US Funds

Payden Emerging Markets Corporate Bond Fund (PYCEX)

$9.84

NAV ($)

$0.01

NAV change ($) as of 5/22/2019

  • 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 $43.6 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 $43.6 million
Average Duration 4.2 years
Average Maturity 6.0 years
30-Day SEC Yield (05/17/19) 5.07%
30-Day SEC Yield (unsubsidized) 4.87%
Sector Breakdown
Sector Percent of Portfolio
Corporates82%
Government/Gov't Related9%
Loans3%
Money Markets3%
Other3%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States14.0%
Brazil12.8%
Mexico7.1%
Peru5.5%
China4.9%
Euroland4.8%
Argentina4.6%
UAE4.6%
Colombia4.0%
Saudi Arabia3.9%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA3%
AA1%
A13%
BBB21%
BB34%
B21%
CCC4%
Unrated3%
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.

    Number of funds
Overall 230
3 Year 230
Category: Emerging Markets Bond 5 Year 178
Criterion: Risk-Adjusted Return

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (3/31/2019) 4.99% 2.37% 5.48% 4.23% N/A 4.59%
Month-end (4/30/2019) 5.52% 3.52% 5.04% 4.20% N/A 4.62%
Yearly Returns
2018-3.32%
20179.13%
20169.61%
2015-0.86%
20144.74%
20131.05%
Expenses
Total Annual Operating Expense 1.31%
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.

(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

MARKET
Emerging market (EM) fixed income performance was subdued in April. Returns in EM sovereign and corporate credit were modestly positive as yields held steady against an uptick in U.S. Treasury yields. Local currency debt returns were slightly negative, with yields inching higher. However, outside of weakness in Turkey and volatility in Argentina, currency movements were generally contained against the U.S. dollar. Market technicals were supportive overall; inflows into EM debt prevailed but decelerated from the first quarter.

OUTLOOK
Global conditions are broadly supportive for EM assets: The Fed may be near the end of its tightening cycle, China’s economy appears to be stabilizing after a string of weaker data, and trade discussions between the U.S. and China seem to be making progress. We are alert to the risks around softer global growth, although near-term concerns around a recession in Europe or the U.S. may have been overstated. While Argentina and Turkey are likely to face continued volatility, we are generally constructive on the monetary and fiscal response of most EM countries to the evolving external environment. We are monitoring the policy implications of recent or upcoming elections in Argentina, Indonesia, India, Ukraine, Nigeria and South Africa, among others.
We believe investors are well served to consider emerging-market debt (EMD) as a strategic asset allocation and opportunistically add to the asset class in periods of weakness. On whole, EM countries enjoy favorable fundamentals including higher growth rates and lower debt burdens than developed countries. EM debt offers an attractive diversification and income opportunity, and long-term risk-adjusted returns consistently stand among the strongest in global fixed income. The technical backdrop is supported by limited net issuance of U.S. dollar bonds and structural allocations to EMD by global institutional investors.

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.