Payden US Dollar Liquidity Fund
NAV / Daily Prices
NAV ($)
13.66
NAV Change ($)
0.01
Statistics
Yield to Maturity
4.34%
Effective Duration
0.66 Years
Average Maturity
1.59 Years
Average Fund Credit Rating
AA
Number of Issuers
140
Expenses
Management Fee
0.10%
Maximum Total Expense Ratio (TER) Capped at
0.16%
Initial Charge
NONE
Redemption Fee
NONE
1
# of Funds
Overall
★★★★
114
3 Year
★★★★☆
00
Category
USD Diversified Bond - Short Term
Data as of
1/31/2026
Payden US Dollar Liquidity Fund - USD Accumulating
ICE BofA US 3-Month Treasury Bill Index
| Total Returns | Month-End (31 Jan 2026) | ICE BofA US 3-Month Treasury Bill Index |
| YTD | 0.41% | 0.29% |
| 1 Year | 5.19% | 4.09% |
| 3 Year | 5.70% | 4.80% |
| 5 Year | 3.69% | 3.22% |
| 10 Year | 2.80% | 2.21% |
| Since Inception | 1.97% | 1.41% |
Yearly Returns
Past performance is no guarantee of future results.
Fund Snapshot
Fund Inception Date
29 Jun 2007
Fund Share Class Inception Date
11 Mar 2010
Fund Share Class
USD Accumulating
Hedged
N/A
ISIN Number
IE00B07QVV83
Ticker
PAYGLUA
Irish Stock Exchange Listed
Yes
UCITS Compliant
Yes
Liquidity
Daily
Investment Minimum*
$1,000,000 Initial
Overall Fund AUM
As of 31 Jan 2026
$125.7 Million
Total Payden Enhanced Cash Strategy AUM
As of 31 Dec 2025
$47.3 Billion
Benchmark
ICE BofA US 3-Month Treasury Bill Index
Date as of
Role in Portfolio
An attractive alternative to money market funds for investors who seek additional yield without compromising liquidity and credit quality.
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.
Why Investors Choose This Fund?
Fund will invest primarily in debt securities that are considered investment grade.
Actively managed by Payden & Rygel with more than 40 years' experience of managing short-term institutional cash and US Treasury accounts.
Global markets experience.
KIID SRRI: 2/PRIIPs KID SRI: 2.
Duration Allocation
Duration
Percent of Portfolio
0-1 yr
71%
1-3 yrs
29%
Credit Allocation
Credit
Percent of Portfolio
AAA
38%
AA
27%
A
29%
BBB
6%
Sector Allocation
Sector
Percent of Portfolio
Corporates
35%
Asset-Backed
22%
Mortgage-Backed
21%
Government/Gov't Related
11%
Money Markets
10%
Municipal Bonds
1%
Country Allocation
Country
Percent of Portfolio
US
62%
Euroland
14%
Cayman Islands
9%
Canada
5%
Jersey
3%
UK
2%
Scandinavia
2%
Japan
1%
Supranational
1%
Other
1%
Market
US interest rates moved slightly higher over the past month as markets priced in the potential for fewer near-term rate cuts. After three consecutive cuts in the second half of 2025, the Federal Reserve (Fed) elected to keep the federal funds rate unchanged at 3.50%-3.75% at its January meeting, citing stabilizing labour markets and inflation that remains above its 2.0% target. Despite the pause, markets continue to price in a couple of cuts by year end 2026.
Our view remains that rate cuts may ultimately be more aggressive than markets expect, as we anticipate further progress on inflation and believe labour-market conditions appear weaker than current economic data reflects. Markets have also grown more sensitive to policy signals following the news of Kevin Warsh's nomination for Fed Chair, with Fed independence top of mind for the marketplace. We view the prospective Fed chair as a qualified elite insider, aligned with the administration’s policy, but likely to uphold the Fed’s institutional credibility.
The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate in the US – ended the month lower, closing at 3.68%. At month-end, the 3-month term SOFR rate was 3.66%, and the 3-month US Treasury bill closed at 3.66%.
Public fixed-income capital markets started the year hot. January saw record issuance in investment-grade corporate bonds, the highest ever for that month. Risk premiums (the additional yield above US Treasuries) remain close to historic lows. Markets have been buoyed by investor expectations for lower rates, alongside a resilient economic outlook. Securitised products also saw robust issuance across securitised subsectors (mortgages, consumer credit, and corporate loans), and all deals were readily absorbed as risk premiums moved closer towards their historical lows. We have approached this "risk-on" environment as a great time to judiciously trim holdings selectively and rotate into better value. We have maintained our exposure to the credit markets but are increasingly choosing to pass on deals at today’s pricier levels.
Outlook
We continue to position investment portfolios longer compared to their respective benchmarks. As the year moves on, we expect lower interest rates due primarily to softening employment and continued progress towards lower inflation.
1. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Overall rating out of 114 USD Diversified Bond - Short Term funds as of 31-01-26.
2. Returns less than one year are not annualised. Performance does not take account of the commissions and costs incurred on the issue and redemption of shares. Future performance is subject to taxation which depends on the personal situation of each investor, and which may change in the future. Complete information on risks can be found in the prospectus.
Payden US Dollar Liquidity Fund is a sub-fund of Payden Global Funds plc, an open-ended investment company with variable capital incorporated under Ireland law and is authorised by FINMA for offering to non-qualified investors. The prospectus for Switzerland, the key investor information documents ("KIID"), the articles, the semi-annual and annual reports and other information can be obtained free of charge from the Fund's representative and paying agent in Switzerland: Reyl & Cie SA., 4, rue de Rhône, 1204 Geneva, Switzerland.
The Fund is actively managed with reference to the ICE BofA US 3-Month Treasury Bill Index (the "Index"). The Index is used (i) as a universe from which to select or hold securities; and (ii) to measure performance of the Fund. The investment manager has discretion over the composition of the portfolio of the Fund and may select securities not included in the Index. Both in-Index and out-of-Index securities may be used, and deviations from the Index may be significant. Whilst the investment manager does not employ a defined strategy to align with a benchmark during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policy accordingly.
This is a marketing communication. Please refer to the prospectus of Payden Global Funds plc and to the PRIIPs KID or KIID before making any final investment decision. This material has been prepared by Payden & Rygel Global Limited, a company authorised and regulated by the Financial Conduct Authority of the United Kingdom, and by Payden Global SIM S.p.A., an investment firm authorised and regulated by Italy’s CONSOB with passporting to provide services in certain EU jurisdictions. It is directed exclusively at professional investors or eligible parties and counterparties as defined by the rules of the Financial Conduct Authority or, for EU jurisdictions, by the rules of the Markets in Financial Instruments Directive (“MiFID”), as transposed in the relevant EU jurisdictions, and is not intended for use by retail investors. Suitability/appropriateness of the investment is the responsibility of the investor, no assurance can be given that the stated investment objectives will be achieved, and the value of investments may fall as well as rise. This information does not constitute an invitation or offer to subscribe for or purchase any of the products mentioned which will only be accepted on the basis of the relevant prospectus. The law may restrict distribution of this information in certain jurisdictions, therefore, persons into whose possession this message comes should inform themselves about and observe any such restrictions. Waystone Management Company (IE) Limited, the Manager, is authorised in Ireland and regulated by the Central Bank of Ireland.