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 $244.3 million
Benchmark ICE BOFA 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 Jun 29, 2007
Total Net Assets $244.3 million
Average Duration 0.5 years
Average Maturity 1.1 years
Yield to Maturity 0.6%
Duration Breakdown
Years Percent of Portfolio
0-180%
1-320%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA40%
AA14%
A27%
BBB16%
BB and Below2%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates46%
Government/Gov't Related17%
Money Markets16%
Asset-Backed13%
Mortgage-Backed8%
Total 100%
Country Breakdown
Country Percent of Portfolio
US74.0%
Euroland4.0%
Canada4.0%
Australia4.0%
UK3.0%
Switzerland3.0%
Japan2.0%
Supranational2.0%
Cayman Islands1.0%
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 (6/30/2020) 1.26% 2.49% 2.29% 1.75% 1.23% 1.04%
Month-end (7/31/2020) 1.46% 2.51% 2.30% 1.79% 1.23% 1.05%
Yearly Returns
20193.00%
20181.90%
20171.51%
20161.21%
20150.26%
20140.23%
20130.17%
20121.59%
20110.64%
20100.53%
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
U.S. Treasury yields were lower in July, with the yield for the one-year maturity U.S. Treasury note lower by 0.04% over the month and the yield for the two-year maturity U.S. Treasury note also decreasing by 0.04%.
Three-month LIBOR yields was decreased 0.05% in July, providing a nominal yield of 0.25%. The three-month U.S. Treasury bill declined 0.05% over the month.
Total U.S. investment-grade corporate issuance for July fell to $65.9bn, the lowest new issuance month of 2020.

OUTLOOK
We believe short-dated fixed income remains attractive from an all-in yield basis with low price volatility.
The Federal Reserve (Fed) has deployed a range of tools to mitigate the adverse effects of the COVID-19 virus. The Fed's programs, alongside fiscal support from the CARES Act, have restored market confidence and aided the recovery of the U.S. economy. However, fear of a second spike in COVID-19 cases remains elevated. Additionally, there is uncertainty about the timing and magnitude of fiscal stimulus programs that will be passed by Congress.
We continue to rely on our macroeconomic and fundamental analysis to assess decisions to buy, hold, or sell. The fund has added opportunistically via new issue while also trimming riskier holdings as the market has recovered. Allocation is biased towards a shorter average maturity to limit the portfolio sensitivity to changes in credit risk premiums. We continue to maintain a neutral stance with respect to interest rate sensitivity.

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.