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
Fund Inception Date Dec 17, 1997
Ticker PBHXX
CUSIP 704329598
Fund Total Net Assets $325.6 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 September 28, 2018

Fund Holdings as of August 31, 2018

Fund Holdings as of July 31, 2018

Fund Holdings as of June 29, 2018

Fund Holdings as of May 31, 2018

Fund Holdings as of April 30, 2018



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, 1997
Total Net Assets $325.6 million
Average Duration 0.1 years
Average Maturity 41.0 days
7-Day SEC Yield (10/15/18) 1.96%
Duration Breakdown
Years Percent of Portfolio
0-1100%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Repurchase Agreements35%
Government/Gov't Related33%
Money Markets32%
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 (9/30/2018) 1.11% 1.34% 0.63% 0.38% 0.27% 2.01%
Month-end (9/30/2018) 1.11% 1.34% 0.63% 0.38% 0.27% 2.01%
Yearly Returns
20170.65%
20160.12%
20150.01%
20140.01%
20130.01%
20120.02%
20110.02%
20100.02%
20090.39%
20082.25%
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.

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
Yields for one-year maturity U.S. Treasuries rose approximately 0.12% in September while yields for the two-year and five-year maturity U.S. Treasury notes both rose by approximately 0.20%.
Three-month LIBOR yields increased 0.08% in September, providing attractive nominal yield at 2.39%. The three-month U.S. Treasury bill yield increased 0.10%.

OUTLOOK
Cash as an asset class is more attractive now than it has been in over a decade as rates have moved higher providing attractive all-in yields with low volatility.
The market is pricing in one more hike for 2018, which is in-line with our expectations. We continue to utilize floating-rate coupon bonds across a range of sectors as well as maintain an underweight to duration in anticipation of higher front-end rates driven by an active Federal Reserve.

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.