US Funds

Payden Core Bond Fund (PYCBX)

$10.87

NAV ($)

$0.03

NAV change ($) as of 12/3/2021

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

The Payden Core Bond Fund invests in a diversified mix of bonds across a wide spectrum of sectors and maturities. It utilizes the entire range of maturities from cash instruments to 30-year bonds, investing in sectors, such as, sovereign bonds, corporates, mortgage-backed securities and asset-backed securities. There is some use of below investment-grade bonds for their added yield and diversification. The fund has a moderate degree of expected price volatility given its longer-duration profile.

Role In Portfolio

Intermediate-Term Bond – Appropriate as a core fixed-income holding for investors seeking exposure to a diversified bond portfolio.

Fund Highlights
Bond selection is driven by extensive credit research
Diversified portfolio holdings
Investments allocated across the 1-year to 30-year maturity spectrum
The value of an investment will generally fall when interest rates rise

Fund Snapshot
Fund Inception Date Jan 1, 1994
Share Class Inception Date Jan 1, 1994
Ticker PYCBX
CUSIP 704329408
Fund Total Net Assets $1.3 billion
Benchmark BLOOMBERG US AGGREGATE BOND INDEX

Net Expense Ratio 0.53%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $5,000
Investor Class - IRA Account $2,000
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 Core Bond Fund (PYCBX) Morningstar average:
Intermediate Core-Plus Bond
Net Expense Ratio 0.53% None

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
Fund Inception Date Jan 1, 1994
Share Class Inception Date Jan 1, 1994
Total Net Assets $1.3 billion
Average Duration 6.1 years
Average Maturity 9.2 years
30-Day SEC Yield (11/30/21) 2.11%
30-Day SEC Yield (unsubsidized) 2.11%
Duration Breakdown
Years Percent of Portfolio
0-114%
1-312%
3-535%
5-720%
7-101%
10+18%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA1%
AA44%
A7%
BBB26%
BB10%
B7%
Unrated5%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's, Moody's and Fitch
Sector Breakdown
Sector Percent of Portfolio
Corporates32%
Government/Gov't Related29%
Mortgage-Backed27%
Asset-Backed6%
Municipal Bonds3%
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 (9/30/2021) -0.72% 1.10% 5.10% 3.32% 3.97% 4.94%
Month-end (11/30/2021) -0.81% -0.26% 5.35% 3.87% 3.90% 4.90%
Yearly Returns
20206.93%
20199.27%
2018-1.26%
20175.25%
20163.66%
20150.82%
20146.17%
2013-1.45%
20129.68%
20114.15%
Expenses
Total Annual Operating Expense 0.54%
Net or Actual Operating Expense 0.53%

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

MARKET
Global markets initially advanced in November off the heels of better-than-estimated jobs growth and signals of accommodative monetary policy, though assessment of a new coronavirus strain and inflation concerns introduced significant volatility post-Thanksgiving.
Nonfarm payrolls increased by 531,000 compared to the 450,000 median consensus estimate and September’s figures were upwardly revised, signaling to investors that immediate concerns are potentially unwarranted. Another tailwind came from Federal Reserve Chair Jerome Powell, who said the central bank “can be patient” when it comes to rate-hike timing, additionally noting that inflation pressures could wind down towards the middle of 2022.
Volatility first picked up with data showing that consumer prices accelerated at the fastest pace since 1990, as the U.S. consumer price index increased 6.2% year-over-year, compared to expectations of 5.9%. A new coronavirus variant introduced more substantial volatility, as investors mulled possibilities of outbreaks that could damage economic recovery. Major equity indices retraced between 3-5% from recent highs, the CBOE VIX Index spiked to its highest level since the beginning of the year, and credit risk premiums across most fixed income sectors widened.
U.S. bond yields fluctuated alongside volatility, ending lower over the course of month, accompanied by a notable flattening of the curve, as investors bet that the Federal Reserve is behind the curve on policy.

OUTLOOK
The Federal Open Market Committee announced the tapering of their monthly asset purchases at their November 3rd meeting. Although purchases will initially be reduced at the rate of $15 billion per month, the Committee left room to accelerate or decelerate the pace as necessary to respond to an ever-changing economic landscape. Fed Chair Jerome Powell was renominated to lead the central bank later in the month. Meanwhile, Lael Brainard, a prominent supporter of using the Fed’s tools to foster “fuller and more inclusive” employment, was tapped for the Vice Chair role.
This Fed has pledged to enforce an incredibly stringent test for rate hikes that relies on reaching “maximum employment” if inflation expectations remain anchored. The Fed could hike in 2022, but they’d need to perform a U-turn on their guidance or inflation expectations need to move a lot higher. Although it’s too soon to conclude whether the new coronavirus variant will drastically change the economic outlook, the Committee may use it as a rationale for keeping the pace of tapering on its current trajectory.

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.