US Funds

Payden Emerging Markets Bond Fund (PYEMX)

$10.36

NAV ($)

$-0.04

NAV change ($) as of 6/17/2024

  • 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 - 05/31/2024
Fund Inception Date Dec 17, 1998
Share Class Inception Date Dec 17, 1998
Ticker PYEMX
CUSIP 704329531
Fund Total Net Assets $845.5 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 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 - 05/31/2024
Fund Inception Date Dec 17, 1998
Share Class Inception Date Dec 17, 1998
Total Net Assets $845.5 million
Average Duration 6.6 years
Average Maturity 11.3 years
30-Day SEC Yield (05/31/24) 6.92%
30-Day SEC Yield (unsubsidized) 6.92%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related83%
Corporates15%
Money Markets2%
Total 100%
Country Breakdown
Country Percent of Portfolio
Mexico6.3%
Brazil5.1%
Colombia5.1%
S.Africa4.9%
Turkey4.3%
Egypt4.0%
Saudi Arabia3.6%
Peru3.5%
Nigeria3.2%
Dominican Republic2.9%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA2%
AA5%
A7%
BBB26%
BB29%
B20%
CCC6%
CC4%
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 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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (3/31/2024) 2.53% 12.86% -0.90% 1.20% 3.04% 7.47%
Month-end (5/31/2024) 2.33% 12.77% -2.25% 1.17% 2.59% 7.41%
Yearly Returns
202312.09%
2022-17.37%
2021-2.22%
20206.17%
201916.41%
2018-7.03%
201712.00%
201611.45%
2015-0.84%
20145.31%
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 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.

Fund Commentary - 05/31/2024

MARKET
Emerging markets (EM) debt delivered positive returns in May, amid contained market volatility and an overall rally in global interest rates. Yields on hard-currency sovereign and corporate credit were broadly unchanged relative to U.S. Treasury yields, and investment-grade and high-yield issuers posted comparable returns. Local currency markets posted solid gains, partially recovering from underperformance in prior months; local interest rates declined, while currencies mostly strengthened against the U.S. dollar.

OUTLOOK
Markets are pricing less monetary policy easing by developed-country central banks, as the path to reaching long-run inflation targets has been slow. Still, monetary authorities in most developed economies believe that policy rates have peaked, leaving the timing and scope of future easing as the main topics of debate. Many EM central banks have already responded to disinflation by cutting rates, though the pace of easing is subject to the unique conditions facing each country.
Economic activity has been resilient in EM countries. A stable growth backdrop, combined with lower inflation, has resulted in reduced market volatility and overall support for risk assets. Although China’s economy faces headwinds from the struggling property sector, a series of stimulus measures may mitigate downside risks.
We believe systemically important EM countries and EM corporates are navigating an uncertain global environment well. That said, we remain alert to global and country-specific risk factors. Renewed bouts of inflationary pressure, weaker growth, and geopolitical or political risks, including the crowded 2024 election calendar, may generate volatility.
In our view, EM debt offers diversification benefits, and elevated yields have historically generated attractive long-run income for investors. Market technicals have been favorable, with healthy EM primary market activity and increased demand for fixed income. Valuations in EM debt are compelling relative to peer sectors, and we see opportunities across a variety of hard and local currency markets.

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.