US Funds

Payden Absolute Return Bond Fund SI Class (PYAIX)

$9.99

NAV ($)

$0.00

NAV change ($) as of 8/13/2018

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden Absolute Return Bond Fund invests in a diversified, multi-sector portfolio of government, corporate, securitized and emerging-market debt. The fund can move dynamically among sectors and individual securities to add value while aiming to achieve its LIBOR +3% return objective. It benefits from Payden's broad investment resources by incorporating the most compelling risk-adjusted opportunities from each sector team. A special emphasis is placed on risk management seeking to mitigate potential downside.

Role In Portfolio

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.

Fund Highlights
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 Snapshot
Fund Inception Date Nov 6, 2014
Share Class Inception Date Nov 6, 2014
Ticker PYAIX
CUSIP 70432T305
Fund Total Net Assets $131.7 million
Benchmark ICE BofA ML US Dollar 1-Month Deposit Offered Rate Constant Maturity Index
Net Expense Ratio 0.55%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA Account $100,000
SI Class $50,000,000
Additional Investment - All Classes$250

A Low Cost leader
Payden Absolute Return Bond Fund SI Class (PYAIX) Morningstar average:
Nontraditional Bond
Net Expense Ratio 0.55% 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 Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.

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.

Portfolio Characteristics
Fund Inception Date Nov 6, 2014
Share Class Inception Date Nov 6, 2014
Total Net Assets $131.7 million
Average Duration 1.8 years
Average Maturity 3.9 years
30-Day SEC Yield (08/10/18) 3.16%
30-Day SEC Yield (unsubsidized) 2.90%
Duration Breakdown
Years Percent of Portfolio
0-140%
1-335%
3-521%
5-74%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA20%
AA10%
A9%
BBB19%
BB and Below29%
Unrated13%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed Securities30%
Asset-Backed Securities20%
Investment Grade Corporates16%
Emerging Markets11%
Gov't Related11%
CMBS6%
Bank Loans5%
Other1%
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 Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.

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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (6/30/2018) 0.53% 2.08% 2.71% N/A N/A 2.46%
Month-end (7/31/2018) 0.88% 2.03% 2.74% N/A N/A 2.50%
Yearly Returns
20173.66%
20163.96%
20151.07%
2014-0.18%
Expenses
Total Annual Operating Expense 0.90%
Net or Actual Operating Expense 0.55%

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 Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.

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 Commentary

MARKET
In the month of July, investors learned U.S. real GDP in Q2 was 4.1% on the back of strong underlying economic momentum and fiscal policy. Elsewhere, the Bank of Japan introduced forward guidance through October 2019 and revised its yield target higher from 0% +/- 10 basis points to 0% +/- 20 basis points. Finally, during July, China's second quarter GDP release was in focus, with growth registering 6.7% year-over-year, matching expectations. While the growth rate was modestly slower than the first quarter, China's year-to-date output came above consensus at 6.8%.
The tone in risk assets was positive as global equities continued to move higher and corporate credit yields relative to government bonds also compressed. In addition, sentiment improved in Emerging Markets, as dollar strength abated and broad fundamentals remain on solid footing. Global yields increased on the heels of positive global growth and incrementally less accommodative global central bank policy.

OUTLOOK
The portfolio remains structured with low interest-rate sensitivity as we continue to invest in a diversified mix of fixed-income sectors including corporate, mortgage-backed and asset-backed securities.
With less central bank accommodation and an uncertain global political backdrop, we believe volatility may ramp up with higher levels of dispersion, which should create pockets of opportunity.

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 Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.

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.