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 - 31 July 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 $102.4 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 - 31 July 2025
Fund Inception Date Jul 1, 2007
Share Class Inception Date Mar 11, 2010
Total Net Assets $102.4 million
Average Duration 0.6 years
Average Maturity 1.6 years
Yield to Maturity 4.85%
Duration Breakdown
Years Percent of Portfolio
0-174%
1-326%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA31%
AA28%
A32%
BBB9%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates44%
Mortgage-Backed19%
Asset-Backed14%
Government/Gov't Related13%
Money Markets9%
Municipal Bonds1%
Total 100%
Country Breakdown
Country Percent of Portfolio
US64.0%
Cayman Islands11.0%
Euroland8.0%
Canada5.0%
Jersey4.0%
Scandinavia2.0%
Japan2.0%
Australia2.0%
Supranational1.0%
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 (6/30/2025) 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 - 31 July 2025

MARKET
The US Treasury yield curve steepened modestly over the month as a result of firmer economic data and reduced near-term recession fears. The move was concentrated in 2- to 5-year maturities, as markets reassessed the likelihood and timing of policy easing in the second half of the year. The Federal Reserve (Fed) left its target rate unchanged at 4.25%-4.50% in July, maintaining a data-dependent stance as inflation continues to ease modestly but remains above the Fed’s long-run target.
The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the US – ended the month lower, closing at 4.39%. At month-end, the 3-month term SOFR rate was 4.30%, and the 3-month US Treasury bill closed at 4.34%.
Corporate and securitised credit markets continue to show resilience. Heavy investment-grade corporate new issuance was met with robust demand, particularly in the financials sector, which outperformed following clean stress test results and easing regulatory pressures. Similarly, in the securitised market, an influx of supply in non-agency mortgage-backed and commercial mortgage-backed securities was met with strong buyer demand, helping to keep credit premiums near recent lows.

OUTLOOK
Our portfolio remains modestly long in duration versus the benchmark, reflecting the team’s view that the market may be underestimating the likelihood of rate cuts in the second half of 2025. Given that credit premiums are near multi-year lows, we are selectively increasing risk 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.