UCITS Funds

Payden US Dollar Liquidity Fund (PAYGLUA ID)

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

The Payden US Dollar Liquidity Fund seeks to outperform current money market funds by utilizing investment-grade short-term securities. The fund is primarily comprised of US Government securities, investment-grade corporate bonds, mortgage- and asset-backed securities and money market instruments. The average duration of the fund is generally kept below one year.

Fund Snapshot
Fund Inception Date Jul 1, 2007
Share Class Inception Date Jun 29, 2007
Ticker PAYGLUA ID
ISIN Number IE00B07QVV83
Sedol Number B07QVV8
Fund Total Net Assets $86.3 million
Benchmark ICE BofA ML 3-Month USD LIBOR
Currency Share Classes Available CAD, CHF, EUR, GBP, JPY, NOK, SGD, USD
Management Fee 0.10%
Total Expense Ratio 0.16%
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 Jul 1, 2007
Share Class Inception Date Jun 29, 2007
Total Net Assets $86.3 million
Average Duration 0.3 years
Average Maturity 1.1 years
Yield to Maturity 2.8%
Duration Breakdown
Years Percent of Portfolio
0-193%
1-37%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA49%
AA16%
A16%
BBB19%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates34%
Government/Gov't Related24%
Asset-Backed22%
Money Markets13%
Mortgage-Backed7%
Total 100%
Country Breakdown
Country Percent of Portfolio
US71.0%
Euroland7.0%
Scandinavia5.0%
Japan4.0%
UK4.0%
Canada3.0%
Supranational2.0%
Switzerland1.0%
Australia1.0%
Chile1.0%

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 (3/31/2019) 0.95% 2.53% 1.76% 1.19% 0.90% 0.87%
Month-end (4/30/2019) 1.23% 2.61% 1.79% 1.24% 0.93% 0.89%
Yearly Returns
20181.90%
20171.51%
20161.21%
20150.26%
20140.23%
20130.17%
20121.59%
20110.64%
20100.53%
20090.11%
Expenses
Management Fee 0.10%
Total Expense Ratio 0.16%

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
The U.S. Treasury yield curve shifted higher in April, with the yields for the three-year and five-year maturity U.S. Treasury Notes increasing 0.03% and 0.05% respectively.
Three-month LIBOR yields decreased 0.02% in April, still providing attractive nominal yield at 2.58%. The three-month U.S. Treasury bill yield increased 0.03%.
Total investment grade corporate issuance for the month was $92 billion, higher than the previous five-year April average of $88 billion.

OUTLOOK
Cash as an asset class is more attractive now than it has been in over a decade as rates have moved higher providing attractive all-in yields with low volatility.
The Federal Open Market Committee maintained its targeted range for the Fed Funds rate at 2.25% - 2.50% in April and indicated that they are unlikely to change their policy stance for the foreseeable future. We continue to extend our treasury duration within portfolios to maintain a more neutral stance with respect to interest rate sensitivity.
We continue to maintain a high allocation to credit given the additional yield premium with a bias towards a shorter average maturity to limit the portfolio sensitivity to changes in credit risk premiums.

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.