US Funds

Payden Emerging Markets Local Bond Fund (PYELX)

$4.66

NAV ($)

$-0.01

NAV change ($) as of 6/27/2022

  • 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
Managed by Payden & Rygel with 20 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 $32.7 million
Benchmark J.P. MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX

Net Expense Ratio 0.99%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $5,000
Investor Class - IRA Account $2,000
SI Class $10,000,000
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 0.99% 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.

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 Nov 2, 2011
Share Class Inception Date Nov 2, 2011
Total Net Assets $32.7 million
Average Duration 5.1 years
Average Maturity 8.6 years
30-Day SEC Yield (06/24/22) 7.72%
30-Day SEC Yield (unsubsidized) 7.15%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related88%
Money Markets6%
Corporates6%
Total 100%
Country Breakdown
Country Percent of Portfolio
Brazil10.0%
S.Africa9.9%
Mexico8.6%
China8.5%
Colombia8.4%
Indonesia8.4%
Peru7.1%
Malaysia6.4%
Thailand4.6%
Poland2.9%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA7%
AA2%
A24%
BBB39%
BB23%
B3%
CCC1%
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 (3/31/2022) -7.99% -8.92% -1.66% -0.56% -1.42% -1.05%
Month-end (5/31/2022) -10.91% -16.11% -2.72% -1.79% -1.00% -1.34%
Yearly Returns
2021-7.83%
20201.79%
201913.92%
2018-8.17%
201715.38%
20169.12%
2015-14.79%
2014-6.64%
2013-11.71%
201217.26%
Expenses
Total Annual Operating Expense 1.05%
Net or Actual Operating Expense 0.99%

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 returns were muted in May, breaking the string of negative returns seen year-to-date through April. The relative stability of U.S. interest rates, along with a deceleration of outflows, facilitated a degree of support for the EM debt asset class. Within hard currency sovereign and corporate credit, the investment-grade sector outperformed high yield, helped by the calmer interest rate environment. Local debt markets outperformed, with EM currencies continuing to show resilience to the broader risk-off tone in 2022.

OUTLOOK
The market is facing a period of increased uncertainty in the aftermath of Russia’s decision to invade Ukraine. The conflict, along with coordinated sanctions against Russia, has created pressure in certain commodities markets, in particular. We expect the economic effects on EM countries to include higher near-term inflation, tighter central bank policy, and weaker growth. The impact of the war varies considerably by country and credit, and issuer differentiation is likely to remain a key market theme.
With the market pricing in a considerable change in policy by the U.S. Federal Reserve and following a significant upward adjustment in yields in recent months, we expect the negative effects on EM debt to diminish looking ahead. Most EM central banks are far along in their respective hiking cycles, in contrast to their developed market (“DM”) peers, which has helped to contain pressure on EM currencies. For the balance of 2022, EM investors will be paying close attention to the ramifications of China’s pandemic response, as well as the impact of elections taking place in several countries this year.
In our view, EM debt offers investors geographical diversification and attractive yields to help offset increases in DM yields. While the current environment calls for a more selective approach, we believe many hard and local currency EM debt markets offer 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.