US Funds

Payden Core Bond Fund Adviser Class (PYCWX)

$9.11

NAV ($)

$0.04

NAV change ($) as of 2/23/2024

  • 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 - 01/31/2024
Fund Inception Date Dec 31, 1993
Share Class Inception Date Nov 2, 2009
Ticker PYCWX
CUSIP 704329333
Fund Total Net Assets $971.0 million
Benchmark BLOOMBERG US AGGREGATE BOND INDEX

Net Expense Ratio 0.77%
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 Adviser Class (PYCWX) Morningstar average:
Intermediate Core-Plus Bond
Net Expense Ratio 0.77% 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 - 01/31/2024
Fund Inception Date Dec 31, 1993
Share Class Inception Date Nov 2, 2009
Total Net Assets $971.0 million
Average Duration 6.1 years
Average Maturity 8.8 years
30-Day SEC Yield (02/02/24) 3.66%
30-Day SEC Yield (unsubsidized) 3.65%
Duration Breakdown
Years Percent of Portfolio
0-111%
1-311%
3-520%
5-730%
7-1015%
10+13%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA56%
AA5%
A10%
BBB21%
BB3%
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-Backed36%
Corporates28%
Government/Gov't Related21%
Asset-Backed8%
Municipal Bonds5%
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 (12/31/2023) 6.53% 6.53% -3.18% 1.08% 1.85% 2.48%
Month-end (1/31/2024) -0.13% 2.80% -3.04% 0.77% 1.70% 2.46%
Yearly Returns
20236.53%
2022-13.72%
2021-1.24%
20206.69%
20198.93%
2018-1.50%
20175.01%
20163.41%
20150.58%
20145.89%
Expenses
Total Annual Operating Expense 0.77%
Net or Actual Operating Expense 0.77%

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 - 01/31/2024

MARKET
2024 began with mixed messaging. While economic data held steady in the U.S. and much of Europe, geopolitical tensions escalated abroad as Houthi rebels attacked commercial ships in the Red Sea, and the U.S. retaliated. Investors experienced broad gains in equities and credit; meanwhile, sovereign bonds struggled as markets priced out chances of central bank first-quarter rate cuts.
January's economic data releases showed no signs of a slowdown in the U.S. economy, adding to market hopes for a "soft landing,” where inflation eases to the Federal Reserve's (Fed's) 2% target without a recession. Fourth-quarter gross domestic product (GDP) beat expectations once again, growing at an annual rate of 3.3%, and the unemployment rate held steady at 3.7%. On the final day of the month, Fed officials left the federal funds rate unchanged for the fourth consecutive meeting. In the press conference following, Chairman Jerome Powell stressed that a rate cut as soon as March was unlikely. Against this backdrop, 10-year U.S. Treasury yields rose by 0.04%, ending the month at 3.91%.

OUTLOOK
The global economy has overall fared better this year relative to market expectations at the beginning of 2023. However, regional divergences have emerged in the recent months with the resilience of the U.S. economy contrasting with signs of economic slowdown in other parts of the world, like the euro area, the U.K., or China. While these differences are likely to persist over the coming months, we believe risks to the global economy are tilted to the downside as tighter monetary policies are transmitted to the real economy more vigorously. Given the growth and inflation trajectory, we believe most major central banks are at their peak in this current hiking cycle, but the stickiness of inflation, as well as the risks of seeing a rebound in inflation in the coming months, may require central banks to keep monetary rates in restrictive territory for a sustained period.

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.