Payden Absolute Return Bond Fund SI Class (PYAIX)
$9.49
NAV ($)
$0.00
NAV change ($) as of 12/12/2025
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
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.
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 - 11/30/2025
| Fund Inception Date | Nov 6, 2014 |
| Share Class Inception Date | Nov 6, 2014 |
| Ticker | PYAIX |
| CUSIP | 70432T305 |
| Fund Total Net Assets | $670.4 million |
| Benchmark | ICE BofA U.S. 1-Month Treasury Bill Index Bloomberg U.S. Treasury Bills 1-Month Index |
| Net Expense Ratio | 0.48% |
| 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 SI Class (PYAIX) | Morningstar average: Nontraditional Bond |
|
|---|---|---|
| Net Expense Ratio | 0.48% | 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.
Portfolio Characteristics - 11/30/2025
| Fund Inception Date | Nov 6, 2014 |
| Share Class Inception Date | Nov 6, 2014 |
| Total Net Assets | $670.4 million |
| Average Duration | 2.1 years |
| Average Maturity | 3.9 years |
| 30-Day SEC Yield | 5.96% |
| 30-Day SEC Yield (unsubsidized) | 5.66% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 61% |
| 1-3 | 2% |
| 3-5 | 22% |
| 5-7 | 16% |
| 7+ | -1% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 30% |
| AA | 8% |
| A | 10% |
| BBB | 19% |
| BB and Below | 25% |
| Unrated | 8% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Mortgage-Backed Securities | 24% |
| Emerging Markets | 18% |
| Asset-Backed Securities | 17% |
| CMBS | 14% |
| Investment Grade Corporates | 10% |
| High Yield | 7% |
| Bank Loans | 6% |
| 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.
| Number of funds | |||
|---|---|---|---|
 |
Overall |  |
208 |
| 3 Year | |
208 | |
| Category: Nontraditional Bond | 5 Year | |
188 |
| 10 Year | |
133 | |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (9/30/2025) | 4.61% | 6.06% | 7.10% | 3.94% | 3.48% | 3.27% |
| Month-end (11/30/2025) | 5.54% | 6.21% | 6.79% | 3.80% | 3.54% | 3.30% |
Yearly Returns
| 2024 | 7.79% |
| 2023 | 6.45% |
| 2022 | -2.51% |
| 2021 | 1.35% |
| 2020 | 3.03% |
| 2019 | 5.79% |
| 2018 | 1.11% |
| 2017 | 3.66% |
| 2016 | 3.96% |
| 2015 | 1.07% |
Expenses
| Total Annual Operating Expense | 0.78% |
| Net or Actual Operating Expense | 0.48% |
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.
Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an
overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.
@ 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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.
Fund Commentary - 11/30/2025
| MARKET | |
| In November, despite a lack of timely government data, alternative sources indicate solid economic growth, continued labor market weakness, and moderating inflation. While real GDP is still tracking at a 3.9% annualized rate in the third quarter of 2025, the long-awaited September jobs report showed that the nonfarm payroll employment growth remains weak, pushing the unemployment rate to a cycle-high of 4.4%. Meanwhile, in the absence of the October inflation report, bond market expectations for the Consumer Price Index (CPI) one year ahead decreased from 3.4% in September to 2.6% in November, reducing the upside inflation risk. | |
| In markets, the softer tone in labor data and easing inflation expectations contributed to modest declines in government bond yields and a generally cautious environment across risk assets. Bouts of volatility emerged during the month, leaving performance from credit risk premiums mixed to negative as investors weighed rising unemployment risks, while equities posted modest gains that reflected stable but restrained sentiment. Overall, November’s performance aligned with a backdrop where moderating inflation and expectations for continued Federal Reserve rate cuts helped cushion markets even as labor market signals softened. | |
| OUTLOOK | |
| We see a divided path ahead for the U.S. economy, with meaningful upside and downside outcomes driven by the trajectory of the labor market, growth trends, and inflation dynamics. Against this backdrop, and with credit risk premiums reflecting unattractive valuations, we are modestly cautious on downside risk while emphasizing yield optimization through disciplined relative-value positioning. Interest rate pricing in the U.S. suggests a “soft landing”, with expectations that the federal funds rate will settle near 3%, and inflation indicators remain stable. | |
| We remain constructive on the short and medium-term of the U.S. Treasury curve, where yields appear more contained compared to the long-end, which remains more sensitive to supply pressures and policy uncertainty. Within credit, emerging-markets local debt continues to stand out, supported by attractive real yields, moderating inflation, and ongoing policy easing. Our positioning in developed-market credit remains selectively defensive, while we prioritize higher-quality opportunities in securitized credit, such as commercial mortgage-backed securities (CMBS), where credit risk premiums and yields compare favorably to lower-quality corporate alternatives. We favor this tradeoff between quality, price risk, and yield, while preserving liquidity and flexibility across portfolios. | |
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.