NAV ($)
NAV change ($) as of 2/7/2025
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 | PYAIX |
CUSIP | 70432T305 |
Fund Total Net Assets | $588.9 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 |
Payden Absolute Return Bond Fund SI Class (PYAIX) | Morningstar average: Nontraditional Bond |
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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 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 | $588.9 million |
Average Duration | 2.2 years |
Average Maturity | 3.3 years |
30-Day SEC Yield | 5.47% |
30-Day SEC Yield (unsubsidized) | 5.16% |
Years | Percent of Portfolio |
---|---|
0-1 | -26% |
1-3 | 122% |
3-5 | 3% |
5-7 | 7% |
7+ | -6% |
Total | 100% |
Credit Quality | Percent of Portfolio |
---|---|
AAA | 12% |
AA | 7% |
A | 19% |
BBB | 26% |
BB and Below | 26% |
Unrated | 10% |
Total | 100% |
Sector | Percent of Portfolio |
---|---|
Asset-Backed Securities | 23% |
Investment Grade Corporates | 23% |
Mortgage-Backed Securities | 22% |
Emerging Markets | 14% |
CMBS | 7% |
High Yield | 5% |
Bank Loans | 4% |
Gov't Related | 2% |
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 | |||
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Category: Alt - Multistrategy | |||
Criterion: | 10 Year | ![]() ![]() ![]() ![]() |
29 |
YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
---|---|---|---|---|---|---|
Quarter-end (12/31/2024) | 7.79% | 7.79% | 3.80% | 3.15% | 3.12% | 3.06% |
Month-end (1/31/2025) | 0.57% | 7.28% | 4.18% | 3.09% | 3.15% | 3.09% |
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% |
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 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.
(A) An overall rating is based on a weighted average of the fund’s ratings for the three-, five- and ten-year periods, if applicable. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars and the next 22.5% receive four stars. Highly rated funds are defined as those that have a four or five star Morningstar rating. Data provided by Morningstar, Inc. Although gathered from reliable sources, data completeness and accuracy cannot be guaranteed. Morningstar is a registered trademark of Morningstar, Inc. and is not affiliated with Payden Funds
MARKET | |
Fixed-income markets faced headwinds in the fourth quarter of 2024, with many segments underperforming due to rising global interest rates. Long-term yields, particularly in the U.S., increased meaningfully despite the Federal Reserve (Fed) cutting interest rates by 1% in an effort to support economic growth amid signs of slowing momentum. Markets appeared to focus instead on expectations of expansionary fiscal policies under the incoming administration, which were seen as potentially inflationary. Similarly, European and U.K. yields remained elevated as central banks grappled with inflationary pressures, uneven growth, and fiscal challenges. Credit risk premiums compressed modestly despite the broader rate volatility, reflecting investor confidence in corporate earnings resilience. Meanwhile, equity markets experienced heightened volatility, as rising yields weighed on valuations. |
OUTLOOK | |
Subsequent to U.S. elections that resulted in a "red sweep" and with the Fed signaling a shift in focus toward economic growth rather than inflation (indicating a return of the “Fed put"), the outlook for future market conditions appears to lean toward an economic slowdown. This could be a catalyst for rates moving substantially lower, particularly in the front-end, which the Fed controls in an environment that could weigh heavy on credit and equity assets. As such, interest rate duration exposure could serve as an effective hedge against elevated credit risk, warranting more exposure to interest rates while reducing exposure to credit. This approach aims to balance exposures and adapt to potential volatility, given the evolving economic and market dynamics. |
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.