NAV ($)
NAV change ($) as of 3/12/2026
The Payden Absolute Return Bond Fund's strategy seeks to have positive absolute returns over the long term, regardless of different market environments. To achieve this goal, the Fund seeks to provide total return, whether through price appreciation, or income, or a combination of both. It seeks opportunities by employing a flexible approach that evaluates security attractiveness globally, both inside and outside the U.S. A special emphasis is placed on risk management seeking to mitigate potential downside.
Absolute Return – appropriate for investors seeking steady returns, limited downside and reduced correlations with traditional asset classes. Not intended to outperform stocks and bonds during strong market rallies.
| Seeks to have positive absolute returns over the long term, regardless of different market environments. | |
| Utilizes all sectors of the fixed-income market. | |
| Portfolio is structured with relatively low interest rate sensitivity. | |
| The Fund may not achieve its goals if the economy weakens. |
| Fund Inception Date | Nov 6, 2014 |
| Share Class Inception Date | Nov 6, 2014 |
| Ticker | PYARX |
| CUSIP | 70432T107 |
| Fund Total Net Assets | $665.8 million |
| Benchmark | ICE BofA U.S. 1-Month Treasury Bill Index |
| Net Expense Ratio | 0.71% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $100,000 |
| Investor Class - IRA Account | $100,000 |
| Adviser Class - Regular Account | $5,000 |
| Adviser Class - IRA Account | $2,000 |
| SI Class | $10,000,000 |
| Additional Investment - All Classes | $250 |
| Payden Absolute Return Bond Fund (PYARX) | Morningstar average: Nontraditional Bond |
|
|---|---|---|
| Net Expense Ratio | 0.71% | 1.40% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
| Fund Inception Date | Nov 6, 2014 |
| Share Class Inception Date | Nov 6, 2014 |
| Total Net Assets | $665.8 million |
| Average Duration | 2.1 years |
| Average Maturity | 4.9 years |
| 30-Day SEC Yield | 5.68% |
| 30-Day SEC Yield (unsubsidized) | 5.61% |
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 1% |
| 1-3 | 80% |
| 3-5 | 14% |
| 5-7 | 12% |
| 7+ | -7% |
| Total | 100% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 22% |
| AA | 6% |
| A | 7% |
| BBB | 24% |
| BB and Below | 31% |
| Unrated | 10% |
| Total | 100% |
| Sector | Percent of Portfolio |
|---|---|
| Emerging Markets | 25% |
| Mortgage-Backed Securities | 21% |
| Asset-Backed Securities | 14% |
| CMBS | 14% |
| High Yield | 13% |
| Bank Loans | 9% |
| Other | 4% |
| Total | 100% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2025) | 5.84% | 5.84% | 6.53% | 3.52% | 3.40% | 3.11% |
| Month-end (2/28/2026) | 0.80% | 5.77% | 6.12% | 3.60% | 3.57% | 3.14% |
| 2025 | 5.84% |
| 2024 | 7.55% |
| 2023 | 6.22% |
| 2022 | -2.74% |
| 2021 | 1.13% |
| 2020 | 2.81% |
| 2019 | 5.52% |
| 2018 | 0.95% |
| 2017 | 3.40% |
| 2016 | 3.81% |
| Total Annual Operating Expense | 0.79% |
| Net or Actual Operating Expense | 0.71% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
| MARKET | |
| Markets adopted a more defensive tone in February as volatility increased across both equity and credit markets. Interest rates rallied across the U.S. Treasury curve, largely ignoring robust economic data that continued to surprise to the upside. Instead, the move reflected rising geopolitical uncertainty and growing debate around the potential disinflationary implications of rapid artificial intelligence (AI) adoption. As sentiment shifted, risk assets began to reprice. In contrast to January’s tightening trend, credit risk premiums increased across most sectors. The adjustment was most pronounced in leveraged loans, particularly among issuers perceived as vulnerable to AI-driven disruption. Lower-quality corporate credit broadly underperformed, while investment-grade credit and higher-quality structured assets proved comparatively resilient, though not immune to increasing credit risk premiums. Altogether, February marked a recalibration of risk appetite following an extended period of tight valuations, with greater dispersion across asset classes and markets demanding increased compensation for credit and cyclical exposure. | |
| OUTLOOK | |
| We see a divided path ahead for the U.S. economy, with early-, mid-, and late-cycle dynamics coexisting. Meaningful upside and downside outcomes remain possible, largely driven by the trajectory of the labor market, growth momentum, and inflation dynamics. In this environment, we remain disciplined with respect to downside risk while emphasizing yield optimization through relative-value positioning and security selection. | |
| Consistent with this framework, U.S. interest rate pricing suggests a "soft landing," with expectations that the federal funds rate will ultimately settle near 3% and that inflation will remain contained. We remain constructive on the short- and intermediate-maturity segments of the U.S. Treasury curve, where yields appear more stable and offer attractive income relative to longer-duration bonds, which remain more exposed to supply dynamics and policy uncertainty. | |
| Within credit, selectivity remains paramount. We continue to favor an elevated allocation to emerging-market debt, where attractive real yields, moderating inflation, and improving policy credibility provide supportive fundamentals. In developed markets, positioning remains measured, with a preference for higher-quality securitized credit. At the margin, we have selectively increased exposure to higher-quality leveraged loans and high-yield bonds that we believe are relatively insulated from AI-driven disruption and positioned to benefit from the ongoing capital expenditure cycle. | |
| Overall, we believe this approach balances income generation, quality, and price risk, while preserving liquidity and portfolio flexibility. | |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.