UCITS Funds

Payden USD Low Duration Credit Fund (PRULDUA ID)

Base Share Class: USD

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

The Payden USD Low Duration Credit Fund invests in a diversified portfolio of investment-grade corporate bonds. In an environment of heightened sensitivity to rising interest rates, the fund invests primarily in short-maturity (1-5 year) bonds and floating-rate notes to limit the impact of interest rate movements whilst still capturing the upside of compressing credit spreads. The fund employs tactical allocations to emerging-market debt and high-yield bonds as opportunities present themselves, but the focus remains on US investment-grade companies.

Share Class Snapshot - 30 September 2025
Fund Inception Date Dec 5, 2013
Ticker PRULDUA ID
ISIN Number IE00BD1NVL60
Sedol Number BD1NVL6
Fund Total Net Assets $782.6 million
Benchmark Bloomberg US Corporate 1-5 Years Index USD Unhedged
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.23%
Total Expense Ratio 0.30%
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 September 2025
Fund Inception Date Dec 5, 2013
Total Net Assets $782.6 million
Average Duration 2.9 years
Average Maturity 5.9 years
Yield to Maturity 4.58%
Duration Breakdown
Years Percent of Portfolio
0-115%
1-346%
3-534%
5-74%
7-101%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA6%
AA3%
A37%
BBB46%
BB and Below8%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Financials49%
Industrials36%
Utilities6%
CMO5%
Other4%
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 (9/30/2025) 5.32% 4.93% 6.19% 2.45% 2.99% 2.81%
Month-end (9/30/2025) 5.32% 4.93% 6.19% 2.45% 2.99% 2.81%
Yearly Returns
20244.98%
20236.40%
2022-5.34%
2021-0.08%
20204.62%
20197.53%
20180.70%
20173.28%
20163.30%
20151.02%
Expenses
Management Fee 0.23%
Total Expense Ratio 0.30%

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 September 2025

MARKET
In September, US Treasury yields initially moved materially lower as investors digested softer-than-expected economic data, including Purchasing Manager’s Index (PMI) and consumer sentiment, whilst labour market concerns continued to grow. However, following the Federal Reserve’s (Fed) first 0.25% rate cut of the year, there was a series of economic data, such as retail sales, that proved to be resilient, which drove US Treasury yields higher.
Concluding September, the 2-year US Treasury yield slipped 0.01% to 3.61%, whilst the 10-year fell by 0.08% to 4.15%. Demand for corporate bonds remained robust, with 1- to 5-year corporate yields over similar-maturity US Treasuries narrowing 0.04% to 0.55%. As a result, the overall yield on 1- to 5-year corporate bonds edged down by 0.04% to 4.24%.
Primary supply for September finished at $212 billion, resulting in year-to-date supply totals of $1.3 trillion, which is up 2% compared to the same time last year.

OUTLOOK
During the month, the Fund continued to incrementally increase risk as demand for corporate bonds remained strong. It actively participated in newly issued bonds, adding exposure to the utilities and financials sectors, including banks and finance companies. The Fund also continued to diversify by adding exposure to high-yield and securitised products. Duration remained modestly long relative to the benchmark.
We believe corporate bonds can continue to perform well into year-end, supported by a strong technical bid for credit as investors seek to secure these attractive yields ahead of further Fed rate cuts. Corporate fundamentals remain generally solid; however, we are closely monitoring potential risks such as margin pressure from tariffs.
This environment is likely to present both increased risks and opportunities, making careful credit selection and tactical positioning essential to navigating evolving global trade negotiations and macroeconomic trends.

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.