NAV ($)
NAV change ($) as of 10/12/2018
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.
Appropriate for investors with long investment time horizons who seek diversification via corporate bonds issued by emerging-market countries.
| 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 Inception Date | Nov 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Ticker | PYCEX |
| CUSIP | 704329234 |
| Fund Total Net Assets | $45.8 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 |
| 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.
| Fund Inception Date | Nov 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Total Net Assets | $45.8 million |
| Average Duration | 4.6 years |
| Average Maturity | 6.4 years |
| 30-Day SEC Yield (10/05/18) | 5.31% |
| 30-Day SEC Yield (unsubsidized) | 4.98% |
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 82% |
| Government/Gov't Related | 11% |
| Loans | 4% |
| Other | 3% |
| Total | 100% |
| Country | Percent of Portfolio |
|---|---|
| United States | 12.0% |
| Mexico | 8.6% |
| Brazil | 7.5% |
| Argentina | 5.9% |
| Peru | 5.9% |
| China | 5.5% |
| Israel | 5.0% |
| UAE | 4.5% |
| Colombia | 4.1% |
| India | 3.6% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 3% |
| AA | 1% |
| A | 12% |
| BBB | 22% |
| BB | 28% |
| B | 27% |
| CCC | 3% |
| Unrated | 4% |
| 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.
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (9/30/2018) | -1.74% | -0.86% | 5.46% | N/A | N/A | 4.38% |
| Month-end (9/30/2018) | -1.74% | -0.86% | 5.46% | N/A | N/A | 4.38% |
| 2017 | 9.13% |
| 2016 | 9.61% |
| 2015 | -0.86% |
| 2014 | 4.74% |
| 2013 | 1.05% |
| 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.
| MARKET | |
| Emerging-markets (EM) fixed income saw positive returns in September, with local currency markets outperforming sovereign and corporate U.S. dollar credit. A weaker skew in the U.S. dollar and stabilization in the Chinese renminbi supported sentiment during the month. Declining yields in EM credit more than offset higher U.S. Treasury yields, even as the U.S. Federal Reserve (Fed) continued its hiking cycle. The improved tone brought inflows back to EM debt assets later in the period, while primary market activity also picked up. | |
| OUTLOOK | |
| Strong relative performance of the U.S. economy along with tighter global liquidity have negatively impacted EM returns in 2018. While vulnerabilities in specific EM countries have played a part, we view the broader sell-off as primarily caused by exogenous factors, including the U.S. Fed's policy normalization and rhetoric around trade disputes. Market technicals have also weighed on performance as retail outflows have prevailed in EM debt and EM equities. Importantly, however, we do not believe the EM asset class faces systemic risks. With key exceptions, EM policymakers have taken appropriate measures like monetary tightening and prudent fiscal management in response to unsettled external conditions. | |
| We believe investors are well served to consider EM debt as a strategic asset allocation and opportunistically add 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.