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 - 11/30/2024
Fund Inception Date
Dec 17, 1998
Share Class Inception Date
Dec 17, 1998
Ticker
PYEMX
CUSIP
704329531
Fund Total Net Assets
$844.6 million
Benchmark
J.P. Morgan EMBI Global Diversified Index
Net Expense Ratio
0.72%
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
A Low Cost leader
Payden Emerging Markets Bond Fund (PYEMX)
Morningstar average: Emerging Markets Bond
Net Expense Ratio
0.72%
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 - 11/30/2024
Fund Inception Date
Dec 17, 1998
Share Class Inception Date
Dec 17, 1998
Total Net Assets
$844.6 million
Average Duration
6.7 years
Average Maturity
11.4 years
30-Day SEC Yield
6.75%
30-Day SEC Yield (unsubsidized)
6.75%
Sector Breakdown
Sector
Percent of Portfolio
Government/Gov't Related
86%
Corporates
13%
Money Markets
1%
Total
100%
Country Breakdown
Country
Percent of Portfolio
Brazil
6.9%
Colombia
5.7%
S.Africa
5.4%
Mexico
4.9%
Dominican Republic
4.6%
Peru
4.1%
Turkey
4.0%
Indonesia
3.9%
Argentina
3.8%
Saudi Arabia
3.5%
Credit Breakdown
Credit Quality
Percent of Portfolio
AAA
1%
AA
8%
A
4%
BBB
31%
BB
30%
B
14%
CCC
9%
CC
2%
Unrated
1%
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 (9/30/2024)
8.89%
19.59%
-0.18%
1.53%
3.22%
7.57%
Month-end (11/30/2024)
9.23%
14.41%
1.02%
1.54%
3.16%
7.54%
Yearly Returns
2023
12.09%
2022
-17.37%
2021
-2.22%
2020
6.17%
2019
16.41%
2018
-7.03%
2017
12.00%
2016
11.45%
2015
-0.84%
2014
5.31%
Expenses
Total Annual Operating Expense
0.72%
Net or Actual Operating Expense
0.72%
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 - 11/30/2024
MARKET
Emerging-markets (EM) debt indices posted mixed results in November, as investors processed the implications of the Republican “sweep” of the presidency and both chambers of congress in U.S. elections. Hard-currency sovereign and corporate credit markets demonstrated a relatively constructive reaction; yields narrowed slightly versus U.S. Treasuries and high-yield rated issuers outperformed investment-grade issuers. In EM local markets, interest rates fell modestly, but currencies were notably weaker, as the U.S. dollar extended the appreciation path that began in October.
OUTLOOK
In our view, EM countries will start 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 rising foreign reserves. China’s economic headwinds have not weighed heavily on other EM countries.
EM economies are also benefiting from the credibility of central bank policy. EM central banks were able to start cutting rates in 2024, but they have taken a cautious approach, keeping policy rates above inflation. Easier monetary policy by the U.S. Federal Reserve provides additional flexibility for EM policymakers. As a result, EM central banks enter 2025 in a good position to navigate choppier global waters, should they emerge.
The immediate challenge ahead is related to policy uncertainty in the United States. For EM, this uncertainty revolves around the possibility of rising trade barriers, implications for inflation and growth, and the effect of these variables on the U.S. dollar. The changing U.S. approach to global trade is not new. In recent history, nearshoring, rising South-South trade and higher commodity prices have smoothed out the negative effects of increased protectionism. Overall, we see balanced risks for EM, with country differentiation likely to emerge based on reliance on trade and governments’ policy response.
Structural forces that will continue to benefit EM debt investors are: 1) stronger long-run growth prospects, and 2) the broadening out of the investment opportunity set. EM debt investors can now select from sovereign, corporate or local market opportunities in about 90 different countries, across all geographies and sectors. In our view, EM debt offers investors useful diversification benefits, while today’s elevated yields are attractive for generating long-run income. EM debt also offers value relative to peer sectors, and we see opportunities across a variety of countries.
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.
Payden Funds PO Box 534496 Pittsburgh, PA 15253-4496
Overnight: Payden Funds Attention: 534496 500 Ross Street 154-0520 Pittsburgh, PA 15262
Career Opportunities
Payden & Rygel provides superior solutions by employing a staff whose education, experience and vision have made the firm a leader in the field. We welcome the opportunity to speak with talented and motivated individuals who wish to meet this challenge.
If you are interested in a career with Payden & Rygel, please submit your resume to the firm's human resources department at careers@payden.com.
