US Funds

Payden Core Bond Fund (PYCBX)

$11.20

NAV ($)

$0.00

NAV change ($) as of 9/24/2020

  • 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 $969.2 million
Benchmark BLOOMBERG BARCLAYS US AGGREGATE BOND INDEX
Net Expense Ratio 0.53%
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 $50,000,000
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 $969.2 million
Average Duration 6.0 years
Average Maturity 8.5 years
30-Day SEC Yield (09/18/20) 1.96%
30-Day SEC Yield (unsubsidized) 2.00%
Duration Breakdown
Years Percent of Portfolio
0-115%
1-327%
3-519%
5-712%
7-1011%
10+16%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA5%
AA39%
A11%
BBB27%
BB9%
B5%
Unrated4%
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
Corporates41%
Mortgage-Backed34%
Government/Gov't Related12%
Asset-Backed7%
Municipal Bonds3%
Loans3%
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 (6/30/2020) 3.40% 5.79% 4.36% 4.09% 4.10% 5.07%
Month-end (8/31/2020) 5.16% 4.90% 4.50% 4.37% 4.01% 5.11%
Yearly Returns
20199.27%
2018-1.26%
20175.25%
20163.66%
20150.82%
20146.17%
2013-1.45%
20129.68%
20114.15%
20106.36%
Expenses
Total Annual Operating Expense 0.53%
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
In August, global markets digested the Federal Reserve’s new inflation accommodations. The shift was yet another tailwind for continuously rallying equity markets, as were improving economic momentum and upcoming fiscal stimulus. However, the Federal Reserve’s shift caused U.S. Treasury yields to rise, which generated mixed results in fixed income sectors.
The U.S. Treasury yield curve moved to its steepest point in two months, which kept the Bloomberg Barclays U.S. Aggregate Index out of a positive return for the first time since March.
Bond yield differentials relative to U.S. Treasuries tightened across the board for yet another month. However, fixed income sectors experienced diverging returns in line with varying degrees of duration exposure. Sectors that generally feature lower durations like High Yield, Emerging Markets, and Securitized drew positive returns while longer sectors like Investment Grade Corporates were negative on the month.

OUTLOOK
The current recession is without modern precedent in terms of the speed and magnitude of the decline and the rise in unemployment. We expect U.S. second-quarter GDP to decline sharply but start a U-shaped recovery in the third quarter. The unemployment rate is at the highest level since the 1940s, though those on "temporary layoff" make up a majority of the unemployed. Economic activity will start to recover once the virus subsides, but how quickly is an open question.
Policymakers are not standing still. The Fed acted quickly to provide liquidity, followed by aggressive fiscal policy from the U.S. government. While the speed and size of the stimulus have been impressive, it has just been a relief in this environment. Inflation and federal debt will be long-term issues, not near-term challenges.

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.