UCITS Funds

Payden US Core Bond Fund (PAYRUSD ID)

Base Share Class: USD
  • 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.

Fund Snapshot
Fund Inception Date May 29, 2003
Ticker PAYRUSD ID
ISIN Number IE0032276911
Sedol Number 3227691
Fund Total Net Assets $54.2 million
Benchmark BLOOMBERG BARCLAYS 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
Fund Inception Date May 29, 2003
Total Net Assets $54.2 million
Average Duration 6.0 years
Average Maturity 8.6 years
Yield to Maturity (hedged) 1.8%
Duration Breakdown
Years Percent of Portfolio
0-112%
1-325%
3-520%
5-714%
7-1011%
10+18%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA54%
AA5%
A13%
BBB22%
BB and Below5%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates38%
Mortgage-Backed32%
Government/Gov't Related23%
Municipal Bonds5%
Asset-Backed2%
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 (6/30/2020) 4.89% 7.22% 4.72% 3.92% 3.79% 3.77%
Month-end (7/31/2020) 6.68% 8.81% 5.15% 4.14% 3.84% 3.86%
Yearly Returns
20199.19%
2018-1.14%
20174.03%
20162.61%
20150.48%
20146.07%
2013-1.93%
20127.15%
20115.37%
20105.97%
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

MARKET
Global markets continued to rebound from the first quarter coronavirus fallout. The S&P 500 became the latest major index to turn positive on the year, while fixed income sectors were positive across the board. Support from central banks, the resurgence of retail traders, and vaccine optimism kept markets rallying. However, continued economic struggles, new daily increases in COVID-19 cases, and conflict over future fiscal stimulus still lingered in investor’s minds.
The U.S. Treasury yield curve trickled steadily lower, boosting total returns in fixed income. The 10-year reached an all-time low of 0.53%.
Bond yield differentials relative to U.S. Treasuries continued to retrace the widening from the first quarter. Lower-rated bonds saw more significant tightening compared to higher-rated bonds.

OUTLOOK
The current recession is without modern precedent in terms of the speed and magnitude of the decline and the rise in unemployment. We expect US second-quarter GDP to decline sharply but start a U-shaped recovery in the third quarter. The unemployment rate is at the highest level since the 1940s, though those on "temporary layoff" make up a majority of the unemployed. Economic activity will start to recover once the Coronavirus subsides, but how quickly is an open question.
Policymakers are not standing still. The Fed acted quickly to provide liquidity, followed by aggressive fiscal policy from the US government. While the speed and size of stimulus have been impressive, it has just been relief in this environment. Inflation and federal debt will be long-term issues, not near-term challenges.

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.