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 - 31 January 2025
Fund Inception Date May 29, 2003
Ticker PAYRUSD ID
ISIN Number IE0032276911
Sedol Number 3227691
Fund Total Net Assets $80.5 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 - 31 January 2025
Fund Inception Date May 29, 2003
Total Net Assets $80.5 million
Average Duration 6.1 years
Average Maturity 8.8 years
Yield to Maturity (hedged) 5.38%
Duration Breakdown
Years Percent of Portfolio
0-18%
1-312%
3-522%
5-733%
7-1012%
10+13%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA6%
AA53%
A12%
BBB19%
BB and Below8%
Unrated2%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates34%
Mortgage-Backed32%
Government/Gov't Related27%
Asset-Backed5%
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 (12/31/2024) 1.44% 1.44% -2.41% -0.28% 1.33% 2.68%
Month-end (1/31/2025) 0.60% 2.39% -1.59% -0.56% 1.21% 2.70%
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 - 31 January 2025

MARKET
As 2024 concluded, the US economy continued to show resilience amidst a cautious Federal Reserve (Fed). The manufacturing sector improved, with the Purchasing Managers Index rising to 48.4, surpassing expectations. Whilst still indicating contraction, this marks the highest level since June, suggesting a potential stabilisation in the sector. The labour market remained resilient, with non-farm payrolls for November 2024 adding 227,000 new jobs, exceeding expectations and recovering from the previous month's hurricane and strike-affected figures. Despite these positive indicators, the Fed maintained a cautious stance, with officials emphasising the need for further progress on inflation before considering significant policy easing. The S&P 500 finished the month down 2.50%, whilst the 10-year US Treasury yield rose to 4.57%.

OUTLOOK
Our base case for the next 6 to 12 months in the US remains a soft landing, with growth expectations at or slightly above trend. We also anticipate that inflation rates will continue to moderate in 2025. Against this backdrop, we expect major central banks to reduce their main monetary policy rates more than what is currently discounted by investors. We expect the macro and fundamental backdrop to remain supportive of risk assets in the coming months. though, we remain mindful of the relatively low levels of volatility and tight valuations.

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.