Payden Emerging Markets Corporate Bond Fund SI Class (PYCIX)
$8.59
NAV ($)
$0.00
NAV change ($) as of 4/22/2024
- 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 - 03/31/2024
| Fund Inception Date | Nov 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Ticker | PYCIX |
| CUSIP | 704329176 |
| Fund Total Net Assets | $79.9 million |
| Benchmark | J.P. MORGAN CEMBI BROAD DIVERSIFIED INDEX |
| Net Expense Ratio | 0.86% |
| 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 SI Class (PYCIX) | Morningstar average: Emerging Markets Bond |
|
|---|---|---|
| Net Expense Ratio | 0.86% | 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 - 03/31/2024
| Fund Inception Date | Nov 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Total Net Assets | $79.9 million |
| Average Duration | 4.2 years |
| Average Maturity | 6.4 years |
| 30-Day SEC Yield (04/12/24) | 6.36% |
| 30-Day SEC Yield (unsubsidized) | 6.14% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 89% |
| Government/Gov't Related | 6% |
| Other | 5% |
| Total | 100% |
Country Breakdown
| Country | Percent of Portfolio |
|---|---|
| United States | 16.2% |
| Mexico | 12.8% |
| Brazil | 11.0% |
| Euroland | 7.3% |
| Colombia | 5.1% |
| Chile | 3.5% |
| Canada | 3.3% |
| India | 3.3% |
| UAE | 3.2% |
| Peru | 2.9% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | -1% |
| AA | 2% |
| A | 9% |
| BBB | 41% |
| BB | 31% |
| B | 14% |
| CCC | 2% |
| 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 |  |
224 |
| 3 Year | |
224 | |
| Category: Emerging Markets Bond | 5 Year | |
209 |
| Criterion: Risk-Adjusted Return | 10 Year | |
112 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (3/31/2024) | 2.27% | 9.02% | -0.15% | 2.66% | 3.51% | 3.73% |
| Month-end (3/31/2024) | 2.27% | 9.02% | -0.15% | 2.66% | 3.51% | 3.73% |
Yearly Returns
| 2023 | 7.60% |
| 2022 | -11.05% |
| 2021 | 0.90% |
| 2020 | 8.36% |
| 2019 | 12.00% |
| 2018 | -3.22% |
| 2017 | 9.22% |
| 2016 | 9.71% |
| 2015 | -0.78% |
| 2014 | 4.94% |
Expenses
| Total Annual Operating Expense | 1.26% |
| Net or Actual Operating Expense | 0.86% |
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 - 03/31/2024
| MARKET | |
| Emerging markets (EM) debt delivered positive performance in March, supported by healthy demand for fixed-income securities and lower volatility for risk assets. Hard-currency sovereign credit performed well across the board, even as high-yield rated issuers continued to outpace investment-grade issuers. Hard-currency corporate credit also posted gains, though returns modestly trailed sovereigns. Local-currency bonds remained the weakest of the major EM debt sectors; returns were close to flat, with currencies and interest rates broadly stable for the month. | |
| OUTLOOK | |
| Although inflation has fallen, developed-market central banks are wary of the final steps to meet long-run inflation targets. Still, monetary authorities in most major economies acknowledge that policy rates have peaked. The timing and magnitude of future easing are the main topics of debate. Many EM central banks have already responded to disinflation by cutting rates, though the pace of easing has diverged, given the unique conditions facing each country. | |
| Consensus forecasts see global growth slowing in 2024, but to date, economic activity has been resilient, including in most EM countries. A reasonable growth backdrop, combined with lower inflation, has resulted in reduced market volatility and support for risk assets. | |
| We believe systemically important EM countries and EM corporates are navigating an uncertain global environment well. That said, we remain alert to global and country-specific risk factors. Renewed bouts of inflationary pressure, weaker growth, as well as geopolitical and political risks, including the crowded 2024 election calendar, may generate volatility. | |
| In our view, EM debt offers diversification benefits, and elevated yields have historically generated healthy long-term income for investors. An increase in EM bond supply to start 2024 has been met with robust demand, suggesting that market technicals are sound. Valuations in EM debt are compelling relative to peer sectors, and we see opportunities across a variety of hard and local currency markets. | |
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.