US Funds

Payden Emerging Markets Bond Fund (PYEMX)

$10.84

NAV ($)

$0.00

NAV change ($) as of 8/15/2025

  • 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.
Managed by Payden & Rygel with 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 - 07/31/2025
Fund Inception Date Dec 17, 1998
Share Class Inception Date Dec 17, 1998
Ticker PYEMX
CUSIP 704329531
Fund Total Net Assets $880.3 million
Benchmark J.P. Morgan EMBI Global Diversified Index

Net Expense Ratio 0.74%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA Account $100,000
Adviser Class - Regular Account $5,000
Adviser Class - IRA Account $2,000
SI Class $10,000,000
Additional Investment - All Classes$250

Payden Emerging Markets Bond Fund (PYEMX) Morningstar average:
Emerging Markets Bond
Net Expense Ratio 0.74% 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 - 07/31/2025
Fund Inception Date Dec 17, 1998
Share Class Inception Date Dec 17, 1998
Total Net Assets $880.3 million
Average Duration 6.5 years
Average Maturity 10.3 years
30-Day SEC Yield 7.12%
30-Day SEC Yield (unsubsidized) 7.12%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related88%
Corporates10%
Money Markets2%
Total 100%
Country Breakdown
Country Percent of Portfolio
Mexico8.2%
Brazil6.1%
Peru5.2%
Hungary4.2%
S.Africa4.1%
Turkey3.9%
Nigeria3.6%
Egypt3.5%
Argentina3.4%
Indonesia3.3%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA2%
AA6%
A3%
BBB36%
BB28%
B17%
CCC7%
Unrated1%
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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (6/30/2025) 5.72% 11.17% 10.22% 2.70% 3.76% 7.54%
Month-end (7/31/2025) 6.86% 10.77% 9.80% 2.13% 3.85% 7.56%
Yearly Returns
20247.91%
202312.09%
2022-17.37%
2021-2.22%
20206.17%
201916.41%
2018-7.03%
201712.00%
201611.45%
2015-0.84%
Expenses
Total Annual Operating Expense 0.74%
Net or Actual Operating Expense 0.74%

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.

Fund Commentary - 07/31/2025

MARKET
Emerging-markets (EM) debt indices showed mixed results in July, as U.S. dollar appreciation posed headwinds for local-currency markets, even as hard-currency markets staged a solid performance. Yields on hard-currency sovereign and corporate credit narrowed by 0.23% and 0.22%, respectively, compared to similar-maturity U.S. Treasuries. In both the sovereign and corporate sectors, high-yield issuers outperformed their investment-grade peers. In local markets, while EM currencies broadly depreciated against the U.S. dollar, EM interest rates edged modestly lower.

OUTLOOK
Overall, EM country fundamentals remain sound. EM growth has been steady, inflation is contained, and external accounts are in a healthy position, with limited signs of balance-of-payment pressure and comfortable foreign reserve levels. Over the past year, most EM central banks have been able to ease monetary policy, although they have taken a prudent approach, keeping a gap between policy rates and inflation.
The United States’ imposition of global trade barriers has increased policy uncertainty. While EM countries vary in their exposure to U.S. trade, we believe the direct economic risks are manageable. However, the risks of a global growth slowdown have increased, while energy prices are lower, and China’s exports remain prevalent. These factors, along with EM currency appreciation against a weaker U.S. dollar, may prove disinflationary. In this context, EM central banks should have space to respond to ease monetary policy further, if needed.
Looking ahead, two key structural forces continue to benefit EM debt investors: 1) stronger long-term growth prospects relative to developed markets, and 2) a broadening range of investment opportunities across roughly 90 countries, including sovereign, corporate, and local market bonds, spanning various geographies and sectors. In our view, EM debt offers investors useful diversification benefits, while yields are attractive for generating income over time.

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.