US Funds

Payden Core Bond Fund (PYCBX)

$8.90

NAV ($)

$-0.03

NAV change ($) as of 4/16/2024

  • 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 - 03/31/2024
Fund Inception Date Dec 31, 1993
Share Class Inception Date Dec 31, 1993
Ticker PYCBX
CUSIP 704329408
Fund Total Net Assets $980.1 million
Benchmark BLOOMBERG 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 $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 - 03/31/2024
Fund Inception Date Dec 31, 1993
Share Class Inception Date Dec 31, 1993
Total Net Assets $980.1 million
Average Duration 6.4 years
Average Maturity 9.0 years
30-Day SEC Yield (04/12/24) 4.43%
30-Day SEC Yield (unsubsidized) 4.29%
Duration Breakdown
Years Percent of Portfolio
0-110%
1-312%
3-518%
5-733%
7-1015%
10+12%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA54%
AA5%
A12%
BBB19%
BB5%
B1%
Unrated4%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
Sector Breakdown
Sector Percent of Portfolio
Mortgage-Backed35%
Corporates31%
Government/Gov't Related20%
Asset-Backed8%
Municipal Bonds4%
Other2%
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) -0.29% 2.94% -2.10% 0.53% 1.82% 4.22%
Month-end (3/31/2024) -0.29% 2.94% -2.10% 0.53% 1.82% 4.22%
Yearly Returns
20236.57%
2022-13.55%
2021-1.00%
20206.93%
20199.27%
2018-1.26%
20175.25%
20163.66%
20150.82%
20146.17%
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 - 03/31/2024

MARKET
In March, a prevailing risk-on sentiment persisted, propelling several equity indices to record highs, and sustaining the rally in credit markets.
The U.S. Federal Reserve (Fed) Chair Jerome Powell affirmed expectations of future rate cuts, pending closer alignment of inflation with targets. February's Non-Farm Payroll report exceeded forecasts with 275,000 new jobs added, yet unemployment rose to 3.9%. This led to lower front-end yields and a weaker U.S. dollar. Additionally, the Consumer Price Index (CPI) came in at 3.2% year-on-year, slightly beating the expectations of 3.1%. Despite this, the Fed left interest rates unchanged at the recent Federal Open Market Committee (FOMC) meeting, with the dot plot indicating anticipation of three rate cuts by year-end, amidst a resilient macroeconomic landscape. U.S. Treasury yields tightened slightly, with the 10-year moving 0.05% lower to end the month at 4.20%.

OUTLOOK
The narrative around the landing of the U.S. economy has been a key driver of financial markets this year. Investors have coalesced around the view that the Fed has averted inflation from becoming entrenched and that the U.S. economy should experience a “soft-landing.” We too agree that a soft-landing scenario is the most likely outcome. Against this backdrop, we believe risk assets should generate returns in excess of cash and outperform underlying government bonds, with yields being a significant component of returns.
While this view is shared by many market participants, there are a few areas where our expectations differ from current market prospects. First, we expect the Fed to start cutting interest rates in 2024, although as a central case we believe the Fed may start cutting later and by less than what markets are currently discounting. Second, we anticipate other major central banks (European Central Bank, Bank of England) will also start cutting this year, but we don’t expect that cutting cycles will move directly in tandem with one another as currently priced in across central banks, given the rise of macro divergences should lead to different monetary policies. Third, we see a high level of complacency across most risk assets as indicated by current levels of valuations, investor positioning, and volatility indicators. We believe macro and asset volatilities are unlikely to stay at such low levels in 2024.

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.