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 $252.5 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 $252.5 million
Average Duration 0.6 years
Average Maturity 1.2 years
Yield to Maturity 0.4%
Duration Breakdown
Years Percent of Portfolio
0-185%
1-315%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA23%
AA30%
A29%
BBB15%
BB and Below2%
Unrated1%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Corporates50%
Government/Gov't Related27%
Asset-Backed10%
Mortgage-Backed8%
Money Markets5%
Total 100%
Country Breakdown
Country Percent of Portfolio
US61.0%
Canada8.0%
Supranational7.0%
Euroland6.0%
UK5.0%
Japan3.0%
Scandinavia3.0%
Australia3.0%
Switzerland2.0%
Cayman Islands1.0%

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 (9/30/2020) 1.63% 2.22% 2.28% 1.85% 1.22% 1.05%
Month-end (9/30/2020) 1.63% 2.22% 2.28% 1.85% 1.22% 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 unchanged in September, with the yield move for the three-month, one-year and two-year maturity U.S. Treasuries unchanged.
Three-month LIBOR was rangebound over the month, decreasing by 0.01%, providing a nominal yield of 0.23%.
Total U.S. investment-grade corporate issuance for September was just over $166 billion, a 20% increase over August.

OUTLOOK
We believe short-dated fixed income remains attractive from an all-in yield basis with low price volatility.
Despite modest intra-month volatility, market confidence remained elevated in September, riding optimism of additional fiscal stimulus. This confidence was despite signs of a slowing U.S. economic recovery and spots of resurgence of the COVID-19 virus. Legislators continue stimulus negotiations and have expressed optimism that a deal can be reached.
We continue to monitor specific issuer and sector positions with outsized exposure and impact to economic slowdown. The fund increased securitized exposure over the month. We continued to increase longer dated credit exposures given limited opportunity at the front end and steeper credit curves. We maintained a neutral duration stance relative to the benchmark given the extended low rate outlook, as reiterated by Fed Chair Jerome Powell in September’s Federal Reserve meeting and Congressional hearings.

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.