US Funds

Payden Cash Reserves Money Market Fund (PBHXX)

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

The Payden Cash Reserves Money Market Fund seeks to provide current income and daily liquidity while maintaining a stable share price of $1.00. The fund invests at least 99.5% of its total assets in cash, U.S. Government debt securities and repurchase agreements that are fully collateralized by cash or U.S. Government securities. It may invest up to 0.5% of its total assets in bank, corporate, mortgage-backed and asset-backed debt securities of U.S. and foreign issuers.

Role In Portfolio

Money Market – Appropriate for investors who require maximum portfolio liquidity and stability of principal.

Fund Highlights
Low annual expense ratio.
Seeks to maintain a stable share price of $1.00.

Fund Snapshot - 05/31/2024
Fund Inception Date Dec 17, 1997
Ticker PBHXX
CUSIP 704329598
Fund Total Net Assets $439.0 million
Benchmark LIPPER GOVERNMENT MONEY MARKET AVERAGE
Net Expense Ratio 0.25%
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 Cash Reserves Money Market Fund (PBHXX) Morningstar average:
Money Market-Taxable
Net Expense Ratio 0.25% None

Historical Fund Holdings

Fund Holdings as of May 31, 2024

Fund Holdings as of April 30, 2024

Fund Holdings as of March 28, 2024

Fund Holdings as of February 29, 2024

Fund Holdings as of December 31, 2023

Fund Holdings as of November 30, 2023

Fund Holdings as of October 31, 2023

Fund Holdings as of September 30, 2023

Fund Holdings as of August 31, 2023

Fund Holdings as of July 31, 2023



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 - 05/31/2024
Fund Inception Date Dec 17, 1997
Total Net Assets $439.0 million
Average Duration 0.1 years
Average Maturity 19.0 days
7-Day SEC Yield (06/17/24) 5.26%
Duration Breakdown
Years Percent of Portfolio
0-1100%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Money Markets66%
Repurchase Agreements18%
Government/Gov't Related14%
Mortgage-Backed2%
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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (3/31/2024) 1.28% 5.11% 2.49% 1.84% 1.21% 1.98%
Month-end (5/31/2024) 2.15% 5.20% 2.78% 1.94% 1.30% 2.00%
Yearly Returns
20234.85%
20221.37%
20210.01%
20200.32%
20192.00%
20181.63%
20170.65%
20160.12%
20150.01%
20140.01%
Expenses
Total Annual Operating Expense 0.38%
Net or Actual Operating Expense 0.25%

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.

Fund Commentary - 05/31/2024

MARKET
U.S. Treasury yields moved lower in May as the Federal Reserve Open Market Committee (FOMC) reiterated their very low expectation that further policy rate increases will be needed to continue bringing inflation down toward their target level. Economic data continued to show signs of a stable economy which has reduced and delayed market outlook for policy rate reductions.
The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate – was unchanged for the month at 5.34%. At month-end, the three-month term SOFR rate is one basis point (bp) higher at 5.34%, and the three-month U.S. Treasury bill closed one bp higher at 5.41%.

OUTLOOK
We remain wary of reinflation risk and the possibility that the economy may not have sufficiently cooled to merit a change in the current monetary policy stance. While the lagged effects of restrictive monetary policy could cause extra stress on the economy, we currently see few signs of an impending recession. The timing and pace of rate cuts and the tapering of quantitative tightening will be our primary focus as we anticipate the timing of the Federal Reserve’s easing cycle.

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.