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 - 29 February 2024
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 $120.9 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 - 29 February 2024
Fund Inception Date Jul 1, 2007
Share Class Inception Date Mar 11, 2010
Total Net Assets $120.9 million
Average Duration 0.4 years
Average Maturity 1.2 years
Yield to Maturity 5.77%
Duration Breakdown
Years Percent of Portfolio
0-189%
1-311%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA29%
AA19%
A26%
BBB25%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates41%
Asset-Backed18%
Government/Gov't Related15%
Money Markets14%
Mortgage-Backed12%
Total 100%
Country Breakdown
Country Percent of Portfolio
US54.0%
Cayman Islands16.0%
Canada12.0%
Euroland7.0%
Australia3.0%
Japan3.0%
Scandinavia2.0%
Jersey1.0%
New Zealand1.0%
Other1.0%

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 (12/31/2023) 6.11% 6.11% 2.32% 2.38% 1.70% 1.43%
Month-end (2/29/2024) 1.06% 6.18% 2.64% 2.45% 1.80% 1.49%
Yearly Returns
20236.11%
20220.79%
20210.17%
20201.93%
20193.00%
20181.90%
20171.51%
20161.21%
20150.26%
20140.23%
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 - 29 February 2024

MARKET
February saw a plethora of economic data releases, showing higher-than-expected inflation and a resilient labour market. The market repriced the number of Federal Reserve (Fed) rate cuts for 2024 from six to three. Rates rose across the U.S. Treasury curve with expectations of a “higher for longer” policy rate.
The Secured Overnight Financing Rate (SOFR) fell by 0.01%, from 5.32% to 5.31%. The three-month term SOFR rate increased to 5.33% and the three-month US Treasury bill closed higher at 5.38%.
Total US investment-grade corporate issuance for February was $195 billion. This exceeded expectations but was well digested with credit yields above similar-maturity US Treasuries lower on the month.

OUTLOOK
We are closely tracking several developments that could potentially move the market, such as the commercial real estate sector, the upcoming US presidential election, government spending plans, and geopolitical conflicts. With credit valuation near recent highs, we are being careful not to overreach for risk. However, we are not rushing to trim credit exposure, as we believe valuations will remain stable in the near term. We continue to opportunistically participate in the primary and secondary markets, and to be increasingly more selective given current price levels.

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.