UCITS Funds

Payden Sterling Corporate Bond Fund - Investment Grade (PASTCID ID)

Base Share Class: GBP
  • 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 Sterling Corporate Bond Fund invests in sterling-denominated corporate bonds, issued by corporations from around the world. It does not use credit derivatives to gain corporate credit exposure. Neither does the fund use asset- and mortgage-backed securities, and the emphasis of the strategy is on investment in non-financial issuers.

Fund Snapshot
Fund Inception Date Mar 6, 2009
Share Class Inception Date Mar 6, 2009
Ticker PASTCID ID
ISIN Number IE00B3KLND71
Sedol Number B3KLND7
Fund Total Net Assets £19.9 million
Benchmark Bloomberg Barclays Sterling Corporates 1-10 Year ex-Financials
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.50%
Total Expense Ratio 0.58%
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 Mar 6, 2009
Share Class Inception Date Mar 6, 2009
Total Net Assets £19.9 million
Average Duration 4.6 years
Average Maturity 4.8 years
Yield to Maturity 1.8%
Duration Breakdown
Years Percent of Portfolio
0-18%
1-321%
3-527%
5-734%
7-1010%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA4%
AA9%
A29%
BBB56%
BB and Below2%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Industrials58%
Utilities18%
Financial Institutions14%
UK Gilts5%
Other5%
Total 100%
Country Breakdown
Country Percent of Portfolio
UK47.0%
Euroland27.0%
US17.0%
Jersey6.0%
Mexico1.0%
Cayman Islands1.0%
Scandinavia1.0%

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 (6/30/2019) 3.53% 3.49% 2.20% 3.05% 5.00% 5.08%
Month-end (6/30/2019) 3.53% 3.49% 2.20% 3.05% 5.00% 5.08%
Yearly Returns
2018-1.25%
20172.64%
20165.96%
20150.37%
20146.98%
20131.71%
201210.76%
20115.03%
20108.46%
20098.90%
Expenses
Management Fee 0.50%
Total Expense Ratio 0.58%

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
Jobs data for March in the US came in strong and provided a nice bounce-back from the February numbers. Good data continued in Europe and China with PMI service data in the former and manufacturing data in the latter beating expectations. Article 50 was extended to October 31st in the UK and Prime Minister May said she would be working with opposition leader Corbyn to find a way to end the stalemate. Both the US Federal Reserve (Fed) and the European Central Bank (ECB) continued to take a dovish stance. As such risk markets continued to be upbeat with credit markets outperforming developed sovereign debt.
Most developed sovereign bond yields moved higher over the course of the month. The British pound was the strongest performing currency in G10 space as the extension to Article 50 and collaboration between May and Corbyn point towards a softer approach to Brexit. The fund underperformed its benchmark by 12 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.