US Funds

Payden Emerging Markets Bond Fund (PYEMX)

$13.43

NAV ($)

$-0.04

NAV change ($) as of 4/20/2021

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden Emerging Markets Bond Fund invests in a diversified portfolio of emerging-market sovereign and corporate bonds. The fund invests in countries that are identified through extensive analysis of their macroeconomic variables, sovereign credit ratios, political stability, and the quality of the country’s business environment. 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 sovereign and corporate bonds issued by emerging-market countries.

Fund Highlights
Primarily sovereign focus - opportunistic exposure in corporates
20 years of experience managing emerging-market portfolios
Local markets expertise - opportunistic exposure to local markets
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 Dec 17, 1998
Share Class Inception Date Dec 17, 1998
Ticker PYEMX
CUSIP 704329531
Fund Total Net Assets $988.3 million
Benchmark J.P. MORGAN EMBI GLOBAL DIVERSIFIED INDEX
Net Expense Ratio 0.73%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $5,000
Investor Class - IRA Account $2,000
Adviser Class - Regular Account $5,000
Adviser Class - IRA Account $2,000
SI Class $10,000,000
Additional Investment - All Classes$250

A Low Cost leader
Payden Emerging Markets Bond Fund (PYEMX) Morningstar average:
Emerging Markets Bond
Net Expense Ratio 0.73% 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 Dec 17, 1998
Share Class Inception Date Dec 17, 1998
Total Net Assets $988.3 million
Average Duration 7.7 years
Average Maturity 12.5 years
30-Day SEC Yield (04/16/21) 6.17%
30-Day SEC Yield (unsubsidized) 6.30%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related82%
Corporates18%
Total 100%
Country Breakdown
Country Percent of Portfolio
Mexico6.3%
Ukraine5.9%
Egypt5.7%
Indonesia5.4%
Dominican Republic4.1%
S.Africa4.1%
Brazil3.1%
Colombia3.1%
Ghana3.1%
Malaysia2.8%
Credit Breakdown
Credit Quality Percent of Portfolio
AA2%
A5%
BBB24%
BB21%
B36%
CCC6%
CC2%
D1%
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.

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 241
3 Year 241
Category: Emerging Markets Bond 5 Year 192
Criterion: Risk-Adjusted Return 10 Year 62

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (3/31/2021) -4.59% 19.57% 3.49% 5.53% 5.18% 8.65%
Month-end (3/31/2021) -4.59% 19.57% 3.49% 5.53% 5.18% 8.65%
Yearly Returns
20206.17%
201916.41%
2018-7.03%
201712.00%
201611.45%
2015-0.84%
20145.31%
2013-7.16%
201219.35%
20115.78%
Expenses
Total Annual Operating Expense 0.73%
Net or Actual Operating Expense 0.73%

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 returns were broadly negative in March, rounding out a difficult first quarter of the year for the sector. While excess returns in hard currency sovereign and corporate credit were positive during the month, the steady increase in U.S. Treasury yields weighed on total returns. Hard currency corporates continued to outperform given a shorter duration profile and strong technicals. EM local debt returns lagged, as the U.S. dollar showed strength against most EM currencies, while yields in several local markets moved higher. EM debt fund flows slowed to a modestly positive result for the month. While local currency funds attracted inflows, hard currency funds experienced outflows.

OUTLOOK
Rising yields in developed markets have tempered enthusiasm for EM debt to start 2021. We believe this dynamic is manageable, as higher rates come in the context of an improving growth backdrop, stronger commodity prices, and well-balanced external accounts. Inflation momentum has picked up, causing some EM central banks to step away from historic levels of monetary policy accommodation. However, in most cases, negative output gaps suggest price pressures should prove transitory. Although renewed COVID-19 outbreaks may hinder the economic recovery in some jurisdictions, on the whole, EM countries are avoiding harsh restrictions and we expect growth to continue to rebound. The vaccine rollout in EM countries has begun, and despite the gradual start, we anticipate the pace of deployment will increase through the balance of 2021.
Under a core scenario where virus effects diminish, we think EM growth is poised to improve in 2021. China’s economy has proven resilient, and in many cases, EM countries have handled the crisis as well or better than developed markets. With developed market central banks committed to easy monetary policy, we believe valuations and income opportunities in hard and local currency EM debt are compelling. We believe that a weakening U.S. dollar could provide an additional tailwind for EM assets.

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.