Disaster Recovery and Business Continuity Preperations
Payden & Rygel has developed a Business Continuity Plan to ensure that all critical functions continue in the event of a disruption in normal operations.
The firm has configured data replication servers and related infrastructure in its Boston, Massachusetts office. Data on critical Los Angeles servers is replicated to corresponding servers in the Boston location on a live basis throughout each day. In addition, other servers and databases are backed up, sent electronically to Boston, and restored at the end of each day. The firm has established a dedicated high-speed connection between the Los Angeles and Boston offices to facilitate the secure transmission of data backups.
A number of individuals from the Trading, Portfolio Operations, Information Technology, Compliance and Portfolio Management departments have been selected to connect remotely to the Boston office to complete their daily responsibilities, in the event of a disruption to normal business operations. The firm has implemented a VMWare virtual environment for each of these individuals so that they each have their own remote desktop in Boston to which they securely connect using a laptop or desktop computer with an Internet connection. Our expectation is that routine business operations will resume within 24 hours of a business continuity event. In addition, the Boston office has capacity to accommodate additional employees if a physical relocation of selected Los Angeles employees is necessary.
The firm uses a third-party hosted mass notification system to quickly communicate with all employees in the event of a disruption in operations. The system allows management to compose a text or voice message notifying employees of the event, which is then sent automatically to employees' mobile phones, home phones, and e-mail addresses. Employees indicate their receipt of the message from their phone or mobile device, which allows management to immediately review summary reports of the employees who are aware of the disruption. Additional instructions and updates can then be sent to all staff, as necessary under the circumstances.
In the event that our Business Continuity Plan is activated and Los Angeles office phone lines are down, the Los Angeles phone numbers are re-directed to the Boston office. Boston-based staff will direct callers to the mobile phones of key portfolio professionals, as necessary. All key investment personnel have access to firm e-mail on mobile devices. E-mail delivery to Payden & Rygel addresses is not dependent on the availability of either Los Angeles or Boston servers. Finally, Boston-based staff has access to portfolio management and reporting information independent of Los Angeles technology availability.
The transfer agent for the Payden Funds is not located in Payden & Rygel's offices. The transfer agent for all of the funds maintains all shareholder records and will continue to receive all shareholder calls related to their accounts.
On at least a quarterly basis, several employees from the departments specified above will remotely connect to the Boston office to test the infrastructure by conducting their daily job responsibilities, including the execution, ticketing, settlement and processing of securities trades.
The Business Continuity Plan was developed and is monitored by a committee of senior managers, including the heads of the Trading, Portfolio Operations, Compliance and Information Technology departments. The committee meets regularly to discuss any necessary updates to the Plan and coordinates ongoing tests of the Boston location by a team of employees from various departments. The committee also solicits feedback from personnel based on the ongoing tests and promptly makes adjustments to the Plan and the Boston office resources, as necessary.
Updates to the Business Continuity Plan will be posted on this website page and a copy of the Plan may also be obtained by written request.
Environmental, Social, and Governance (ESG)
& STEWARDSHIP
To assure that Payden & Rygel meets their fiduciary responsibilities as an investment adviser, we have in place policies and procedures to support our ESG & Stewardship efforts
In addition to our applicable firm wide policies, Payden & Rygel and affiliated companies have been appointed as investment manager/adviser to various EU domiciled collective investment schemes. Payden manages many of these investments so that they can be designated as Article 8 financial products pursuant to the Sustainable Finance Disclosure Regulation (EU 2019/2088). Payden has further been appointed by certain clients under separately managed accounts to manage assets in accordance with SFDR Article 8.
Payden & Rygel respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner and in compliance with applicable legal and regulatory requirements.
Collection of Information
To meet those expectations, we must collect and maintain certain personal information that is required by state and federal agencies, such as name, address and tax ID. We may collect or capture nonpublic information about you from the following sources:
Client onboarding forms;
Oral conversations or written correspondence between you and your Payden & Rygel representatives; and
Electronic sources, such as our Web site, or E-Mails.
Payden & Rygel clients have the right to: (i) be informed, at or before the point of collection, of the categories of personal information to be collected and the purposes for which the categories of personal information shall be used; and (ii) be informed of (a) the categories of personal information Payden & Rygel has collected about them; (b) the specific pieces of personal information Payden & Rygel has collected about them; (c) the categories of sources from which Payden & Rygel has collected the personal information; (d) the business or commercial purpose for collecting the personal information; and (e) the categories of third parties with whom Payden & Rygel share personal information about any client.
