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 6.1 years
Average Maturity 8.7 years
Yield to Maturity (hedged) 1.7%
Duration Breakdown
Years Percent of Portfolio
0-110%
1-328%
3-524%
5-79%
7-1011%
10+18%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA52%
AA5%
A14%
BBB23%
BB and Below5%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates39%
Mortgage-Backed32%
Government/Gov't Related21%
Municipal Bonds5%
Asset-Backed3%
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 (9/30/2020) 5.94% 6.21% 4.76% 4.01% 3.61% 3.78%
Month-end (9/30/2020) 5.94% 6.21% 4.76% 4.01% 3.61% 3.78%
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
In September, returns across assets classes were largely negative due to a confluence of negative factors. Concerns that the market was overbought, underwhelming economic recovery reports, struggling stimulus negotiations, and forecasted election volatility sparked a risk-off tone as investors assessed valuations.
The US Treasury yield curve remain unchanged after the FOMC in September voted to leave interest rates at zero to 0.25% and confirmed they expect that range to remain until inflation is on target.
Bond yield differentials relative to U.S. Treasuries largely widened for the first time since March as investors struggled to digest record issuance.

OUTLOOK
The US and global economy experienced a severe economic contraction in Q2 due to widespread shutdowns. US GDP contracted 9.5% from the previous quarter, while the UK economy contracted by 20.4%. We expect the U.S. economy to shrink by 4% in 2020 due to a sharp contraction in Q2 GDP and a recovery in the second half of the year.
Global central banks have expanded their balance sheets by more than $6 trillion and stabilized the financial system. Fiscal authorities have responded boldly as well, financed by debt issuance.
The US unemployment rate peaked in April and has declined since then, reaching 8.4% in August – beating the most optimistic expectations. With economic data bottoming out, it is reasonable to expect a 7% handle on the unemployment rate by year-end since 41% of the unemployed workers in April have returned to work. While we expect the unemployment rate to continue to fall, we anticipate a slower pace of recovery moving forward.

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.