UCITS Funds

Payden Sterling Reserve Fund (PAYSRSD ID)

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

The Fund seeks to provide capital security, liquidity, and a yield in excess of that offered by money market funds and bank deposits, by investing in a diversified range of sterling-denominated, investment grade, fixed and floating rate securities. The intention is to invest the Fund in a way that is consistent with the maintenance of a AAA rating or equivalent, from one of the major rating agencies.

Fund Snapshot
Fund Inception Date Nov 16, 2010
Share Class Inception Date Nov 16, 2010
Ticker PAYSRSD ID
ISIN Number IE00B5N7VM10
Sedol Number B5N7VM1
Fund Total Net Assets £387.6 million
Benchmark Payden 1 Week Sterling LIBID
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.14%
Total Expense Ratio 0.18%
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 Nov 16, 2010
Share Class Inception Date Nov 16, 2010
Total Net Assets £387.6 million
Average Duration 0.5 years
Average Maturity 2.1 years
Yield to Maturity 1.2%
Duration Breakdown
Years Percent of Portfolio
0-185%
1-311%
3-54%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A1/P112%
AAA69%
AA+1%
AA8%
AA-10%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Financial Institutions35%
Asset-Backed26%
Covered13%
Government Related10%
Industrials10%
UK Gilts6%
Total 100%
Country Breakdown
Country Percent of Portfolio
UK53.0%
Euroland19.0%
Canada7.0%
Scandinavia6.0%
US4.0%
Australia3.0%
Supranational2.0%
New Zealand2.0%
Jersey2.0%
Singapore2.0%

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 (6/30/2018) 0.10% 0.44% 0.84% 0.89% N/A 1.12%
Month-end (7/31/2018) 0.07% 0.29% 0.82% 0.84% N/A 1.10%
Yearly Returns
20170.76%
20161.36%
20150.56%
20141.34%
20130.71%
20122.05%
20111.61%
20100.05%
Expenses
Management Fee 0.14%
Total Expense Ratio 0.18%

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
After the May sell-off in Italian and European assets, the beginning of June offered some respite as the Five Star Movement and the League received approval from President Mattarella to form a government. Despite the volatility, senior members of the European Central Bank (ECB) had a more bullish tone as they felt fundamentals would prevail and inflation progress closer to their target, increasing expectations that the ECB was closer to removing some of their stimulus.
In the US, the Federal Reserve (Fed) delivered on a widely anticipated 25 basis point rate hike in June, citing their improved outlook for the US economy. Risk markets subsequently faltered due to President Trump’s threats of US import tariffs of this and political volatility in Europe, which also flattened the longer end of the US Treasury curve.
In the UK, the Bank of England struck a more hawkish tone in June citing progressively less capacity in the economy and leading to a stabilisation in gilt yields and sterling. The fund underperformed its benchmark by 1 basis point.

OUTLOOK
A robust labour market and stable growth dynamics should allow the Fed to raise rates above market expectations by the end of 2019. However, longer US bond yields may only see a small rise. Even with a strong US economic outlook, we believe that monetary policy convergence, a protectionist attitude and a current account deficit will weigh modestly on the US dollar.
Despite softer eurozone data earlier in the year, we expect continued momentum and a cautious ECB. However, we expect the ECB will remove some of their ultra-accommodative policies faster than currently priced-in due to growing economic improvement.
The Japanese economy has shown signs of improving growth and inflation. Policymakers have started to hint at a potential unwind of easy monetary policy next year should conditions remain favourable. Coupled with good growth dynamics we believe this could inject volatility into Japanese markets.

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.