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 $33.5 million
Benchmark ICE BofA ML 3-Month USD LIBOR
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 $33.5 million
Average Duration 0.4 years
Average Maturity 1.7 years
Yield to Maturity (hedged) 2.0%
Duration Breakdown
Years Percent of Portfolio
0-184%
1-316%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA45%
AA9%
A23%
BBB23%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates43%
Government/Gov't Related24%
Money Markets15%
Asset-Backed11%
Mortgage-Backed7%
Total 100%
Country Breakdown
Country Percent of Portfolio
US72.0%
Euroland7.0%
UK5.0%
Canada5.0%
Japan4.0%
Australia2.0%
Other5.0%

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 (12/31/2017) 1.51% 1.51% 0.99% 0.68% 0.72% 0.58%
Month-end (1/31/2018) 0.16% 1.54% 0.99% 0.69% 0.70% 0.59%
Yearly Returns
20171.51%
20161.21%
20150.26%
20140.23%
20130.17%
20121.59%
20110.64%
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
Front end rates continued to rise in January, led by both three year and five year maturities increasing 31 basis points. The front end steepened on expectations for continued hikes and increasing treasury supply. One-year maturity yields increased from 1.73% to 1.88% over January.
Total January issuance was $127 billion, which compares to a five year average of $115 billion. Floating rate paper made up 17% of investment grade issuance, the highest since last June.
Three-month LIBOR continued its march higher in January, increasing from 1.69% to 1.78%, underperforming the three-month Treasury bill only slightly.

OUTLOOK
The market has adjusted to be more in-line with the Fed’s projections for 3 hikes in 2018, although it continues to underprice the number of hikes in 2019 and beyond. We expect the market to move closer to the Fed’s projections.
Floating-rate securities should benefit if the Fed’s projections materialize.
Corporate credit will continue to perform well with BBB-rated securities outperforming single-A securities. We look to avoid companies whose deteriorating fundamentals induce a greater threat of engaging in material levering events.

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.