UCITS Funds

Payden US Dollar Liquidity Fund (PAYGLUA ID)

Base Share Class: USD

Share Class
  • 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.

Share Class Snapshot - 31 January 2025
Fund Inception Date Jul 1, 2007
Share Class Inception Date Mar 11, 2010
Ticker PAYGLUA ID
ISIN Number IE00B07QVV83
Sedol Number B07QVV8
Fund Total Net Assets $124.4 million
Benchmark ICE BofA US 3-Month Treasury Bill Index
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 - 31 January 2025
Fund Inception Date Jul 1, 2007
Share Class Inception Date Mar 11, 2010
Total Net Assets $124.4 million
Average Duration 0.6 years
Average Maturity 1.3 years
Yield to Maturity 4.63%
Duration Breakdown
Years Percent of Portfolio
0-176%
1-323%
3-51%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA25%
AA38%
A27%
BBB9%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates34%
Money Markets24%
Government/Gov't Related20%
Mortgage-Backed12%
Asset-Backed10%
Total 100%
Country Breakdown
Country Percent of Portfolio
US65.0%
Canada11.0%
Cayman Islands6.7%
Euroland5.1%
Jersey3.6%
Scandinavia2.5%
Japan2.3%
Australia1.3%
Supranational0.8%
Bermuda0.7%

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) 6.05% 6.05% 4.28% 2.97% 2.27% 1.74%
Month-end (1/31/2025) 0.40% 5.82% 4.46% 2.99% 2.29% 1.76%
Yearly Returns
20246.05%
20236.11%
20220.79%
20210.17%
20201.93%
20193.00%
20181.90%
20171.51%
20161.21%
20150.26%
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 - 31 January 2025

MARKET
The Federal Reserve (Fed) cut interest rates by 25 basis points (bps) in each of the November and December 2024 meetings. In the December meeting, the Fed made major revisions to their outlook for 2025, indicating that they only anticipate cutting rates twice in 2025, down from their previous expectation of 4 cuts. The economy has not shown major signs of weakening and the data currently does not merit an accelerated cutting cycle. Currently, the market is pricing in just under 2 cuts for 2025, down from almost 5 at the beginning of the fourth quarter.
The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate – was 59 bps lower over the quarter, closing at 4.37%. At year-end, the 3-month term SOFR rate was 4.31% and the 3-month US Treasury bill closed lower at 4.31%.
Additionally, in the fourth quarter, US investment-grade corporates had positive net issuance and exceeded expectations. In securitised products, supply also exceeded expectations, though much of it was frontloaded earlier in the year ahead of the election.

OUTLOOK
Whilst we acknowledge that the lagged effects of restrictive monetary policy could cause extra stress on the economy, we currently do not foresee the need for the Fed to accelerate the path of rate reductions. The results of the US election pose potential threats with higher inflation and implications for higher deficits. However, proposed policies by the new administration are too early to act on until actual policies are put in place. As most central banks continue their easing cycles, we are keeping a close eye on how global economies and currencies respond. Given the uncertain nature of domestic and global policy, we are biased towards maintaining liquidity as current risk premiums do not compensate investors for additional risk.

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.