Payden Emerging Markets Corporate Bond Fund (PYCEX)
$9.98
NAV ($)
$-0.03
NAV change ($) as of 9/24/2020
- 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 | |
| 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
| Fund Inception Date | Nov 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Ticker | PYCEX |
| CUSIP | 704329234 |
| Fund Total Net Assets | $43.5 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 | $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.
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
| Fund Inception Date | Nov 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Total Net Assets | $43.5 million |
| Average Duration | 4.8 years |
| Average Maturity | 7.2 years |
| 30-Day SEC Yield (09/18/20) | 4.12% |
| 30-Day SEC Yield (unsubsidized) | 3.69% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 81% |
| Government/Gov't Related | 8% |
| Money Markets | 5% |
| Mortgage-Backed | 3% |
| Other | 3% |
| Total | 100% |
Country Breakdown
| Country | Percent of Portfolio |
|---|---|
| United States | 14.4% |
| Brazil | 8.8% |
| Mexico | 7.8% |
| India | 7.1% |
| Colombia | 6.6% |
| Euroland | 5.0% |
| Saudi Arabia | 4.8% |
| Peru | 4.7% |
| China | 4.2% |
| UAE | 4.0% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AA | 5% |
| A | 7% |
| BBB | 32% |
| BB | 34% |
| B | 14% |
| CCC | 5% |
| Unrated | 3% |
| 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.
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 |  |
242 |
| 3 Year | |
242 | |
| Category: Emerging Markets Bond | 5 Year | |
187 |
| Criterion: Risk-Adjusted Return | |||
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (6/30/2020) | -1.50% | 1.49% | 3.44% | 4.24% | N/A | 4.48% |
| Month-end (8/31/2020) | 2.75% | 5.94% | 4.12% | 5.47% | N/A | 5.01% |
Yearly Returns
| 2019 | 11.90% |
| 2018 | -3.32% |
| 2017 | 9.13% |
| 2016 | 9.61% |
| 2015 | -0.86% |
| 2014 | 4.74% |
| 2013 | 1.05% |
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
| MARKET | |
| Emerging markets (EM) debt maintained a broadly constructive tone in August. Hard currency sovereign credit showed mixed performance, as U.S. Treasury curve steepening led to negative returns in investment grade rated securities, although high-yield rated securities posted solid positive results. The shorter duration profile of hard currency EM corporate credit helped the sector outperform. Local currency debt lagged, with rates momentum stalling and a handful of currencies showing weakness against the U.S. dollar. In line with typical August trends, primary market activity was subdued. EM debt continued to attract inflows. While hard currency funds are still receiving the most interest, local currency funds began to show some positive momentum in the latter half of the month. | |
| OUTLOOK | |
| While coronavirus uncertainties may linger, EM governments are generally moving towards easing mobility and business restrictions, and EM economic activity should continue to rebound. We believe recovery speeds will differ depending on the severity of each country’s lockdown and their ability to enact a fiscal and monetary response. Rising EM debt levels will be scrutinized due to the combination of economic contraction, weak revenues and increased spending needs. However, with large EM countries primarily reliant on domestic financing, we do not expect systemic problems to arise. We believe EM investors should focus on distinguishing between countries and corporates given varying degrees of capacity to negotiate the consequences of the crisis. | |
| Despite the difficult backdrop, we expect economic disruptions to be temporary. China’s economy has demonstrated a path to normalization, and in many cases EM countries have handled the crisis as well or better than developed markets. Under a core scenario where virus mitigation tactics are relatively effective, we think broad-based global monetary and fiscal stimulus will support EM economic activity and financial markets. With yields in core markets likely to stay anchored near historic lows, we believe opportunities in hard and local currency EM debt will remain compelling. A weakening U.S. dollar bias could become an added tailwind for EM assets. | |
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.