NAV ($)
NAV change ($) as of 11/20/2019
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 | $61.8 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: | $61.8 million |
| Average Duration: | 4.8 years |
| Average Maturity: | 10.9 years |
| 30-Day SEC Yield (11/15/19) | 1.33% |
| 30-Day SEC Yield (unsubsidized) | 1.12% |
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 14% |
| 1-3 | 12% |
| 3-5 | 23% |
| 5-7 | 27% |
| 7-10 | 24% |
| Total | 100% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 2% |
| AA | 60% |
| A | 24% |
| BBB | 9% |
| Unrated | 5% |
| Total | 100% |
| Sector | Percent of Portfolio |
|---|---|
| Revenue | 81% |
| General Obligation | 16% |
| Other | 3% |
| 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 (9/30/2019) | 7.21% | 8.28% | 3.35% | 3.29% | 3.54% | 3.90% |
| Month-end (10/31/2019) | 7.30% | 9.22% | 3.63% | 3.19% | 3.74% | 3.89% |
| 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 returned 1.71% in the third quarter, as municipal bond prices continued to climb across all maturities. | |
| Municipals have seen robust demand in 2019, with 38 consecutive weeks of inflows to mutual funds totaling over $68 billion year-to-date, the largest since records began in 1992. Persistently strong demand, coupled with limited supply, supported the market and contributed to positive performance. | |
| The shape of the municipal yield curve has continued to flatten, as investors extend into longer maturities in search of additional yield. As a result, valuations continue to appear rich relative to historical norms. The 10-year Municipal-to-U.S. Treasury yield ratio - a harbinger of relative value - stands at 85%, compared to a five-year average of 90%. | |
| OUTLOOK | |
| We expect the constructive municipal market trends that have driven strong year-to-date performance to persist in the final quarter of 2019. Municipal credit fundamentals continue to improve and investor demand continues to outpace available market supply. | |
| While valuations remain rich relative to historical averages, the market has recently seen a reversion towards fair value. We continue to believe relative value remains most compelling in longer maturity bonds, but see opportunity in short and intermediate maturities that have been elusive the previous two quarters. | |
| With the Federal Reserve having already cut the policy rate twice this year, and a potential third cut in 2019 a possibility, we expect that future municipal returns will be influenced by subsequent monetary policy changes which will determine the direction of interest rates across fixed-income asset classes. | |
| While we do not anticipate any broad credit weakness in the municipal bond market that could upend the constructive outlook, we do anticipate marginal weakening in general obligation and education sectors, and favor high quality secured-revenue structures as our core security selection theme. | |
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.