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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 | $41.1 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 |
| 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 | $41.1 million |
| Average Duration | 4.7 years |
| Average Maturity | 6.3 years |
| 30-Day SEC Yield (12/31/19) | 4.31% |
| 30-Day SEC Yield (unsubsidized) | 3.96% |
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 82% |
| Government/Gov't Related | 9% |
| Mortgage-Backed | 3% |
| Loans | 2% |
| Other | 4% |
| Total | 100% |
| Country | Percent of Portfolio |
|---|---|
| Brazil | 9.4% |
| India | 7.7% |
| United States | 7.2% |
| China | 7.1% |
| Mexico | 6.5% |
| Colombia | 5.7% |
| Peru | 5.5% |
| Russia | 5.1% |
| Euroland | 4.8% |
| Saudi Arabia | 4.8% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 2% |
| A | 13% |
| BBB | 31% |
| BB | 31% |
| B | 13% |
| CCC | 6% |
| 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 (12/31/2019) | 11.90% | 11.90% | 5.69% | 5.11% | N/A | 5.11% |
| Month-end (12/31/2019) | 11.90% | 11.90% | 5.69% | 5.11% | N/A | 5.11% |
| 2019 | 11.90% |
| 2018 | -3.32% |
| 2017 | 9.13% |
| 2016 | 9.61% |
| 2015 | -0.86% |
| 2014 | 4.74% |
| 2013 | 1.05% |
| 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.
| MARKET | |
| Emerging-market (EM) fixed income posted strong performance in December. Yield compression relative to U.S. Treasuries drove returns in EM hard currency sovereign and corporate credit markets. Local currency markets outperformed, as EM currencies gained against the weaker U.S. dollar. Multiple catalysts supported performance for the period: central banks continued to provide liquidity, global economic data showed signs of modest recovery, and the U.S. and China agreed to a "Phase 1" trade deal. | |
| OUTLOOK | |
| Robust EM performance in 2019 was aided by falling interest rates, as central banks eased globally in the face of slowing growth and low inflation. Beyond the U.S. Federal Reserve, other developed central banks and dozens of emerging markets eased monetary policy. We believe monetary stimulus may support growth looking ahead. However, while interest rates in several EM countries have scope to decline further, EM fixed income returns in 2020 may hinge on an improvement in global growth and prospects for a range-bound (or weaker) U.S. dollar. Countering this, a populist policy bias in many countries, social protest movements, elevated geopolitical risks or a shallow growth recovery may contribute to volatility. | |
| Sound fundamentals support the resilience of EM debt markets. Economic activity remains reasonable, and many countries feature growth cycles that are not closely linked to developed markets. Debt levels are sustainable, inflation is low, current account deficits are in check and foreign exchange reserve levels are healthy. In addition, we believe trade-weighted EM exchange rates are broadly undervalued, while EM real yields are positive, in contrast to most developed markets. Against a backdrop of historically low core rates, we believe EM bonds offer attractive income and value versus peer asset classes. | |
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.