US Funds

Payden California Municipal Social Impact Fund (PYCRX)

$9.87

NAV ($)

$0.00

NAV change ($) as of 6/17/2024

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

The Payden California Municipal Social Impact 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.
Targets investments in which the use of proceeds are consistent with positive social and environmental outcomes.
Portfolio diversification tool.
No loads (other fees apply).
The value of an investment will generally fall when interest rates rise.

Fund Snapshot - 05/31/2024
Fund Inception Date Dec 17, 1998
Ticker PYCRX
CUSIP 704329515
Fund Total Net Assets $156.7 million
Benchmark BLOOMBERG MUNICIPAL BOND 7-YEAR INDEX

Bloomberg Municipal Bond California Intermediate Index
Net Expense Ratio 0.45%
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 California Municipal Social Impact Fund (PYCRX) Morningstar average:
Muni California Intermediate
Net Expense Ratio: 0.45% 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.

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 - 05/31/2024
Fund Inception Date: Dec 17, 1998
Total Net Assets: $156.7 million
Average Duration: 5.5 years
Average Maturity: 14.6 years
30-Day SEC Yield (05/31/24) 3.49%
30-Day SEC Yield (unsubsidized) 3.29%
Duration Breakdown
Years Percent of Portfolio
0-116%
1-38%
3-529%
5-711%
7-1016%
10+20%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA26%
AA61%
A9%
BBB3%
Unrated1%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
Sector Breakdown
Sector Percent of Portfolio
Revenue63%
General Obligation24%
U.S. Treasuries12%
Money Markets1%
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.

    Number of funds
Overall 58
3 Year 58
Category: Muni California Intermediate 5 Year 58
Criterion: Risk-Adjusted Return 10 Year 45

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (3/31/2024) 0.06% 4.05% 0.61% 2.27% 2.65% 3.48%
Month-end (5/31/2024) -1.06% 3.30% -0.14% 1.66% 2.33% 3.41%
Yearly Returns
20236.74%
2022-6.40%
20211.02%
20205.57%
20197.82%
20180.58%
20176.03%
2016-0.38%
20152.38%
20146.05%
Expenses
Total Annual Operating Expense 0.63%
Net or Actual Operating Expense 0.45%

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.

(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 - 05/31/2024

MARKET
The Bloomberg California Intermediate Municipal Bond Index posted a negative -1.08% for the month of May bringing the year-to-date 2024 returns to -2.88%.
Municipal rates increased 8, 33, and 31 basis points (bps) in the 1-, 5-, and 10-year maturities and decreased 2 bps in the 30-year spot on the curve, respectively, setting year-to-date highs across the muni yield curve. U.S. Treasury yields fell in the month, with 5, 15, 13, and 10 bps changes in the 1-, 5-, 10-, and 30-year tenors, respectively. Recent underperformance in tax exempts reflects soft investor demand amid rich starting valuations and a material increase in new issue supply.

OUTLOOK
While municipal credit strength has weakened from its peak, revenue collections from a resilient economy and COVID-related stimulus to state and local governments continue to support municipal credit health, as witnessed by upgrades outpacing downgrades for the last 3 years, according to Moody’s.
Valuations relative to U.S. Treasuries cheapened significantly and are fast approaching “fair value” relative to many historical observations. Supply has picked recently, and we expect continued issuance in concert with an uptick in reinvestment demand as is typical in summer periods. Recent cheapening of valuations, higher absolute rates, and this technical imbalance should help support the market.
In our view, a combination of economic optimism, historically high absolute yields, cheaper valuations, and market consensus surrounding a change in monetary policy should support inflows into municipals despite the bout of outflows experienced over the past 2 years.

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.