NAV ($)
NAV change ($) as of 3/19/2019
The Payden California Municipal Income Fund generally invests in intermediate-maturity municipal bonds that are exempt from Federal, state, and local taxes for California residents. The fund seeks to provide attractive current income while preserving capital. Holdings are diversified across sectors and issuers.
Appropriate for California taxpayers who would like to shelter income from state and Federal taxes.
| Most income is exempt from Federal and California State taxes | |
| Portfolio diversification tool | |
| No loads or 12b-1 fees | |
| The value of an investment will generally fall when interest rates rise |
| Fund Inception Date | Dec 17, 1998 |
| Ticker | PYCRX |
| CUSIP | 704329515 |
| Fund Total Net Assets | $57.7 million |
| Benchmark | Bloomberg Barclays California Intermediate Municipal Bond Index |
| Net Expense Ratio | 0.53% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $5,000 |
| Investor Class - IRA Account | $2,000 |
| Additional Investment | $250 |
| Payden California Municipal Income Fund (PYCRX) | Morningstar average: Muni California Intermediate |
|
|---|---|---|
| Net Expense Ratio: | 0.53% | 0.80% |
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.
| Fund Inception Date: | Dec 17, 1998 |
| Total Net Assets: | $57.7 million |
| Average Duration: | 4.8 years |
| Average Maturity: | 12.5 years |
| 30-Day SEC Yield (03/15/19) | 2.28% |
| 30-Day SEC Yield (unsubsidized) | 2.12% |
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 15% |
| 1-3 | 11% |
| 3-5 | 24% |
| 5-7 | 24% |
| 7-10 | 25% |
| 10+ | 1% |
| Total | 100% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 2% |
| AA | 47% |
| A | 26% |
| BBB | 20% |
| Unrated | 5% |
| Total | 100% |
| Sector | Percent of Portfolio |
|---|---|
| Revenue | 73% |
| General Obligation | 26% |
| Money Markets | 1% |
| 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.
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2018) | 0.58% | 0.58% | 2.04% | 2.90% | 3.66% | 3.69% |
| Month-end (2/28/2019) | 1.11% | 3.35% | 1.98% | 2.62% | 3.48% | 3.72% |
| 2018 | 0.58% |
| 2017 | 6.03% |
| 2016 | -0.38% |
| 2015 | 2.38% |
| 2014 | 6.05% |
| 2013 | -0.83% |
| 2012 | 4.66% |
| 2011 | 9.56% |
| 2010 | 1.72% |
| 2009 | 7.36% |
| Total Annual Operating Expense | 0.68% |
| 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.
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.
| MARKET | |
| The Bloomberg Barclays California Municipal Index has returned 1.15% year to date in 2019 as municipal rates have rallied to begin the year. | |
| After a streak of outflows in late 2018, municipals have seen robust demand in 2019, recording over $10 billion in inflows into municipal mutual funds, and combined with significant coupon and maturity reinvestments, have chased limited supply. | |
| This strong technical backdrop has contributed to the positive performance of the municipal market but has also driven the market to historically rich valuations. The 2-year municipal to U.S. Treasury yield ratio - a harbinger of relative value - now stands at 63%, compared to the 5-year average of 78%. | |
| OUTLOOK | |
| The municipal yield curve from 2 years to 30 years remains steep with a yield pick-up of 1.38%, even as the U.S. Treasury curve has flattened significantly and now stands at 0.55%. Given that this provides a 0.83% advantage compared to the same part of the U.S. Treasury curve, we believe there remains significant value in the long-end of the municipal curve to investors of all tax rates. | |
| With the strong technical backdrop, attractive valuations in longer maturities, the risk of further tax cuts diminished due to political gridlock, and municipals likely benefiting from any volatility in equity markets, we are optimistic on the outlook for municipals for the remainder of 2019. | |
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.