Disclosure of information
We do not disclose any nonpublic personal and account information about our clients, or former clients, to anyone, except as permitted by law.
In this regard, we may disclose such information to our affiliates, including Payden & Rygel Global Limited; Treasury Plus, Inc.; and Payden & Rygel Distributors. We also may disclose such information to unaffiliated third parties who are service providers to Payden & Rygel, such as broker-dealers, transfer agents or custodians. In each case, such disclosure is permitted by law, and the recipients are permitted to use it only as needed to provide agreed services to you. Finally, we may also disclose information to appropriate government agencies, and to others, as required by law or to prevent fraud.
We do not sell personal information collected, nor make that personal information available on-line. To change your personal information, call Payden & Rygel at (213) 625-1900 and request to speak to your Payden & Rygel representative.
Internal access to information and safeguards
We limit access to your personal and account information to those employees who need to know that information so that we can provide products and services to you. We also maintain physical, electronic and procedural safeguards to protect your nonpublic personal and account information. Finally, when we dispose of such information, we have in place policies and procedures to assure that such information is properly stored and shredded in the case of documentary material and erased in the case of electronic media so that in either case the information cannot be practicably read or reconstructed.
As required by U.S. federal law, Payden & Rygel will update this information at least annually.
This website is for information purposes only. It is not intended to be a solicitation, offering or recommendation of any security, investment management service or investment advisory service. Nor does Payden & Rygel intend to provide investment, tax or legal advice through this website. In particular, Payden & Rygel does not represent that the securities, products or services discussed on this website are suitable or appropriate for all investors.
The information on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Payden & Rygel to any registration requirement within such jurisdiction or country.
The reliability and accuracy of the material on this website cannot be assured because of possible technical malfunctions and unauthorized tampering. In addition, the material on this website, including any opinions expressed herein, is subject to change without notice. Past performance is not a guarantee of future results.
No part of this website may be reproduced in any of form, or referred to in any other publication without the express written consent of Payden & Rygel. Any links to other Internet sites ("hyperlinks") are included only as a convenience for visitors to this website. Payden & Rygel assumes no liability for the content or presentation of such hyperlink sites.
Legal Disclaimer
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.
The Funds respect your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner and in compliance with applicable legal and regulatory requirements.
Collection of Information
To meet those expectations, we must collect and maintain certain personal information that is required by state and federal agencies, such as name, address and tax ID. We may collect or capture nonpublic information about you from the following sources:
The Fund application, or other forms;
Oral conversations or written correspondence between you and our representatives;
Your transactions with us; and
Electronic sources, such as our Web site, or E-Mails.
Payden & Rygel clients have the right to: (i) be informed, at or before the point of collection, of the categories of personal information to be collected and the purposes for which the categories of personal information shall be used; and (ii) be informed of (a) the categories of personal information Payden & Rygel has collected about them; (b) the specific pieces of personal information Payden & Rygel has collected about them; (c) the categories of sources from which Payden & Rygel has collected the personal information; (d) the business or commercial purpose for collecting the personal information; and (e) the categories of third parties with whom Payden & Rygel share personal information.
Disclosure of Information
We do not disclose any nonpublic personal and account information about our customers, or former customers, to anyone, except as permitted by law.
In this regard, we may disclose such information to our affiliates, including the Funds’ investment adviser, Payden & Rygel; administrator, Treasury Plus, Inc.; and distributor, Payden & Rygel Distributors. We also may disclose such information to unaffiliated third parties who are service providers to you or to the Funds, such as broker-dealers, transfer agents, custodians, or our mail processing firm. In each case, such disclosure is permitted by law, and the recipients are permitted to use it only as needed to provide agreed services to you. Finally, we may also disclose information to appropriate government agencies, and to others, as required by law or to prevent fraud.
We do not sell personal information collected, nor make that personal information available on-line. To change your personal information, call Paydenfund Shareholder Services at 800-572-9366 and request the forms necessary to make any such changes.
Internal Access to Information and Safeguards
We limit access to your personal and account information to those employees who need to know that information so that we can provide products and services to you. We also maintain physical, electronic and procedural safeguards to protect your nonpublic personal and account information. Finally, when we dispose of such information, we have in place policies and procedures to assure that such information is properly stored and shredded in the case of documentary material and erased in the case of electronic media so that in either case the information cannot be practicably read or reconstructed.
As required by U.S. federal law, Payden & Rygel will update this information at least annually.