US Funds

Payden Emerging Markets Bond Fund (PYEMX)

$13.09

NAV ($)

$-0.06

NAV change ($) as of 9/24/2020

  • 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 $1,006.8 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 $50,000,000
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 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 $1,006.8 million
Average Duration 7.8 years
Average Maturity 12.3 years
30-Day SEC Yield (09/18/20) 4.80%
30-Day SEC Yield (unsubsidized) 4.73%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related83%
Corporates16%
Money Markets1%
Total 100%
Country Breakdown
Country Percent of Portfolio
Indonesia7.7%
Mexico5.9%
Ukraine5.4%
Dominican Republic4.2%
Brazil4.0%
S.Africa3.3%
Mongolia3.1%
Colombia3.0%
Malaysia3.0%
Peru3.0%
Credit Breakdown
Credit Quality Percent of Portfolio
AA5%
A5%
BBB26%
BB26%
B29%
CCC3%
CC1%
D3%
Unrated2%
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 242
3 Year 242
Category: Emerging Markets Bond 5 Year 187
Criterion: Risk-Adjusted Return 10 Year 56

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (6/30/2020) -3.99% -0.79% 3.03% 4.84% 5.39% 8.70%
Month-end (8/31/2020) 1.07% 4.24% 3.68% 6.19% 5.26% 8.88%
Yearly Returns
201916.41%
2018-7.03%
201712.00%
201611.45%
2015-0.84%
20145.31%
2013-7.16%
201219.35%
20115.78%
201012.90%
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 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) debt maintained a broadly constructive tone in August. Hard currency sovereign credit showed mixed performance, as U.S. Treasury curve steepening led to negative returns in investment grade rated securities, although high-yield rated securities posted solid positive results. The shorter duration profile of hard currency EM corporate credit helped the sector outperform. Local currency debt lagged, with rates momentum stalling and a handful of currencies showing weakness against the U.S. dollar. In line with typical August trends, primary market activity was subdued. EM debt continued to attract inflows. While hard currency funds are still receiving the most interest, local currency funds began to show some positive momentum in the latter half of the month.

OUTLOOK
While coronavirus uncertainties may linger, EM governments are generally moving towards easing mobility and business restrictions, and EM economic activity should continue to rebound. We believe recovery speeds will differ depending on the severity of each country’s lockdown and their ability to enact a fiscal and monetary response. Rising EM debt levels will be scrutinized due to the combination of economic contraction, weak revenues and increased spending needs. However, with large EM countries primarily reliant on domestic financing, we do not expect systemic problems to arise. We believe EM investors should focus on distinguishing between countries and corporates given varying degrees of capacity to negotiate the consequences of the crisis.
Despite the difficult backdrop, we expect economic disruptions to be temporary. China’s economy has demonstrated a path to normalization, and in many cases EM countries have handled the crisis as well or better than developed markets. Under a core scenario where virus mitigation tactics are relatively effective, we think broad-based global monetary and fiscal stimulus will support EM economic activity and financial markets. With yields in core markets likely to stay anchored near historic lows, we believe opportunities in hard and local currency EM debt will remain compelling. A weakening U.S. dollar bias could become an added 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.