US Funds

Payden Emerging Markets Local Bond Fund (PYELX)

$6.16

NAV ($)

$0.01

NAV change ($) as of 5/22/2019

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden Emerging Markets Local 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 local-currency denominated, although we can also take advantage of attractive opportunities in U.S. dollar-denominated investments.

Role In Portfolio

Appropriate for investors with long investment time horizons who seek diversification via local-currency sovereign bonds issued by emerging-market countries.

Fund Highlights
Sovereign focus
15 years of experience managing emerging-market portfolios
Exposure to fast-growing local currency segment of emerging 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 Nov 2, 2011
Share Class Inception Date Nov 2, 2011
Ticker PYELX
CUSIP 704329275
Fund Total Net Assets $216.9 million
Benchmark J.P. Morgan GBI-EM Global Diversified Index
Net Expense Ratio 0.92%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA Account $100,000
Additional Investment - All Classes$250

A Low Cost leader
Payden Emerging Markets Local Bond Fund (PYELX) Morningstar average:
Emerging-Markets Local-Currency Bond
Net Expense Ratio 0.92% None

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.

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 Nov 2, 2011
Share Class Inception Date Nov 2, 2011
Total Net Assets $216.9 million
Average Duration 5.8 years
Average Maturity 9.0 years
30-Day SEC Yield (05/17/19) 5.95%
30-Day SEC Yield (unsubsidized) 5.89%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related96%
Other4%
Total 100%
Country Breakdown
Country Percent of Portfolio
Indonesia12.5%
Brazil10.5%
S.Africa9.8%
Russia9.2%
Poland9.1%
Mexico8.1%
Colombia7.7%
Peru4.9%
Thailand4.4%
Malaysia4.3%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA2%
A31%
BBB40%
BB24%
B2%
CCC1%
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.

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 (3/31/2019) 3.41% -9.79% 3.02% -1.09% N/A -0.80%
Month-end (4/30/2019) 3.65% -5.98% 2.14% -1.26% N/A -0.76%
Yearly Returns
2018-8.17%
201715.38%
20169.12%
2015-14.79%
2014-6.64%
2013-11.71%
201217.26%
2011-4.34%
Expenses
Total Annual Operating Expense 0.92%
Net or Actual Operating Expense 0.92%

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.

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 market (EM) fixed income performance was subdued in April. Returns in EM sovereign and corporate credit were modestly positive as yields held steady against an uptick in U.S. Treasury yields. Local currency debt returns were slightly negative, with yields inching higher. However, outside of weakness in Turkey and volatility in Argentina, currency movements were generally contained against the U.S. dollar. Market technicals were supportive overall; inflows into EM debt prevailed but decelerated from the first quarter.

OUTLOOK
Global conditions are broadly supportive for EM assets: The Fed may be near the end of its tightening cycle, China’s economy appears to be stabilizing after a string of weaker data, and trade discussions between the U.S. and China seem to be making progress. We are alert to the risks around softer global growth, although near-term concerns around a recession in Europe or the U.S. may have been overstated. While Argentina and Turkey are likely to face continued volatility, we are generally constructive on the monetary and fiscal response of most EM countries to the evolving external environment. We are monitoring the policy implications of recent or upcoming elections in Argentina, Indonesia, India, Ukraine, Nigeria and South Africa, among others.
We believe investors are well served to consider emerging market debt (EMD) as a strategic asset allocation and opportunistically add to the asset class in periods of weakness. On whole, EM countries enjoy favorable fundamentals including higher growth rates and lower debt burdens than developed countries. EM debt offers an attractive diversification and income opportunity, and long-term risk-adjusted returns consistently stand among the strongest in global fixed income. The technical backdrop is supported by limited net issuance of U.S. dollar bonds and structural allocations to EMD by global institutional investors.

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.

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.