UCITS Funds

Payden US Core Bond Fund (PAYRUSD ID)

Base Share Class: USD

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

The Payden US Core Bond Fund enables investors to pick one fund which is diversified across a wide spectrum of fixed-income sectors and maturities. It utilizes the entire range of maturities from cash instruments to 30-year bonds, and it invests in a multitude of sectors, including sovereign bonds, corporate bonds, mortgage-backed securities and asset-backed securities. The average duration of the fund is generally near that of the Barclays Aggregate Index.

Share Class Snapshot - 30 June 2025
Fund Inception Date May 29, 2003
Ticker PAYRUSD ID
ISIN Number IE0032276911
Sedol Number 3227691
Fund Total Net Assets $86.6 million
Benchmark Bloomberg US Aggregate Bond Index
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.32%
Total Expense Ratio 0.40%
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 - 30 June 2025
Fund Inception Date May 29, 2003
Total Net Assets $86.6 million
Average Duration 6.2 years
Average Maturity 8.3 years
Yield to Maturity (hedged) 4.97%
Duration Breakdown
Years Percent of Portfolio
0-19%
1-314%
3-522%
5-727%
7-1017%
10+11%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA6%
AA51%
A14%
BBB20%
BB and Below8%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates37%
Mortgage-Backed30%
Government/Gov't Related27%
Asset-Backed4%
Municipal Bonds2%
Total 100%

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 (6/30/2025) 3.97% 5.98% 2.66% -0.46% 1.71% 2.80%
Month-end (7/31/2025) 3.80% 3.73% 1.82% -0.83% 1.63% 2.78%
Yearly Returns
20241.44%
20235.66%
2022-13.28%
2021-1.23%
20207.40%
20199.19%
2018-1.14%
20174.03%
20162.61%
20150.48%
Expenses
Management Fee 0.32%
Total Expense Ratio 0.40%

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 - 30 June 2025

MARKET
The second quarter of 2025 was a turbulent yet resilient period for financial markets, characterised by a potent mix of trade policy shifts, inflationary undercurrents, and robust corporate performance. The S&P 500 Index experienced double-digit gains over the quarter, driven by a tech-led rally and intermittent optimism around U.S.-China trade negotiations. However, renewed tariff threats and persistent inflation concerns introduced volatility, with the CBOE Volatility Index (VIX) peaking above 50 for the first time in over five years.
Over the quarter, inflation showed signs of stabilisation but remained a focal point for markets, whilst consumer spending remained subdued amid trade-related uncertainties and inflationary pressures. Federal Reserve Chair Jerome Powell maintained a hawkish tone, emphasising vigilance against potential tariff-driven inflation spikes. US interest rates were volatile throughout the quarter but ended largely unchanged.

OUTLOOK
Global uncertainty remains elevated, driven by ongoing tariff threats and concerns about US policies (e.g., immigration and proposed federal spending cuts to social programs). These issues are weakening consumer and business sentiment and are pushing inflation expectations higher, particularly in the US.
Unlike softer economic indicators such as sentiment, hard economic data, like steady income growth, resilient consumer spending, and a healthy labour market, suggest a fundamentally strong economy. Outside of the US, new expansionary fiscal packages in regions like Europe and China have boosted growth expectations.
Going forward, we have lowered our growth expectations for major economies as we anticipate below-trend growth as our base case, with risks skewed to the downside. In this environment, we favour a more balanced approach to portfolio risk, distributing exposure across both duration and credit. Consistent with our outlook, we maintain modest overweights in credit, with a continued preference for higher-quality sectors such as investment-grade corporates, agency mortgage-backed securities, and AAA-rated securitised assets in our view.

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.