Payden Emerging Markets Corporate Bond Fund (PYCEX)
$8.77
NAV ($)
$0.00
NAV change ($) as of 7/25/2025
- 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 - 06/30/2025
| Fund Inception Date | Nov 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Ticker | PYCEX |
| CUSIP | 704329234 |
| Fund Total Net Assets | $79.6 million |
| Benchmark | J.P. Morgan Corporate EMBI Broad Diversified Composite 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 |
| 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 Payden Funds 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 - 06/30/2025
| Fund Inception Date | Nov 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Total Net Assets | $79.6 million |
| Average Duration | 4.1 years |
| Average Maturity | 5.7 years |
| 30-Day SEC Yield | 6.04% |
| 30-Day SEC Yield (unsubsidized) | 5.74% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 83% |
| Government/Gov't Related | 9% |
| Money Markets | 4% |
| Other | 4% |
| Total | 100% |
Country Breakdown
| Country | Percent of Portfolio |
|---|---|
| United States | 14.6% |
| Mexico | 9.0% |
| Brazil | 7.4% |
| India | 6.8% |
| Euroland | 6.6% |
| Peru | 5.4% |
| Chile | 5.2% |
| Colombia | 4.6% |
| UAE | 3.8% |
| Turkey | 3.4% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 2% |
| AA | 7% |
| A | 5% |
| BBB | 39% |
| BB | 32% |
| B | 13% |
| CCC | 1% |
| Unrated | 1% |
| 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 Payden Funds 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 |  |
222 |
| 3 Year | |
222 | |
| Category: Emerging Markets Bond | 5 Year | |
206 |
| 10 Year | |
135 | |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (6/30/2025) | 3.41% | 7.71% | 7.47% | 3.36% | 3.80% | 4.00% |
| Month-end (6/30/2025) | 3.41% | 7.71% | 7.47% | 3.36% | 3.80% | 4.00% |
Yearly Returns
| 2024 | 7.90% |
| 2023 | 7.36% |
| 2022 | -11.02% |
| 2021 | 0.81% |
| 2020 | 8.17% |
| 2019 | 11.90% |
| 2018 | -3.32% |
| 2017 | 9.13% |
| 2016 | 9.61% |
| 2015 | -0.86% |
Expenses
| Total Annual Operating Expense | 1.20% |
| 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 Payden Funds 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.
Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an
overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.
@ 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Fund Commentary - 06/30/2025
| MARKET | |
| Emerging-markets (EM) debt indices posted positive returns, as a constructive backdrop for interest rate duration was complemented by a risk-supportive market tone. Yields on hard-currency sovereign and corporate credit narrowed by 0.12% and 0.06%, respectively, compared to similar-maturity U.S. Treasuries. In sovereigns, high-yield issuers outperformed their investment-grade peers, while corporate performance showed less variation between rating categories. EM local bond markets added to their robust performance thus far in 2025, with local interest rates shifting lower and currencies appreciating against the U.S. dollar. | |
| OUTLOOK | |
| Overall, EM country fundamentals remain sound. EM growth has been steady, inflation is contained, and external accounts are in a healthy position, with limited signs of balance-of-payment pressure and comfortable foreign reserve levels. Over the past year, most EM central banks have been able to ease monetary policy, although they have taken a prudent approach, keeping a gap between policy rates and inflation. | |
| Rising global trade tensions, particularly due to the United States’ efforts to impose global trade barriers, have increased policy uncertainty. While EM countries vary in their exposure to U.S. trade, we believe the direct economic risks are manageable. However, risks to global growth are likely to tilt to the downside, energy prices are lower, and goods exports from China are prevalent. These factors, along with EM currency appreciation against a weaker U.S. dollar, may prove disinflationary. In this context, EM central banks should have space to respond to increased global volatility, if needed. | |
| Looking ahead, two key structural forces continue to benefit EM debt investors: 1) stronger long-term growth prospects relative to developed markets, and 2) a broadening range of investment opportunities across roughly 90 countries, including sovereign, corporate, and local market bonds, spanning various geographies and sectors. In our view, EM debt offers investors useful diversification benefits, while yields are attractive for generating income over time. | |
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 Payden Funds 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.