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 $73.6 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 $73.6 million
Average Duration 0.2 years
Average Maturity 1.4 years
Yield to Maturity 2.6%
Duration Breakdown
Years Percent of Portfolio
0-194%
1-36%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA44%
AA14%
A20%
BBB21%
BB and Below1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates40%
Government/Gov't Related21%
Money Markets17%
Asset-Backed14%
Mortgage-Backed8%
Total 100%
Country Breakdown
Country Percent of Portfolio
US69.0%
Euroland7.0%
Canada7.0%
UK5.0%
Japan3.0%
Scandinavia2.0%
Australia2.0%
Singapore1.0%
Chile1.0%
China1.0%

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 (9/30/2018) 1.55% 1.87% 1.42% 0.95% 0.82% 0.79%
Month-end (9/30/2018) 1.55% 1.87% 1.42% 0.95% 0.82% 0.79%
Yearly Returns
20171.51%
20161.21%
20150.26%
20140.23%
20130.17%
20121.59%
20110.64%
20100.53%
20090.11%
20082.20%
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
Yields for one-year maturity US Treasuries rose approximately 0.12% in September while yields for the two-year and five-year maturity US Treasury notes both rose by approximately 0.20%.
Three-month LIBOR yields increased 0.08% in September, providing attractive nominal yield at 2.39%. The three-month US Treasury bill yield increased 0.10%.
Total investment-grade corporate issuance was elevated for the month at $131 billion, higher than the previous five-year September average of $119 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 market is pricing in one more hike for 2018, which is in line with our expectations. We continue to utilise floating-rate coupon bonds across a range of sectors as well as maintain an underweight to duration in anticipation of higher front-end rates driven by an active Federal Reserve.
We continue to maintain a high allocation to credit given the additional yield premium. We remain highly price sensitive, however, looking to rotate out of expensive securities into those that have more upside.

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.