, ongoing vaccine progress, and positive economic data releases buoyed risk assets. Equity and credit markets rallied, with the S&P 500 surpassing February highs, whilst spread levels on the broad US dollar investment-grade (IG) aggregate corporate index tightened by 4 basis points.
In the US, July manufacturing and jobs data beat analyst expectations to the upside, as President Trump signed executive orders to increase and extend economic support measures. Global Central Bank policies remained dovish as anticipated, with US Federal Reserve (Fed) chair Powell, announcing that the Fed will seek to keep average inflation at 2%. With investors reassured, the continued risk-on tone caused 10-year US Treasury yields to increase by 18 basis points over the month to 0.71%. Amidst this backdrop, the US dollar continued to weaken, and real rates moved lower while inflation expectations increased.
Investors remained wary of the pace of recovery, however, especially as US Democrats and Republicans were yet to agree upon a new Coronavirus relief package– with chances of new fiscal stimulus measures diminishing as US elections draw nearer. Such caution was accentuated as US-China tensions teetered, with Trump declaring a US-wide ban on the Chinese firm, Tik-Tok, to start in September, along with proposed sanctions on Chinese officials and their allies in Hong-Kong.
Elsewhere, euro area manufacturing data also beat analyst expectations with figures suggesting an expansion for the first time in one and a half years. However, flash Purchasing Managers' Index (PMI) data for August came below market expectations, with data suggesting the v-shaped recovery may be starting to fade.
In commodities space, a disruption to oil operations in the Gulf coast due to storms Marco and Laura caused prices to increase, with Western Texas Intermediate increasing to $42.61 from $40.27 over the month.

OUTLOOK
Against the backdrop of central bank support, we favour overweight positions in credit markets backed by the respective monetary policy measures. We continue to maintain a modestly defensive tilt in sub-sectoral allocations and issuer selection, with a bias towards less cyclical sectors.
While our stance towards credit sectors remain generally constructive, current tight valuation levels coupled with the uncertainty continuing to surround global growth dynamics encourage us to look for opportunities to lighten up some of our credit risk exposures as we enter the last few months of the year.
In rates space, we’d look to have a preference towards relative country and curve trades, which are less sensitive to broader market directionality.
Within FX, we see scope for further broad US dollar weakness and remain particularly constructive on the euro over the medium run. However, we favour some shorter-term active position management to account for general investors’ positioning and prefer to express our core views through a diversified range of currency crosses.

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.