# HIGHLIGHTS
PrivilEdge – Payden Emerging Market Bond fund is an actively managed strategy mainly investing in bonds denominated in USD issued by emerging market sovereigns and quasi-sovereigns. It is benchmarked against the JPM EMBI Global Diversified index. The fund has also the flexibility to invest up to 20% in emerging market corporate bonds denominated in USD and up to 10% in emerging market local currency bonds. The fund is managed by Payden & Rygel, a 100% employee-owned global asset manager founded in 1983. The core of the process is focused on country selection although global macroeconomic views are also considered to build the portfolio.
NET PERFORMANCE AND ANNUAL PERFORMANCE IN CHF 

### May 31, 2018 - Jul 31, 2021

### Fund manager	Payden & Rygel

### Net assets (all classes)	CHF 236.60 million

### Liquidity (sub./red.)	Daily, 15:00 Swinging Single Pricing		Yes

### Min. investment	EUR 3'000 or equivalent

### Management fee	0.60%

### Distribution fee	0.00%

### FROC	0.25%
120
110
100
90
11.81%
11.39%

### TER max (30 September 2020)	0.87%

## RISK AND REWARD PROFILE
2018	2019	2020	2021
PrivilEdge - Payden Emerging Market Debt, Syst. Hdg, (CHF) M A / D	Annual or YTD performance (Fund) JPM EMBI Global Diversified Index (CHF Hdg. by LOIM)	Annual or YTD performance (Bench.)
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |

| Low |  | High |
| --- | --- | --- |
| CODES | Class A | Class D |
| ISIN | LU1823379273 | LU1823379356 |
| Bloomberg | PPESCMA LX | PPESCMD LX |
| NAV | CHF 11.40 | CHF 10.22 |

Cumulative	Annualized
| NET PERFORMANCE IN CHF | Fund | Bench. |  | Fund | Bench. |
| --- | --- | --- | --- | --- | --- |
| YTD | -0.93% | -0.93% |  | - | - |
| 1 month | 0.18% | 0.33% |  | - | - |
| 3 months | 1.66% | 1.99% |  | - | - |
| 1 year | 3.93% | 2.89% |  | - | - |
| 3 years | 13.32% | 11.03% |  | 4.24% | 3.53% |
| Total return (since 31.05.2018) | 14.03% | 11.93% |  | 4.21% | 3.61% |
| STATISTICS  31.05.2018 - 31.07.2021 | Fund | Bench. |  |  | Fund |
| Annualised volatility | 12.75% | 10.66% |  | Average coupon | 5.71% |
| Sharpe ratio | 0.39 | 0.42 |  | Average rating | BB |
| Max. drawdown | -16.63% | -15.03% |  | Effective duration | 7.62 |
| Correlation |  | 0.971 |  | Modified duration | 7.62 |
| Tracking error |  | 3.51% |  | Yield to worst | 5.90% |
|  |  |  |  | Yield to maturity | 6.06% |
|  |  |  |  | Number of positions | 281 |
|  |  |  |  | Option adjusted spread (OAS) | 483 |


## FISCAL INFORMATION

### Last dividend paid (30.11.2020)	CHF 0.44

Translation (ENFR, 2021-07-31):
# POINTS CLÉS
PrivilEdge – Payden Emerging Market Bond est une stratégie à gestion active qui investit principalement dans des obligations libellées en USD émises par des émetteurs souverains et quasi-souverains des marchés émergents. Son indice de référence est le JPM EMBI Global Diversified. Le Fonds peut investir jusqu’à 20% de ses actifs dans des obligations d’entreprise des marchés émergents libellées en USD et jusqu’à 10% dans des obligations en monnaie locale des marchés émergents. Le Fonds est géré par Payden & Rigel, une société de gestion internationale fondée en 1983 et détenue à part entière par ses employés. Le processus d’investissement repose sur la sélection des pays, bien que les perspectives macroéconomiques mondiales soient également prises en compte dans la construction de portefeuille.
PERFORMANCE NETTE ET PERFORMANCE ANNUELLE EN CHF 

### 31 mai 2018 - 31 juil. 2021

### Encours (toutes classes)	CHF 236.60 millions

### Liquidité (souscr./rbt.)	Quotidienne, 15:00

### Swinging Single Pricing	Oui

### Inv. minimum	EUR 3'000 ou équivalent Commission de gestion		0.60%

### Commission de distribution	0.00%

### FROC	0.25%

### TER max (30 septembre 2020)	0.87%
120
110
100
90
11.81%
11.39%
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |


## PROFIL DE RISQUE
2018	2019	2020	2021
PrivilEdge - Payden Emerging Market Debt, Syst. Hdg, (CHF) M A / D	Performance annuelle ou Année en cours (Fonds) JPM EMBI Global Diversified Index (CHF Hdg. by LOIM)	Performance annuelle ou Année en cours (Indice)
Faible	Elevé
|  | Année en cours | -0.93% | -0.93% |  | -	- |
| --- | --- | --- | --- | --- | --- |
| ISIN | LU1823379273 | LU1823379356 | 1 mois | 0.18% | 0.33% |  | -	- |
| Bloomberg | PPESCMA LX | PPESCMD LX | 3 mois | 1.66% | 1.99% |  | -	- |


## CODES	

### Classe A	Classe D
Cumulée
PERFORMANCE NETTE EN CHF	
Fonds	Indice
Annualisée
Fonds	Indice
|  | 1 an | 3.93% | 2.89% |  |  | - | - |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Valeur Liquidative	CHF 11.40	CHF 10.22 |  | 3 ans | 13.32% | 11.03% |  |  | 4.24% | 3.53% |
|  |  | Perf. totale (depuis 31.05.2018) | 14.03% | 11.93% |  |  | 4.21% | 3.61% |
| INFORMATION FISCALE |  |  |  |  |  |  |  |  |
| Dernier dividende (30.11.2020)	CHF 0.44 |  | STATISTIQUES  31.05.2018 - 31.07.2021 | Fonds | Indice |  |  |  | Fonds |
|  |  | Volat. annualisée | 12.75% | 10.66% |  | Coupon moyen |  | 5.71% |
|  |  | Ratio de Sharpe | 0.39 | 0.42 |  | Note de crédit moyenne |  | BB |
|  |  | Baisse maximum | -16.63% | -15.03% |  | Effective duration |  | 7.62 |
|  |  | Corrélation |  | 0.971 |  | Duration modifiée |  | 7.62 |
|  |  | Tracking Error |  | 3.51% |  | Yield to worst |  | 5.90% |
|  |  |  |  |  |  | Rendement à l'échéance |  | 6.06% |
|  |  |  |  |  |  | Nombre de positions |  | 281 |
|  |  |  |  |  |  | Option adjusted spread (OAS) |  | 483 |