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 June 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 $111.5 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 - 30 June 2025
Fund Inception Date Jul 1, 2007
Share Class Inception Date Mar 11, 2010
Total Net Assets $111.5 million
Average Duration 0.5 years
Average Maturity 1.5 years
Yield to Maturity 4.78%
Duration Breakdown
Years Percent of Portfolio
0-177%
1-323%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA31%
AA31%
A28%
BBB9%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates40%
Money Markets17%
Mortgage-Backed16%
Asset-Backed14%
Government/Gov't Related12%
Municipal Bonds1%
Total 100%
Country Breakdown
Country Percent of Portfolio
US62.4%
Cayman Islands11.1%
Euroland8.6%
Canada5.8%
Jersey3.6%
Scandinavia3.1%
Japan1.5%
Australia1.5%
UK0.9%
Supranational0.9%

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 (6/30/2025) 2.60% 5.62% 5.48% 3.25% 2.50% 1.85%
Month-end (7/31/2025) 2.99% 5.43% 5.52% 3.28% 2.54% 1.87%
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 June 2025

MARKET
The US Treasury yield curve steepened over the quarter, largely due to concern and debate around the “Big Beautiful Bill,” which would increase spending and the US budget deficit. Money market rates were relatively unchanged at 4.3%, whilst 2- to 3-year maturities were lower by 15-20 basis points (bps) and 30-year maturities were higher by 20 bps. The Federal Reserve (Fed) left its target rate unchanged at 4.25%–4.5% in June, maintaining a cautious, data-dependent stance as it gauges the economic impact of new tariffs.
The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the US – was higher over the month, closing at 4.45%. At month-end, the 3-month term SOFR rate was 4.29%, and the 3-month US Treasury bill closed at 4.22%.
Corporate and securitised credit markets demonstrated relative resilience over the quarter, given the elevated uncertainty around tariffs and geopolitical risks. Whilst credit premiums widened in April in response to initial tariff announcements, they recovered to pre-tariff levels by mid-May. Investment-grade credit premiums ended the quarter flat year-to-date and are about 10 bps from the 12-month lows. Similarly, in the securitised market, risk premiums on AAA-rated asset-backed securities (ABS) and collateralized loan obligations (CLOs) ended the period close to historically low levels

OUTLOOK
Our portfolio remains modestly long in duration versus its benchmark, reflecting the view that the market may be underestimating the likelihood of rate cuts in the second half of 2025. Whilst the Fed remains cautious amid tariff uncertainty, we see a path for declining policy rates if inflation stabilises and growth moderates. Given that credit and liquidity premiums are near multi-year lows, we are selective in adding exposure.

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.