US Funds

Payden Emerging Markets Bond Fund Adviser Class (PYEWX)

$10.30

NAV ($)

$0.04

NAV change ($) as of 2/23/2024

  • 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 - 01/31/2024
Fund Inception Date Dec 17, 1998
Share Class Inception Date Nov 2, 2009
Ticker PYEWX
CUSIP 704329325
Fund Total Net Assets $837.5 million
Benchmark J.P. MORGAN EMBI GLOBAL DIVERSIFIED INDEX

Net Expense Ratio 0.98%
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 Adviser Class (PYEWX) Morningstar average:
Emerging Markets Bond
Net Expense Ratio 0.98% 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 - 01/31/2024
Fund Inception Date Dec 17, 1998
Share Class Inception Date Nov 2, 2009
Total Net Assets $837.5 million
Average Duration 6.9 years
Average Maturity 11.8 years
30-Day SEC Yield (02/02/24) 6.24%
30-Day SEC Yield (unsubsidized) 6.23%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related85%
Corporates14%
Money Markets1%
Total 100%
Country Breakdown
Country Percent of Portfolio
Mexico7.3%
Colombia5.1%
Brazil5.0%
S.Africa5.0%
Peru3.9%
Saudi Arabia3.9%
Indonesia3.5%
Hungary3.4%
Turkey3.4%
Chile2.9%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA2%
AA6%
A9%
BBB28%
BB29%
B16%
CCC6%
CC3%
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 (12/31/2023) 11.92% 11.92% -3.47% 2.03% 2.84% 4.07%
Month-end (1/31/2024) -1.06% 6.62% -3.49% 0.72% 2.85% 3.97%
Yearly Returns
202311.92%
2022-17.59%
2021-2.48%
20205.90%
201916.09%
2018-7.26%
201711.72%
201611.17%
2015-1.07%
20144.97%
Expenses
Total Annual Operating Expense 0.98%
Net or Actual Operating Expense 0.98%

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 - 01/31/2024

MARKET
Following the strong rally to close 2023, emerging-markets (EM) debt took a pause in January. The start of the year brought a modest divergence between hard-currency sovereigns, where yields increased relative to U.S. Treasury yields, and hard-currency corporates, where yields narrowed relative to similar-maturity U.S. Treasury yields. Primary market activity picked up materially, and new bond deals received healthy investor orders. Negative returns in EM local debt markets were primarily the result of a strengthening U.S. dollar, while local interest rates were broadly steady over the month.

OUTLOOK
With inflation continuing to fall toward target levels, developed-market central banks have become comfortable relaying that policy rates are past the peak. The timing and magnitude of monetary easing are the main topics of debate. EM central banks have already been responding to disinflation by cutting rates, though the pace of easing is contingent on the mix of inflation, growth, and external risks facing each country.
Consensus forecasts see slower global growth in 2024. To date, EM growth trends have been resilient, but pronounced differences exist between regions and countries. China’s economic outlook faces headwinds from the struggling property sector, but a series of policy and liquidity measures may mitigate downside risks.
We believe systemically important EM countries and EM corporates have handled lower global liquidity conditions well. That said, we remain alert to global and country-specific risk factors. Renewed bouts of inflationary pressure, possible developed-market recessions, geopolitical uncertainty and political risks, including the crowded 2024 global election calendar, may generate volatility.
In our view, EM debt offers diversification benefits, as elevated yields have historically generated healthy long-term income for investors. Bond supply dynamics have been broadly supportive, and a weaker U.S. dollar could provide an additional tailwind. While the market environment warrants a selective approach, we believe many compelling opportunities exist across hard- and local-currency EM debt.

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.