Payden Global Emerging Markets Bond Fund
NAV / Daily Prices
NAV (€)
7.66
NAV Change (€)
0.01
Statistics
Yield to Maturity
6.08%
Effective Duration
6.03 Years
Average Maturity
9.33 Years
Average Fund Credit Rating
BBB-
Number of Issuers
105
Expenses
Management Fee
0.50%
Maximum Total Expense Ratio (TER) Capped at
0.66%
Initial Charge
NONE
Redemption Fee
NONE
Payden Global Emerging Markets Bond Fund - EUR Distributing
Blend 50% JP Morgan EMBI Global Diversified Bond Index EUR Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index EUR Unhedged
| Total Returns | Month-End (31 Jan 2026) | Blend 50% JP Morgan EMBI Global Diversified Bond Index EUR Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index EUR Unhedged |
| YTD | 0.81% | 0.69% |
| 1 Year | 8.22% | 7.49% |
| 3 Year | 6.54% | 6.00% |
| 5 Year | -0.09% | -0.71% |
| 10 Year | - | - |
| Since Inception | 1.21% | 0.25% |
Yearly Returns
Past performance is no guarantee of future results.
Fund Snapshot
Fund Inception Date
15 Jul 2002
Fund Share Class Inception Date
2 Oct 2020
Fund Share Class
EUR Distributing
Hedged
No
ISIN Number
IE00B617N244
Ticker
PGEMBED
Irish Stock Exchange Listed
Yes
UCITS Compliant
Yes
Liquidity
Daily
Investment Minimum*
€1,000,000 Initial
Overall Fund AUM
As of 31 Jan 2026
€181.3 Million
Total Payden Emerging Markets Strategy AUM
As of 31 Dec 2025
€12.0 Billion
Benchmark
Blend 50% JP Morgan EMBI Global Diversified Bond Index EUR Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index EUR Unhedged
Date as of
Role in Portfolio
Appropriate for investors with long investment horizons who seek diversification via sovereign and corporate bonds issued by emerging-market countries.
Investment Strategy
The Payden Global Emerging Markets Bond Fund invests in a diversified portfolio of emerging-market sovereign and corporate bonds. The fund invests in countries that demonstrate improving macroeconomic and political trends, and maintains geographic diversification across Latin America, Europe and Asia. Most of our investments are US dollar-denominated, although we also see excellent growing opportunities in certain local markets.
Why Investors Choose This Fund?
Actively managed by Payden & Rygel with more than 20 years' experience of managing institutional emerging-markets fixed-income accounts.
Fund inception 15 Jul 2002.
Global markets experience.
KIID SRRI: 4/PRIIPs KID SRI: 3.
Duration Allocation
Duration
Percent of Portfolio
0-1 yr
8%
1-3 yrs
13%
3-5 yrs
16%
5-7 yrs
28%
7-10 yrs
25%
10+ yrs
10%
Credit Allocation
Credit
Percent of Portfolio
A and Above
21%
BBB
30%
BB
29%
B
14%
CCC
6%
Sector Allocation
Sector
Percent of Portfolio
Government/Gov't Related
86%
Corporates
11%
Money Markets
3%
Top-10 Country Allocation
Top-10 Country
Percent of Portfolio
Mexico
9%
Peru
7.2%
S.Africa
6.6%
Brazil
5.8%
Supranational
5.1%
Indonesia
5%
Romania
4.4%
Malaysia
4.2%
Colombia
3.9%
Nigeria
3.6%
Market
Emerging-markets (EM) debt indices began 2026 the same way they finished 2025, demonstrating positive momentum. Yields on hard-currency sovereign and corporate credit narrowed by 0.08% and 0.13%, respectively, relative to similar-maturity US Treasuries. In both credit sectors, high-yield-rated issuers outperformed investment-grade-rated issuers. Local markets also fared well, with interest rates stable and most currencies appreciating against a weaker US dollar.
Outlook
EM fundamentals enter 2026 on a solid footing. Sovereign credit ratings have been on a net upward trend for more than two years, and we expect this improvement to continue. Growth has been steady, inflation remains contained, and external accounts are broadly balanced, underpinned by elevated foreign reserve buffers. Financial conditions have also loosened over the past year, helped by strong equity returns and declining interest rates, which support the economic outlook. EM countries vary in their exposure to higher US trade barriers, and the economic impact to date has been manageable.
EM central banks have generally been easing monetary policy, though most have remained prudent by maintaining a gap between policy rates and inflation. Low-cost Chinese exports and currency appreciation against a weaker US dollar should help moderate potential inflation pressures. Whilst further rate cuts are likely in the near term, easing cycles may reach their natural conclusion in 2026.
Over the long term, structural forces continue to benefit EM debt, including stronger growth prospects relative to developed markets and a widening set of investment opportunities across nearly 90 countries, spanning sovereign, corporate, and local market bonds. Recent global liquidity trends and renewed interest in diversification have been favourable for EM asset flows. In our view, EM debt offers value as a strategic allocation, with attractive yields that can generate income over time.
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 881 Global Emerging Markets Bond - EUR Hedged 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 Global Emerging Markets Bond 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.
3. Effective 1 July 2024 the Fund is actively managed with reference to the Blend 50% JP Morgan EMBI Global Diversified Bond Index EUR Hedged/50% JP Morgan GBI-EM Global Diversified Tax Adjusted Index EUR Unhedged (the "Index"). Since inception to 30 June 2024, the Fund was actively managed with reference to the blend of 70% JP Morgan EMBI Global Diversified Bond Index EUR Hedged and 30% JP Morgan GBI-EM Global Diversified Bond Index USD Unhedged, Hedged to EUR. 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 the 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.