Payden Emerging Markets Corporate Bond Fund (PYCEX)
$10.08
NAV ($)
$0.01
NAV change ($) as of 12/3/2021
- 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
| Fund Inception Date | Nov 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Ticker | PYCEX |
| CUSIP | 704329234 |
| Fund Total Net Assets | $53.4 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 | $10,000,000 |
| 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 | $53.4 million |
| Average Duration | 4.4 years |
| Average Maturity | 6.0 years |
| 30-Day SEC Yield (11/30/21) | 3.77% |
| 30-Day SEC Yield (unsubsidized) | 3.48% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 81% |
| Government/Gov't Related | 6% |
| Money Markets | 5% |
| Loans | 4% |
| Other | 4% |
| Total | 100% |
Country Breakdown
| Country | Percent of Portfolio |
|---|---|
| United States | 19.0% |
| Mexico | 10.1% |
| Brazil | 10.0% |
| India | 9.7% |
| Colombia | 6.4% |
| Euroland | 4.7% |
| Israel | 3.9% |
| Saudi Arabia | 3.9% |
| UAE | 3.1% |
| Canada | 3.0% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AA | 6% |
| A | 4% |
| BBB | 24% |
| BB | 39% |
| B | 21% |
| CCC | 4% |
| Unrated | 2% |
| 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 |  |
258 |
| 3 Year | |
258 | |
| Category: Emerging Markets Bond | 5 Year | |
218 |
| Criterion: Risk-Adjusted Return | |||
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (9/30/2021) | 1.62% | 7.81% | 6.56% | 5.05% | N/A | 5.21% |
| Month-end (11/30/2021) | -0.01% | 1.83% | 6.62% | 5.23% | N/A | 4.88% |
Yearly Returns
| 2020 | 8.17% |
| 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 | 1.38% |
| 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) fixed income posted negative returns in November. Higher risk sectors, including high-yield sovereign credit and local currency markets, underperformed, as markets priced-in an accelerated timeline for monetary tightening by the U.S. Federal Reserve. Late-month concerns around the emergence of a new strain of the SARS-CoV-2 virus added to the risk-off environment against a backdrop of thinner liquidity. EM corporates proved relatively resilient. Currencies generally depreciated against the well-supported U.S. dollar, while local interest rates edged higher. | |
| OUTLOOK | |
| Rising core yields and signs of reduced monetary accommodation in developed markets have weighed on EM debt returns in 2021. We believe that higher rates are manageable for the asset class, however, as they are well-telegraphed and come in the context of a solid growth backdrop, elevated commodity prices and balanced EM external accounts. Rising headline inflation, driven by cyclical factors and base effects, has caused several EM central banks to tighten monetary policy. Notably, EM central banks have been much more proactive relative to developed-market central banks during this cycle. | |
| Although the pandemic will likely remain an ongoing issue, particularly in light of a new variant of concern, on whole EM growth remains on a recovery path. Despite slow initial rollouts, vaccine deployment in EM countries has improved, and we expect this trend to continue. Over the coming year, several EM countries will go through election cycles, which may shed light on the evolution of social dynamics and policy preferences. The Chinese government’s response to growth headwinds will also be closely watched. | |
| As countries demonstrate the ability to navigate pandemic risks, we think EM growth should benefit from domestic factors like rising investment and normalization of service sectors, even if external tailwinds diminish. In an environment where developed-market yields remain subdued and value in many sectors appears stretched, we believe valuations in hard and local currency EM debt remain attractive. | |
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.