Payden Core Bond Fund Adviser Class (PYCWX)
$10.23
NAV ($)
$-0.01
NAV change ($) as of 10/15/2018
- 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 | Nov 2, 2009 |
| Ticker | PYCWX |
| CUSIP | 704329333 |
| Fund Total Net Assets | $953.9 million |
| Benchmark | Bloomberg Barclays US Aggregate Bond Index |
| Net Expense Ratio | 0.78% |
| 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 |
| Additional Investment - All Classes | $250 |
A Low Cost leader
| Payden Core Bond Fund Adviser Class (PYCWX) | Morningstar average: Intermediate-Term Bond |
|
|---|---|---|
| Net Expense Ratio | 0.78% | 0.85% |
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.
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 | Nov 2, 2009 |
| Total Net Assets | $953.9 million |
| Average Duration | 5.2 years |
| Average Maturity | 8.5 years |
| 30-Day SEC Yield (10/12/18) | 3.29% |
| 30-Day SEC Yield (unsubsidized) | 3.14% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 17% |
| 1-3 | 16% |
| 3-5 | 26% |
| 5-7 | 20% |
| 7-10 | 8% |
| 10+ | 13% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 6% |
| AA | 45% |
| A | 8% |
| BBB | 26% |
| BB | 8% |
| B | 4% |
| Unrated | 3% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 36% |
| Mortgage-Backed | 32% |
| Government/Gov't Related | 22% |
| Asset-Backed | 5% |
| Other | 5% |
| 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.
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 | |||
|---|---|---|---|
 |
Overall |  |
902 |
| 3 Year | |
902 | |
| Category: Intermediate-Term Bond | 5 Year | |
796 |
| Criterion: Risk-Adjusted Return | |||
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (9/30/2018) | -1.55% | -0.90% | 2.17% | 2.80% | N/A | 3.35% |
| Month-end (9/30/2018) | -1.55% | -0.90% | 2.17% | 2.80% | N/A | 3.35% |
Yearly Returns
| 2017 | 5.01% |
| 2016 | 3.41% |
| 2015 | 0.58% |
| 2014 | 5.89% |
| 2013 | -1.69% |
| 2012 | 9.43% |
| 2011 | 3.90% |
| 2010 | 6.01% |
| 2009 | -0.59% |
Expenses
| Total Annual Operating Expense | 0.81% |
| Net or Actual Operating Expense | 0.78% |
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.
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 Paydenfunds
Fund Commentary
| MARKET | |
| The U.S. economic fundamentals continued to improve steadily with other developed peers appearing to follow along. | |
| Volatility remained elevated, compared to recent years, due to several geopolitical events and instability in a few emerging markets. | |
| Amid rising rates, investment-grade corporate bond yields relative to similar-maturity U.S. Treasuries tightened despite the large amount of new issuance this September which was supported by large mergers & acquisitions deals. | |
| OUTLOOK | |
| The global economy is fundamentally strong and U.S. growth is likely to outpace most expectations as the markets persist through U.S. trade tensions, emerging-market volatility, and eurozone stressors. | |
| Political woes globally should likely keep volatility higher over the short-run but we expect the fundamental strength in the global economy and across corporate balance sheets to prevail. Corporate fundamentals continue to improve with support from solid U.S. macroeconomic growth. | |
| Given our view of higher rates, we favor a shorter-duration posture to help mitigate potential price sensitivity resulting from increases in yields. | |
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.
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.