US Funds

Payden Emerging Markets Corporate Bond Fund (PYCEX)

$8.41

NAV ($)

$-0.02

NAV change ($) as of 3/27/2023

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

The Payden Emerging Markets Corporate Bond Fund invests in a diversified portfolio of emerging-market corporate bonds. The fund invests in companies that are identified through extensive global industry and company analysis, consistent with our sovereign views. The fund maintains geographic diversification across Latin America, Europe and Asia. Most of our investments are U.S. dollar-denominated, but we also see attractive opportunities in select local markets.

Role In Portfolio

Appropriate for investors with long investment time horizons who seek diversification via corporate bonds issued by emerging-market countries.

Fund Highlights
Emerging Market corporate focus - opportunistic exposure to sovereigns and quasi-sovereigns
Managed by Payden & Rygel with 20 years of experience managing emerging-market portfolios
Corporate market expertise - dedicated credit analysts
Pure bond strategy - limited use of credit default swaps or distressed debt
The value of an investment will generally fall when interest rates rise

Fund Snapshot - 02/28/2023
Fund Inception Date Nov 11, 2013
Share Class Inception Date Nov 11, 2013
Ticker PYCEX
CUSIP 704329234
Fund Total Net Assets $62.4 million
Benchmark J.P. MORGAN CEMBI BROAD DIVERSIFIED INDEX

Net Expense Ratio 0.95%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $5,000
Investor Class - IRA Account $2,000
SI Class $10,000,000
Additional Investment - All Classes$250

A Low Cost leader
Payden Emerging Markets Corporate Bond Fund (PYCEX) Morningstar average:
Emerging Markets Bond
Net Expense Ratio 0.95% 1.21%

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.

Portfolio Characteristics - 02/28/2023
Fund Inception Date Nov 11, 2013
Share Class Inception Date Nov 11, 2013
Total Net Assets $62.4 million
Average Duration 4.4 years
Average Maturity 7.5 years
30-Day SEC Yield (03/24/23) 7.98%
30-Day SEC Yield (unsubsidized) 7.49%
Sector Breakdown
Sector Percent of Portfolio
Corporates81%
Government/Gov't Related13%
Money Markets3%
Other3%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States21.6%
Mexico12.2%
Brazil7.5%
Euroland5.8%
Israel4.0%
Malaysia3.8%
India3.7%
Indonesia3.5%
S.Africa3.2%
UAE3.0%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA4%
AA3%
A10%
BBB40%
BB29%
B8%
CCC2%
Unrated4%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.

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.

    Number of funds
Overall 243
3 Year 243
Category: Emerging Markets Bond 5 Year 220
Criterion: Risk-Adjusted Return

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (12/31/2022) -11.02% -11.02% -1.00% 0.97% N/A 3.06%
Month-end (2/28/2023) 0.51% -5.55% -1.27% 1.19% N/A 3.06%
Yearly Returns
2022-11.02%
20210.81%
20208.17%
201911.90%
2018-3.32%
20179.13%
20169.61%
2015-0.86%
20144.74%
20131.05%
Expenses
Total Annual Operating Expense 1.32%
Net or Actual Operating Expense 0.95%

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.

(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 Paydenfunds

Fund Commentary - 02/28/2023

MARKET
Upside surprises in inflation and economic data caused U.S. Treasury yields to rise, leading to negative total returns in emerging-markets (“EM”) debt in February. Excess returns in EM debt were positive, however, as the yield differential between EM debt and U.S. Treasuries was broadly stable. Within EM hard-currency bonds, corporates outperformed sovereigns, predominantly due to the overall shorter duration profile in corporates. EM local-currency bonds lagged EM hard-currency bonds, largely as a result of EM currency depreciation against the U.S. dollar.

OUTLOOK
The outlook for fixed-income assets appears more balanced, as inflation momentum has slowed, while central bank tightening is reaching late stages. Barring further shocks, inflation readings should fall across EM countries during 2023, especially as energy prices have moderated. Still, monetary policy may need to remain restrictive in the near term, given uncertainty around how quickly inflation will decelerate.
Higher interest rates and the waning post-pandemic demand recovery will likely lead to slower growth in many countries. However, dynamics in China may play a counteracting role, as the abandonment of ‘zero-COVID’ restrictions is boosting regional growth prospects.
While we believe systemically important EM countries have navigated tighter liquidity conditions fairly well, we remain alert to the risks ahead. Hawkish policy by the U.S. Federal Reserve, slower global growth, and geopolitical risks, including the ongoing Russia-Ukraine conflict, may continue to generate volatility.
In our view, EM debt continues to offer investors diversification benefits and attractive income. We expect that large EM debt outflows seen in 2022 are unlikely to repeat, creating a more supportive technical backdrop. Although the environment calls for a selective approach, we believe many hard- and local-currency EM debt markets present compelling opportunities.

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.