US Funds

Payden Emerging Markets Corporate Bond Fund SI Class (PYCIX)

$9.86

NAV ($)

$0.00

NAV change ($) as of 5/23/2018

  • 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
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 Snapshot
Fund Inception Date Nov 11, 2013
Share Class Inception Date Nov 11, 2013
Ticker PYCIX
CUSIP 704329176
Fund Total Net Assets $43.9 million
Benchmark J.P. Morgan CEMBI Broad Diversified Index
Net Expense Ratio 0.85%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA $100,000
Advisor Class - Regular Account $5,000
Advisor Class $2,000
SI Class $50,000,000
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 0.85% 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.

Portfolio Characteristics
Fund Inception Date Nov 11, 2013
Share Class Inception Date Nov 11, 2013
Total Net Assets $43.9 million
Average Duration 4.5 years
Average Maturity 6.7 years
30-Day SEC Yield (05/18/18) 5.10%
30-Day SEC Yield (unsubsidized) 4.43%
Sector Breakdown
Sector Percent of Portfolio
Corporates78%
Government/Gov't Related15%
Money Markets4%
Other3%
Total 100%
Country Breakdown
Country Percent of Portfolio
Brazil13.8%
Mexico8.3%
United States7.4%
Argentina5.4%
China5.3%
Peru4.3%
Israel4.0%
India3.9%
Chile3.0%
UAE3.0%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA6%
A12%
BBB19%
BB33%
B24%
CCC3%
Unrated3%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's

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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (3/31/2018) -0.83% 5.11% 5.04% N/A N/A 5.22%
Month-end (4/30/2018) -1.42% 3.16% 4.37% N/A N/A 4.99%
Yearly Returns
20179.22%
20169.71%
2015-0.78%
20144.94%
20131.06%
Expenses
Total Annual Operating Expense 1.33%
Net or Actual Operating Expense 0.85%

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 Commentary

MARKET
Emerging markets (EM) fixed income saw negative returns in April. Rising U.S. Treasury yields served as a headwind for sovereign and corporate debt, though corporates held their ground in spread terms while sovereigns experienced spread widening, particularly late in the month. Local currency debt underperformed, driven predominantly by currency depreciation against a sharp rally in the U.S. dollar. Beyond market dynamics, investors negotiated topics including evolving U.S.-China trade relations, new U.S. sanctions against Russia, and ongoing geopolitical risks in the Middle East.

OUTLOOK
The uptick in U.S. Treasury yields along with the Federal Reserve's policy normalization has not been a significant headwind for EM fundamentals, though they have been negatively impacting returns in 2018. Global interest rates remain subdued, and upward pressure can be viewed in the context of stronger economic activity across developed and emerging markets. Geopolitics and U.S.-initiated trade disputes may create episodes of volatility. Also, Mexico, Brazil, Colombia, and Turkey are among larger countries with fluid politics and/or important elections on the horizon.
We believe investors will be rewarded for considering EM debt as a strategic asset allocation and opportunistically adding to the asset class. On the whole, we believe EM countries enjoy solid fundamentals, including higher growth rates and lower debt burdens than developed countries. We believe EM debt offers an attractive diversification and income opportunity; long-run risk-adjusted returns consistently rank among the strongest in global fixed income.

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.