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 £265.9 million
Benchmark Payden 1 Week Sterling LIBID
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.12%
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 £265.9 million
Average Duration 0.6 years
Average Maturity 2.1 years
Yield to Maturity 1.2%
Duration Breakdown
Years Percent of Portfolio
0-182%
1-316%
3-52%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
Total 0%
Sector Breakdown
Sector Percent of Portfolio
Financial Institutions38%
Asset-Backed20%
Government Related16%
Covered11%
Industrials11%
UK Gilts4%
Total 100%
Country Breakdown
Country Percent of Portfolio
UK44.0%
Euroland22.0%
US8.0%
Scandinavia7.0%
Canada6.0%
Australia5.0%
Supranational3.0%
New Zealand3.0%
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 (3/31/2019) 0.44% 0.81% 0.80% 0.88% N/A 1.09%
Month-end (3/31/2019) 0.44% 0.81% 0.80% 0.88% N/A 1.09%
Yearly Returns
20180.23%
20170.76%
20161.36%
20150.56%
20141.34%
20130.71%
20122.05%
20111.61%
20100.05%
Expenses
Management Fee 0.12%
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
At the start of the month, headline US jobs numbers for February came in weaker than expected and the European Central Bank (ECB) revised down their forecast for eurozone growth. As such a bearish tone set into markets and was exacerbated later in the month with the US Federal Reserve (Fed) citing they were unlikely to continue to tighten monetary policy this year and revised down their forecast for growth. In the UK, Theresa May put her deal to parliament not once but twice and despite offering to stand down to get her deal across the line, the deal was rejected both times. Parliament has yet to come to a consensus on a potential way forward to Brexit.
As central banks turned dovish and market participants seemed more concerned about global growth, developed sovereign debt staged a strong rally and yield curves flattened. In the US, the yield curve inverted between the 3-month and 10-year points. Despite this, central banks on hold and possibly a softer approach to Brexit have meant euro, sterling, and US dollar-denominated investment-grade corporate markets all posted positive excess returns on the month. The fund outperformed its benchmark by 17 basis points net of fees.

OUTLOOK
Should the labour market remain robust and growth dynamics improve we believe the Fed could still hike rates later in the year.
Despite 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 could weigh modestly on the US dollar.
Despite softening eurozone data, we anticipate momentum in the eurozone may pick up later in the year and expect that the ECB could continue to be cautious and accommodative over the foreseeable future. However, given strengths and improvement in the economy, the ECB should be able to remove some of their ultra-accommodative policies faster than currently priced-in.
For now, we believe sentiment toward sterling markets should 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.