US Funds

Payden Absolute Return Bond Fund SI Class (PYAIX)

$9.56

NAV ($)

$0.00

NAV change ($) as of 6/17/2024

  • 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 - 05/31/2024
Fund Inception Date Nov 6, 2014
Share Class Inception Date Nov 6, 2014
Ticker PYAIX
CUSIP 70432T305
Fund Total Net Assets $559.7 million
Benchmark BLOOMBERG US TREASURY BILLS 1-MONTH INDEX

Net Expense Ratio 0.47%
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

A Low Cost leader
Payden Absolute Return Bond Fund SI Class (PYAIX) Morningstar average:
Nontraditional Bond
Net Expense Ratio 0.47% 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.

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 - 05/31/2024
Fund Inception Date Nov 6, 2014
Share Class Inception Date Nov 6, 2014
Total Net Assets $559.7 million
Average Duration 0.5 years
Average Maturity 3.3 years
30-Day SEC Yield (05/31/24) 4.78%
30-Day SEC Yield (unsubsidized) 4.46%
Duration Breakdown
Years Percent of Portfolio
0-143%
1-359%
3-510%
5-78%
7+-20%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA22%
AA3%
A12%
BBB29%
BB and Below20%
Unrated14%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
Sector Breakdown
Sector Percent of Portfolio
Asset-Backed Securities27%
Investment Grade Corporates23%
Mortgage-Backed Securities13%
Emerging Markets12%
CMBS9%
Gov't Related8%
High Yield5%
Other3%
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.

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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (3/31/2024) 2.45% 6.30% 2.35% 2.79% N/A 2.75%
Month-end (5/31/2024) 3.96% 7.42% 2.57% 2.90% N/A 2.86%
Yearly Returns
20236.45%
2022-2.51%
20211.35%
20203.03%
20195.79%
20181.11%
20173.66%
20163.96%
20151.07%
2014-0.18%
Expenses
Total Annual Operating Expense 0.76%
Net or Actual Operating Expense 0.47%

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.

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 Commentary - 05/31/2024

MARKET
Fixed-income total returns bounced back in May as rates decreased in reaction to renewed hopes for a “soft landing” given cooling inflation in the U.S. and softer economic data prints. April U.S. core Consumer Price Index (CPI) came in at +0.3%, matching consensus, which was a relief to the prior three consecutive months that surprised to the upside. Furthermore, economic data indicated signs of slowing down with nonfarm payrolls growing by just 175,000 in April, the slowest in six months, further fueling hopes for a “soft landing” and rate cuts. Globally, Europe and U.K. inflation surprised to the upside with inflation clocking in at +2.9% and +2.3%, respectively, year over year, resulting in government bonds selling off and a repricing of rate cuts in both regions.

OUTLOOK
A “soft landing” appears to be largely priced in the current market environment, while scenarios in which inflation and growth remain elevated are underpriced. In the underpriced scenarios, long-end yields would likely need to rise combined with fewer cuts to materialize in 2024 relative to market expectations. Higher long-end yields are the transmission mechanism to lower inflation via lower asset prices given Federal Reserve leniency. For portfolio construction, attractive all-in yields in high-quality fixed income allow for solutions that are resilient in various macro-outcomes, minimizing price risk while not overly mitigating running yield in our view. Going forward, the team is very focused on the ordering between data, interest rates, and asset prices, particularly in areas where market consensus has coalesced around an outcome inconsistent with the trajectory of data.

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.

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.