US Funds

Payden Emerging Markets Bond Fund SI Class (PYEIX)

$10.15

NAV ($)

$-0.02

NAV change ($) as of 1/31/2023

  • 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
Fund Inception Date Dec 17, 1998
Share Class Inception Date Apr 9, 2012
Ticker PYEIX
CUSIP 704329242
Fund Total Net Assets $842.0 million
Benchmark J.P. MORGAN EMBI GLOBAL DIVERSIFIED INDEX

Net Expense Ratio 0.69%
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 SI Class (PYEIX) Morningstar average:
Emerging Markets Bond
Net Expense Ratio 0.69% 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 Apr 9, 2012
Total Net Assets $842.0 million
Average Duration 6.8 years
Average Maturity 11.8 years
30-Day SEC Yield (01/27/23) 7.33%
30-Day SEC Yield (unsubsidized) 8.05%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related83%
Corporates14%
Money Markets3%
Total 100%
Country Breakdown
Country Percent of Portfolio
Mexico8.5%
Indonesia5.9%
Dominican Republic5.2%
Brazil5.0%
S.Africa4.7%
Colombia3.7%
Malaysia3.5%
Ecuador3.0%
Egypt2.8%
Nigeria2.8%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA3%
AA4%
A7%
BBB29%
BB30%
B17%
CCC4%
CC3%
Unrated3%
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 (12/31/2022) -17.40% -17.40% -5.02% -1.48% 1.20% 2.29%
Month-end (12/31/2022) -17.40% -17.40% -5.02% -1.48% 1.20% 2.29%
Yearly Returns
2022-17.40%
2021-2.36%
20206.24%
201916.47%
2018-6.99%
201711.99%
201611.55%
2015-0.77%
20145.40%
2013-7.13%
Expenses
Total Annual Operating Expense 0.71%
Net or Actual Operating Expense 0.69%

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

MARKET
Emerging-markets (“EM”) debt closed 2022 with positive returns in December, wrapping up a challenging year. In EM hard-currency corporates and sovereigns, yields narrowed relative to comparable-maturity U.S. Treasuries, compensating for headwinds from duration. Within these credit sectors, high yield bonds generally outperformed investment grade bonds. Local markets also delivered positive returns, with interest rates remaining stable, while most EM currencies rallied against a softer U.S. dollar.

OUTLOOK
The outlook for fixed-income assets may be more balanced, as inflation momentum has shown signs of slowing, while central bank tightening is reaching late stages. Barring further shocks, inflation readings should ease across most EM countries during 2023, especially as food and energy prices have moderated. Still, elevated price pressures suggest that monetary policy may need to remain restrictive. Even as most EM central banks are winding down hiking cycles, markets will likely remain captive to the evolution of developed-country monetary policy.
Higher interest rates and the waning post-pandemic demand recovery will likely lead to slower growth. Dynamics in China may play a counteracting role, however, as the rapid abandonment of ‘COVID-zero’ policy creates uncertainty at the onset of 2023 but boosts growth prospects thereafter. Overall, we emphasize that the fundamental effects of the global environment vary considerably among EM countries and corporates, and we expect issuer differentiation to remain a key theme.
While we believe systemically important EM countries have navigated tighter liquidity conditions well, we remain alert to the risks ahead. Hawkish policy by the U.S. Federal Reserve, slowing global growth, and geopolitical risks, including the ongoing Russia-Ukraine conflict, may continue to generate volatility. However, we believe risk factors are better priced and better understood compared to early 2022. In our view, EM debt continues to offer investors diversification benefits and attractive income. While the environment calls for a selective approach, we believe many hard and local currency EM debt markets present compelling opportunities.

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.