US Funds

Payden California Municipal Income Fund (PYCRX)

$10.10

NAV ($)

$0.01

NAV change ($) as of 5/23/2018

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

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.

Role In Portfolio

Appropriate for California taxpayers who would like to shelter income from state and Federal taxes.

Fund Highlights
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 Snapshot
Fund Inception Date Dec 17, 1998
Ticker PYCRX
CUSIP 704329515
Fund Total Net Assets $55.4 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 $2,000
Additional Investment$250

A Low Cost leader
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.

Portfolio Characteristics
Fund Inception Date: Dec 17, 1998
Total Net Assets: $55.4 million
Average Duration: 4.9 years
Average Maturity: 12.3 years
30-Day SEC Yield (05/18/18) 2.01%
30-Day SEC Yield (unsubsidized) 1.97%
Duration Breakdown
Years Percent of Portfolio
0-113%
1-311%
3-516%
5-730%
7-1030%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA4%
AA52%
A31%
BBB13%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Sector Breakdown
Sector Percent of Portfolio
Revenue78%
General Obligation20%
Money Markets2%
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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (3/31/2018) -1.21% 3.34% 1.91% 2.33% 3.58% 3.74%
Month-end (4/30/2018) -1.52% 2.25% 1.97% 2.10% 3.46% 3.71%
Yearly Returns
20176.03%
2016-0.38%
20152.38%
20146.05%
2013-0.83%
20124.66%
20119.56%
20101.72%
20097.36%
20081.21%
Expenses
Total Annual Operating Expense 0.70%
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.

Fund Commentary

MARKET
The Bloomberg Barclays California Municipal Index has returned -1.07% year-to-date. Since the beginning of 2018, municipal-Treasury yield ratios, the harbinger of relative value, fell notably on the front-end of the curve, while the ratio increased for longer maturity bonds, making 1-, 2-, and 3-year municipals relatively more expensive, while 10- to 30-year bonds became less expensive.
The beginning of 2018 has been notable for the lack of municipal supply, driven largely by tax-reform removing the exempt status of certain types of municipal bond issues. Gross issuance has been $63 billion to the end of March, which compares to $92 billion in the same period last year - a decline of over 30%.
The decline in issuance has coincided with consistently strong municipal mutual fund inflows, which were positive in 10 out of the 12 weeks of the first quarter of 2018. This technical backdrop set the stage for the richening of front-end municipals early in the year.

OUTLOOK
The municipal yield curve steepened at the beginning of the year, (with longer rates moving higher, faster than front-end rates), detracting from the performance of the Payden California Municipal Income Fund, given the fund's "barbell" structure. The fund expects to maintain this structure, seeking enhanced yield from the long-end of the curve while anchoring duration with an overweight to floating-rate securities on the front-end. The allocation to floating-rate structures is anticipated to offer enhanced liquidity and defensive exposure, given rich front-end yield ratios and our expectation that the Federal Reserve will continue its tightening cycle.
We anticipate that the lack of supply, coupled with strong retail demand, will continue to provide support to the municipal market in 2018. This could be especially pronounced in California, given that investors in high-tax states have an added incentive to allocate to municipals, in light of the new limitation on state and local income tax deductions.

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.