US Funds

Payden California Municipal Income Fund (PYCRX)

$10.11

NAV ($)

$0.00

NAV change ($) as of 1/18/2019

  • 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 $57.3 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

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: $57.3 million
Average Duration: 4.7 years
Average Maturity: 12.6 years
30-Day SEC Yield (01/11/19) 2.35%
30-Day SEC Yield (unsubsidized) 2.24%
Duration Breakdown
Years Percent of Portfolio
0-115%
1-314%
3-523%
5-722%
7-1026%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA3%
AA50%
A25%
BBB19%
Unrated3%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Sector Breakdown
Sector Percent of Portfolio
Revenue86%
General Obligation13%
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.

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 (12/31/2018) 0.58% 0.58% 2.04% 2.90% 3.66% 3.69%
Month-end (12/31/2018) 0.58% 0.58% 2.04% 2.90% 3.66% 3.69%
Yearly Returns
20180.58%
20176.03%
2016-0.38%
20152.38%
20146.05%
2013-0.83%
20124.66%
20119.56%
20101.72%
20097.36%
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 returned 1.45% in the last quarter of 2018, as municipal rates followed U.S. Treasury rates lower on the back of trade tensions and concerns over lower global growth.
After a spike in interest rates in September, municipal mutual funds posted 12 consecutive weeks of outflows in the fourth quarter of 2018. Despite this, the asset class held in relatively well, with the ratio of municipal yields to U.S. Treasuries (a harbinger of relative value) remaining stable throughout the quarter.
As a result of tax reform, demand for municipals from high-income individuals (especially in high tax states) was strong in 2018, while gross issuance was down sharply, finishing the year 26% lower than 2017. This dynamic provided support to the market throughout the year and was a contributing factor to the municipal market's strong performance compared to other fixed-income asset classes in 2018.

OUTLOOK
Outflows from municipal mutual funds appear to have reversed course and we don't see a catalyst for an increase in supply, especially in the first quarter, historically the lightest period of market issuance. We expect these technical factors to provide stable footing for the municipal market in the new year.
The municipal yield curve from 2 years to 30 years remains steep with a yield pick-up of 1.24%, even as the U.S. Treasury curve has flattened significantly and now stands at 0.50%. Given that this provides a 0.74% 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, the risk of further tax cuts diminished as a result of the midterm election results, and municipals likely benefiting from any continued volatility in equity markets, we are optimistic on the outlook for municipals as we enter 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.