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 £316.8 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 £316.8 million
Average Duration 0.5 years
Average Maturity 2.1 years
Yield to Maturity 1.3%
Duration Breakdown
Years Percent of Portfolio
0-185%
1-315%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
A1/P110%
AAA61%
AA+3%
AA11%
AA-14%
BBB+1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Financial Institutions34%
Asset-Backed21%
Government Related18%
Covered13%
Industrials10%
UK Gilts4%
Total 100%
Country Breakdown
Country Percent of Portfolio
UK44.0%
Euroland24.0%
Canada8.0%
US7.0%
Supranational5.0%
Australia4.0%
Scandinavia4.0%
New Zealand3.0%
Singapore1.0%

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) 0.23% 0.23% 0.78% 0.85% N/A 1.07%
Month-end (1/31/2019) 0.02% 0.38% 0.72% 0.81% N/A 1.06%
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
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 fund underperformed its benchmark by 4 basis points net of fees.

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.