Payden California Municipal Social Impact Fund (PYCRX)
$9.87
NAV ($)
$0.00
NAV change ($) as of 3/21/2025
- 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 - 02/28/2025
| Fund Inception Date | Dec 17, 1998 |
| Share Class Inception Date | Dec 17, 1998 |
| Ticker | PYCRX |
| CUSIP | 704329515 |
| Fund Total Net Assets | $167.5 million |
| Benchmark | Bloomberg Municipal Bond M.F. California Intermediate Index Bloomberg Municipal Bond 7-Year 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 Payden Funds 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 - 02/28/2025
| Fund Inception Date: | Dec 17, 1998 |
| Total Net Assets: | $167.5 million |
| Average Duration: | 5.7 years |
| Average Maturity: | 15.5 years |
| 30-Day SEC Yield | 3.19% |
| 30-Day SEC Yield (unsubsidized) | 3.00% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 22% |
| 1-3 | 16% |
| 3-5 | 13% |
| 5-7 | 20% |
| 7-10 | 19% |
| 10+ | 10% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 30% |
| AA | 55% |
| A | 10% |
| BBB | 3% |
| Unrated | 2% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Revenue | 65% |
| General Obligation | 28% |
| U.S. Treasuries | 7% |
| 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 Payden Funds 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 | |
57 |
| Criterion: Risk-Adjusted Return | 10 Year | |
46 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2024) | 1.99% | 1.99% | 0.63% | 1.68% | 2.45% | 3.45% |
| Month-end (2/28/2025) | 1.78% | 4.04% | 2.03% | 1.37% | 2.57% | 3.50% |
Yearly Returns
| 2024 | 1.99% |
| 2023 | 6.74% |
| 2022 | -6.40% |
| 2021 | 1.02% |
| 2020 | 5.57% |
| 2019 | 7.82% |
| 2018 | 0.58% |
| 2017 | 6.03% |
| 2016 | -0.38% |
| 2015 | 2.38% |
Expenses
| Total Annual Operating Expense | 0.69% |
| 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 Payden Funds 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 Payden Funds
Fund Commentary - 02/28/2025
| MARKET | |
| The Bloomberg California Intermediate Municipal Bond Index posted a 1.24% total return for the month of February, extending the year’s positive performance with year-to-date returns of 1.64%. | |
| For the month, municipal bond yields decreased across the board by 11 basis points (bps) for the 1-year tenor, 14 bps for the 5-year tenor, 11 bps for the 10-year tenor, 5 bps for the 20-year tenor, and 4 bps for the 30-year tenor. This bull steepening of the yield curve, with shorter rates declining more quickly than longer rates, led to outperformance in maturities of 8- to 17-years and positive performance across the yield curve. | |
| OUTLOOK | |
| Municipal fund flows were positive each week of the month, totaling $3.454 billion (as of 2/26/2025), with positive net inflows for six consecutive weeks. New issue volume of ~$40 billion in February added to the already elevated January supply, bringing issuance up 27% compared to this time last year. | |
| With mixed economic data during the month, as inflation metrics such as core personal consumption expenditures (PCE), rose just 0.3% in January, some expect the Federal Reserve will pause quantitative tightening. Meanwhile, concerns over the impact of U.S. trade tariffs led the market to price in two to three 25 bps rate cuts this year. | |
| Although March supply and demand dynamics typically produce headwinds, with supply expected to exceed redemptions and reinvestments, continued net inflows, high absolute yields, and a positive credit backdrop provide an attractive entry point into municipal bonds, with the potential for positive total returns. | |
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 Payden Funds 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.