US Funds

Payden Core Bond Fund (PYCBX)

$10.85

NAV ($)

$0.01

NAV change ($) as of 4/20/2021

  • 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 $1.2 billion
Benchmark BLOOMBERG BARCLAYS 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 $1.2 billion
Average Duration 6.2 years
Average Maturity 9.8 years
30-Day SEC Yield (04/16/21) 1.83%
30-Day SEC Yield (unsubsidized) 1.87%
Duration Breakdown
Years Percent of Portfolio
0-114%
1-315%
3-531%
5-717%
7-103%
10+20%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA2%
AA38%
A8%
BBB29%
BB9%
B8%
CCC1%
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
Corporates38%
Mortgage-Backed26%
Government/Gov't Related20%
Asset-Backed9%
Municipal Bonds3%
Other4%
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 (3/31/2021) -3.07% 5.64% 4.18% 3.60% 3.86% 4.94%
Month-end (3/31/2021) -3.07% 5.64% 4.18% 3.60% 3.86% 4.94%
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
Market turbulence continued in March as investors weighed the budding economic recovery and progress on vaccines against risks of rising inflation. The Biden Administration passed a $1.9 trillion pandemic relief package to bolster the U.S. economy, while U.S. Treasury yields reached fresh highs on worries of a potential overshoot in the economy. Equity markets were bifurcated through a rotation from rate-sensitive growth stocks to more economically sensitive value shares.
The 10-year U.S. Treasury yield increased by 0.34% in March and is up 0.77% in 2021, having recently reached 1.76%. The U.S. Treasury curve continued to steepen, as the difference between shorter-dated maturities and longer-dated maturities reached its widest point since 2015.
Movement in bond yield differentials relative to U.S. Treasuries was mixed across asset classes. Most sectors were flat to modestly wider, though high-yield corporate credit overperformed.

OUTLOOK
In March 2021, global vaccinations continued with the total number of inoculations approaching 600 million. India and the EU blocked some exports of vaccines in an effort to inoculate their own populations faster. In the U.S., President Biden announced that vaccines would be available for every adult by the end of May. President Biden’s $1.9 trillion stimulus bill included extended unemployment insurance through September and another round of $1400 stimulus checks.
The Fed’s Summary of Economic Projections (SEP), released at the March meeting, showed that the median member of the FOMC still expected no hikes through 2023. Fed Chair Jerome Powell stressed that the Fed will not move preemptively to hike rates. The Organisation for Economic Co-operation and Development (OECD) released its projections of economic growth, noting that the global economic output would be 3% lower than pre-pandemic growth projections by the end of the year. The U.S. is expected to outperform other major economies.

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.