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 - 30 September 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 $113.3 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 - 30 September 2025
Fund Inception Date Jul 1, 2007
Share Class Inception Date Mar 11, 2010
Total Net Assets $113.3 million
Average Duration 0.5 years
Average Maturity 1.4 years
Yield to Maturity 4.48%
Duration Breakdown
Years Percent of Portfolio
0-173%
1-327%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA27%
AA28%
A30%
BBB14%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates40%
Mortgage-Backed18%
Government/Gov't Related16%
Money Markets13%
Asset-Backed12%
Municipal Bonds1%
Total 100%
Country Breakdown
Country Percent of Portfolio
US64.4%
Cayman Islands9.2%
Euroland7.0%
Canada6.2%
Jersey4.4%
Supranational2.2%
Scandinavia2.2%
Japan1.7%
Australia1.4%
UK1.0%

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 (9/30/2025) 4.00% 5.26% 5.74% 3.45% 2.65% 1.91%
Month-end (9/30/2025) 4.00% 5.26% 5.74% 3.45% 2.65% 1.91%
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 - 30 September 2025

MARKET
After a nine-month pause, the Federal Reserve (Fed) resumed rate cuts in September, lowering the federal funds rate by 25 basis points (bps) to 4.00%-4.25%. The move was driven by a softening labor market, even though inflation remains above the 2% target. The bond market had largely anticipated this move. Yields on maturities less than 1 year fell sharply, whilst longer-term yields (from 2- to 30-year bonds) moved only 5-8 bps lower, causing the curve to steepen. By quarter-end, market pricing suggested expectations for one to two additional rate cuts in 2025, broadly in line with the Fed’s forecast for reductions of 25 bps at the October and December meetings.
The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the US – ended the month lower, closing at 4.13%. At month-end, the 3-month term SOFR rate was 3.99%, and the 3-month US Treasury bill closed at 3.93%.
Credit markets continue to show little sign of stress. After the sharp rise in borrowing costs for riskier debt seen in April, following the initial tariff scare, the extra return investors demand to hold corporate and securitised bonds instead of US Treasuries has steadily declined. Today, both corporate and securitised yields are near some of the lowest levels seen historically. With the Fed cutting rates again and the economy still showing resilience, there is little reason for those risk premiums to rise meaningfully in the near term.

OUTLOOK
Given that credit and liquidity premiums are near multi-year lows, we are selective in adding exposure. In the corporate market, we favour stronger, higher-quality companies. We are taking a similar approach with securitised bonds, choosing those with stronger deal structures and higher-rated collateral behind them. We are also maintaining slightly longer maturities in our portfolios compared to our benchmark. The timing, pace, and magnitude of rate cuts will be important for investors to gauge over the rest of the year.

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.