US Funds

Payden Emerging Markets Corporate Bond Fund SI Class (PYCIX)

$8.81

NAV ($)

$0.00

NAV change ($) as of 2/7/2025

  • 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 - 01/31/2025
Fund Inception Date Nov 11, 2013
Share Class Inception Date Nov 11, 2013
Ticker PYCIX
CUSIP 704329176
Fund Total Net Assets $78.7 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 Payden Funds 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 - 01/31/2025
Fund Inception Date Nov 11, 2013
Share Class Inception Date Nov 11, 2013
Total Net Assets $78.7 million
Average Duration 4.1 years
Average Maturity 5.3 years
30-Day SEC Yield 5.96%
30-Day SEC Yield (unsubsidized) 5.62%
Sector Breakdown
Sector Percent of Portfolio
Corporates83%
Government/Gov't Related7%
Money Markets6%
Other4%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States22.4%
Brazil7.5%
Euroland6.3%
India6.1%
Mexico5.5%
Colombia5.0%
Peru4.7%
Chile4.0%
Turkey3.7%
UAE3.0%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA6%
AA3%
A3%
BBB32%
BB32%
B20%
CCC1%
Unrated3%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.

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 Payden Funds 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 208
Criterion: Risk-Adjusted Return 10 Year 130

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (12/31/2024) 8.03% 8.03% 1.12% 2.48% 3.83% 3.98%
Month-end (1/31/2025) 0.87% 8.54% 2.04% 2.33% 3.93% 4.03%
Yearly Returns
20248.03%
20237.60%
2022-11.05%
20210.90%
20208.36%
201912.00%
2018-3.22%
20179.22%
20169.71%
2015-0.78%
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 Payden Funds 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 Payden Funds

Fund Commentary - 01/31/2025

MARKET
Total returns in emerging-markets (EM) debt indices ended 2024 on a weaker note, largely due to rising U.S. Treasury yields, which were linked to the U.S. Federal Reserve’s (Fed’s) more cautious forecast for monetary policy easing in 2025. Despite the headwinds, yields on EM hard-currency sovereign and corporate bond indices narrowed relative to U.S. Treasuries, while high-yield rated bonds tended to outperform their investment-grade counterparts. The negative return in EM local markets was due to currencies depreciating against the U.S. dollar, while local interest rates only moved modestly higher. Looking back at full-year 2024, EM hard-currency credit posted healthy returns overall, led by high-yield bonds. The interest rate component of EM local markets also delivered positive returns, though currencies declined against a stronger U.S. dollar.

OUTLOOK
EM countries are starting 2025 on a stronger fundamental footing. On whole, EM growth has been resilient, while inflation has fallen closer to normal levels. External accounts are in a good position, with limited balance-of-payments pressures and higher foreign reserves. Also, China’s economic headwinds have not weighed heavily on other EM countries.
EM economies are also benefiting from the credibility of their central bank policies. In 2024, EM central banks began cutting policy rates, but they adopted a cautious approach, ensuring a buffer between their policy rates and inflation. Easier monetary policy by the U.S. Fed has provided additional flexibility for EM policymakers. As a result, EM central banks enter 2025 with the capacity to navigate choppier global waters, should they emerge.
The immediate challenge ahead for EM lies in policy uncertainty in the United States. This uncertainty revolves around the potential for rising trade barriers, the implications of these barriers on inflation and growth, and the subsequent effects on the U.S. dollar. The shift in U.S. trade policy is not entirely new. In recent history, trends such as re-shoring, rising South-South trade, and higher commodity prices have helped mitigate the negative impacts of increased protectionism. Overall, we see balanced risks for EM, with country differentiation likely to gain importance.
Two key structural forces that should continue to benefit EM debt investors are: 1) strong long-term growth prospects, and 2) a broadening of investment opportunities, including sovereign, corporate, and local market bonds across roughly 90 countries, spanning various geographies and sectors. In our view, EM debt offers investors useful diversification benefits, with today’s elevated yields presenting a compelling opportunity for generating income over time. Additionally, EM debt also has value relative to peer sectors, and there are opportunities for investment across different countries and sectors.

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 Payden Funds 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.