Payden US Core Bond Fund
NAV / Daily Prices
NAV ($)
10.40
NAV Change ($)
0.05
Statistics
Yield to Maturity
4.84%
Effective Duration
6.14 Years
Average Maturity
7.37 Years
Average Fund Credit Rating
A+
Number of Issuers
158
Expenses
Management Fee
0.32%
Maximum Total Expense Ratio (TER) Capped at
0.40%
Initial Charge
NONE
Redemption Fee
NONE
Payden US Core Bond Fund - USD Distributing
Bloomberg US Aggregate Bond Index
| Total Returns | Month-End (31 Jan 2026) | Bloomberg US Aggregate Bond Index |
| YTD | 0.13% | 0.11% |
| 1 Year | 7.07% | 6.85% |
| 3 Year | 3.89% | 3.64% |
| 5 Year | -0.10% | -0.20% |
| 10 Year | 1.96% | 1.88% |
| Since Inception | 2.89% | 3.18% |
Yearly Returns
Past performance is no guarantee of future results.
Fund Snapshot
Fund Inception Date
29 May 2003
Fund Share Class Inception Date
29 May 2003
Fund Share Class
USD Distributing
Hedged
N/A
ISIN Number
IE0032276911
Ticker
PAYRUSD
Irish Stock Exchange Listed
Yes
UCITS Compliant
Yes
Liquidity
Daily
Investment Minimum*
$1,000,000 Initial
Overall Fund AUM
As of 31 Jan 2026
$88.9 Million
Total Payden Core Bond Strategy AUM
As of 31 Dec 2025
$48.8 Billion
Benchmark
Bloomberg US Aggregate Bond Index
Date as of
Role in Portfolio
Intermediate-Term Bond – Appropriate as a core fixed-income holding for investors seeking exposure to a diversified portfolio of investment-grade bonds.
Investment Strategy
The Payden US Core Bond Fund enables investors to pick one fund which is diversified across a wide spectrum of fixed-income sectors and maturities. It utilizes the entire range of maturities from cash instruments to 30-year bonds, and it invests in a multitude of sectors, including sovereign bonds, corporate bonds, mortgage-backed securities and asset-backed securities. The average duration of the fund is generally near that of the Barclays Aggregate Index.
Why Investors Choose This Fund?
Actively managed by Payden & Rygel with more than 40 years' experience managing institutional core bond fixed-income accounts.
Global markets experience.
KIID SRRI: 4/PRIIPs KID SRI: 3.
Duration Allocation
Duration
Percent of Portfolio
0-1 yr
11%
1-3 yrs
17%
3-5 yrs
25%
5-7 yrs
23%
7-10 yrs
14%
10+ yrs
10%
Credit Allocation
Credit
Percent of Portfolio
AAA
9%
AA
46%
A
14%
BBB
19%
BB and Below
10%
Unrated
2%
Sector Allocation
Sector
Percent of Portfolio
Corporates
38%
Mortgage-Backed
30%
Government/Gov't Related
24%
Asset-Backed
5%
Other
3%
Market
As 2026 gets underway, global markets are adjusting to a late-cycle environment characterised by moderating growth and cautious central banks. January’s data broadly supported a "cooling but resilient" global backdrop. Economic momentum slowed from late-2025 highs but remained intact, whilst inflation continued to ease unevenly. Policy uncertainty, geopolitics, and trade dynamics played an outsized role in shaping sentiment.
Outlook
Our outlook for 2026 can be characterised as cautiously optimistic, though risks are skewed to the downside. The US economy remains central to our global, particularly given the unusual divergence between strong GDP growth and a weakening labour market, an imbalance we do not expect to persist in 2026. In our view, the US economy faces a binary path: either reaccelerating as technology-driven productivity gains take hold or slipping into recession if labour-market softness begins to weigh more broadly on economic activity. In either scenario, US inflation is expected to continue moderating. This disinflationary trend, combined with labour market weakness, should allow the Federal Reserve to continue easing policy towards neutral, and potentially beyond. Outside the US, most developed economies are likely to remain resilient, supported by benign economic growth, declining inflation, and accommodating, or further easing, monetary policy.
Moderating inflation and range-bound inflation expectations have historically been associated with a negative correlation between interest rates and risk assets. With risks to economic growth tilted to the downside, we believe portfolios with a balanced and diversified allocation between duration and credit risk should be better positioned to navigate uncertainty and the wide range of potential outcomes in 2026. Despite the level of macroeconomic uncertainty across the economy, credit valuations remain at the most expensive end of the historical ranges, even as corporate fundamentals appear relatively healthy.
In this environment, we prefer to distribute risk in our portfolios in a more balanced manner across duration and credit. Consistent with our central outlook, we continue to hold modest overweight positions in higher-quality credit sectors, including investment-grade corporates and select high-quality securitised assets.
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 416 USD Diversified Bond 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.
The Fund is actively managed with reference to the Bloomberg US Aggregate Bond 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. However, in normal market circumstances, whilst it is expected that a significant portion of the Fund’s constituents will also be Index constituents, deviations from the Index may be material. 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.