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 - 29 February 2024
Fund Inception Date May 29, 2003
Ticker PAYRUSD ID
ISIN Number IE0032276911
Sedol Number 3227691
Fund Total Net Assets $93.9 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 - 29 February 2024
Fund Inception Date May 29, 2003
Total Net Assets $93.9 million
Average Duration 6.5 years
Average Maturity 8.7 years
Yield to Maturity (hedged) 5.37%
Duration Breakdown
Years Percent of Portfolio
0-110%
1-314%
3-520%
5-731%
7-1014%
10+11%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA5%
AA64%
A13%
BBB15%
BB and Below2%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed36%
Government/Gov't Related30%
Corporates28%
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 (12/31/2023) 5.66% 5.66% -3.27% 1.20% 1.78% 2.74%
Month-end (2/29/2024) -1.65% 3.27% -3.12% 0.52% 1.39% 2.64%
Yearly Returns
20235.66%
2022-13.28%
2021-1.23%
20207.40%
20199.19%
2018-1.14%
20174.03%
20162.61%
20150.48%
20146.07%
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 - 29 February 2024

MARKET
General risk-on sentiment ruled February, boosting both equity and credit markets. Meanwhile, government bond yields broadly rose as inflation remained above target and investors re-assessed the likelihood of rate cuts this spring.
In the US, healthy economic data propelled risk assets, whilst higher-than-expected inflation reports gave bond investors pause. Labour markets held steady, with the economy adding 353,000 jobs (expected: 185,000) and the unemployment rate remaining at 3.7%. In mid-February, the year-on-year headline consumer price index (CPI) was at 3.1% (expected: 2.9%), and year-on-year core CPI rose by 3.9% (expected: 3.7%). The combination of sticky inflation and hawkish comments from Federal Reserve officials led investors to reprice the chance of rate cuts this year. Throughout the month, markets priced out more than 0.60% of rate cuts before year-end, and US Treasury yields broadly rose, with the 10-year moving 0.35% higher to end the month at 4.27%.

OUTLOOK
The global economy is expected to see slower growth in 2024 as the effects of stricter monetary policies are transmitted more vigorously to the real economy. Inflation levels are likely to continue their trend lower towards central banks targets. Whilst it is still too early to claim victory over the rise in inflation as risks remain, the expected path of inflation has led markets to discount the beginning of a cutting cycle in most developed economies. Against this backdrop, a “soft-landing” of the economy has emerged as the central case for investors and the probabilities attributed by investors to other outcomes have come down.
Whilst we agree that the probability of a “soft-landing” scenario has come up, we still expect that 2024 is likely to see a high level of volatility as the macro backdrop remains uncertain. Regional divergences have emerged in the recent months with the resilience of the US economy contrasting with an economic slowdown in other parts of the world like the euro area, the UK, or China. We believe differences are likely to persist over the coming months. Whilst we do expect major central banks to start their rate-cutting cycles in 2024, we believe these cutting cycles might not be as synchronised as what markets currently anticipate.

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.