US Funds

Payden Emerging Markets Corporate Bond Fund (PYCEX)

$9.70

NAV ($)

$-0.03

NAV change ($) as of 8/13/2018

  • 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
15 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
Fund Inception Date Nov 11, 2013
Share Class Inception Date Nov 11, 2013
Ticker PYCEX
CUSIP 704329234
Fund Total Net Assets $45.9 million
Benchmark J.P. Morgan CEMBI Broad Diversified Index
Net Expense Ratio 0.95%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA Account $100,000
SI Class $50,000,000
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.

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 Nov 11, 2013
Share Class Inception Date Nov 11, 2013
Total Net Assets $45.9 million
Average Duration 4.3 years
Average Maturity 6.3 years
30-Day SEC Yield (08/10/18) 5.06%
30-Day SEC Yield (unsubsidized) 4.66%
Sector Breakdown
Sector Percent of Portfolio
Corporates79%
Government/Gov't Related11%
Money Markets4%
Loans4%
Mortgage-Backed2%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States11.3%
Brazil10.4%
Peru6.0%
China5.9%
Israel5.7%
Mexico5.7%
Argentina5.0%
Colombia4.2%
India4.1%
UAE4.1%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA4%
AA1%
A14%
BBB20%
BB31%
B23%
CCC3%
Unrated4%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's

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 (6/30/2018) -3.33% 0.40% 3.75% N/A N/A 4.26%
Month-end (7/31/2018) -1.73% 0.98% 4.29% N/A N/A 4.54%
Yearly Returns
20179.13%
20169.61%
2015-0.86%
20144.74%
20131.05%
Expenses
Total Annual Operating Expense 1.33%
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.

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
Emerging markets (EM) fixed income delivered positive returns in July, partially rebounding from the weak May-June period. EM sovereigns outperformed corporate and local currency debt, led by a strong rally in high-yield countries. Risk markets responded favorably to the potential for de-escalation of trade frictions between the U.S. and EU, while economic data was broadly supportive and the U.S. dollar and U.S. Treasuries moved sideways. A prolonged stretch of EM debt outflows reversed, although inflows were limited to hard currency assets.

OUTLOOK
Tighter global financial conditions have been negatively impacting EM returns in 2018. We view the sell-off as caused primarily by exogenous factors, including the U.S. Fed’s policy normalization and sentiment around trade disputes. After two strong years through early 2018, technicals have weighed on performance recently as retail flows turned negative for both EM debt and EM equities in the second quarter. However, while EM features select country-specific risks, we don’t see systemic issues. With exceptions, policymakers have taken appropriate measures like monetary tightening and prudent fiscal management in response to market conditions.
We believe investors will be rewarded for considering EM debt as a strategic asset allocation and opportunistically adding to the asset class. On the whole, we believe EM countries enjoy solid fundamentals, including higher growth rates and lower debt burdens than developed countries. We believe EM debt offers an attractive diversification and income opportunity; long-run risk-adjusted returns consistently rank among the strongest in global fixed income.

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.