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 Mar 11, 2010
Ticker PAYGLUA ID
ISIN Number IE00B07QVV83
Sedol Number B07QVV8
Fund Total Net Assets $434.5 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
Fund Inception Date Jul 1, 2007
Share Class Inception Date Mar 11, 2010
Total Net Assets $434.5 million
Average Duration 0.3 years
Average Maturity 0.8 years
Yield to Maturity 4.87%
Duration Breakdown
Years Percent of Portfolio
0-195%
1+5%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA56%
AA10%
A20%
BBB13%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Money Markets31%
Corporates26%
Asset-Backed26%
Mortgage-Backed8%
Municipal Bonds5%
Government/Gov't Related4%
Total 100%
Country Breakdown
Country Percent of Portfolio
US70.0%
Cayman Islands9.0%
Canada7.0%
Euroland3.0%
Australia3.0%
Japan2.0%
UK2.0%
Supranational2.0%
Bermuda1.0%
Singapore1.0%

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 (12/31/2022) 0.79% 0.79% 0.96% 1.55% 1.11% 1.08%
Month-end (12/31/2022) 0.79% 0.79% 0.96% 1.55% 1.11% 1.08%
Yearly Returns
20220.79%
20210.17%
20201.93%
20193.00%
20181.90%
20171.51%
20161.21%
20150.26%
20140.23%
20130.17%
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
In the short-maturity US Treasury bill sector, demand has remained high as investors are cautious of further federal funds rate hikes which continue to push US Treasury yields below the similar tenor Secured Overnight Financing Rate ("SOFR").
The SOFR moved from 3.82% to 4.30%. The three-month SOFR increased to 4.59%, and the three-month US Treasury bill closed higher at 4.37%.
Total US investment-grade supply finished at just under $9 billion. This is the second-lightest monthly issuance on record after December 2018. We maintain an up-in-quality bias as we expect restrictive policy to continue to weigh on risk assets.

OUTLOOK
Looking through short- and medium-term volatility, we see fundamental drivers of market instability moderating. Amidst normalising gasoline prices, China reopening, and the Federal Reserve at the tail end of its tightening cycle, we expect intermediate bond yields (3- and 5-year US Treasury notes) to move sideways to marginally lower.
With higher starting yields, the carry of the portfolio provides a larger buffer against further increases in rates. Our portfolios remain conservative versus relative benchmarks with ample liquidity, shorter durations, and an up-in-quality mix of credit sectors.

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.