US Funds

Payden Emerging Markets Local Bond Fund (PYELX)

$9.68

NAV ($)

$0.05

NAV change ($) as of 8/1/2025

  • 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 - 06/30/2025
Fund Inception Date Nov 2, 2011
Share Class Inception Date Nov 2, 2011
Ticker PYELX
CUSIP 704329275
Fund Total Net Assets $84.8 million
Benchmark J.P. Morgan GBI-EM Global Diversified Composite 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

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 Payden Funds 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 - 06/30/2025
Fund Inception Date Nov 2, 2011
Share Class Inception Date Nov 2, 2011
Total Net Assets $84.8 million
Average Duration 6.2 years
Average Maturity 8.8 years
30-Day SEC Yield 7.48%
30-Day SEC Yield (unsubsidized) 7.43%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related91%
Corporates6%
Money Markets3%
Total 100%
Country Breakdown
Country Percent of Portfolio
Brazil14.0%
Supranational9.5%
Indonesia9.3%
Mexico8.1%
China7.7%
S.Africa7.3%
Peru6.5%
Malaysia6.1%
Thailand5.3%
Poland4.6%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA11%
AA5%
A26%
BBB33%
BB22%
B3%
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 Payden Funds 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 (6/30/2025) 12.24% 13.46% 8.33% 2.20% 1.84% 0.42%
Month-end (7/31/2025) 10.85% 9.67% 7.49% 1.38% 2.01% 0.32%
Yearly Returns
2024-3.48%
202312.42%
2022-11.06%
2021-7.50%
20201.79%
201913.92%
2018-8.17%
201715.38%
20169.12%
2015-14.79%
Expenses
Total Annual Operating Expense 1.07%
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 Payden Funds 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 - 06/30/2025

MARKET
Emerging-markets (EM) debt indices posted positive returns, as a constructive backdrop for interest rate duration was complemented by a risk-supportive market tone. Yields on hard-currency sovereign and corporate credit narrowed by 0.12% and 0.06%, respectively, compared to similar-maturity U.S. Treasuries. In sovereigns, high-yield issuers outperformed their investment-grade peers, while corporate performance showed less variation between rating categories. EM local bond markets added to their robust performance thus far in 2025, with local interest rates shifting lower and currencies appreciating against the U.S. dollar.

OUTLOOK
Overall, EM country fundamentals remain sound. EM growth has been steady, inflation is contained, and external accounts are in a healthy position, with limited signs of balance-of-payment pressure and comfortable foreign reserve levels. Over the past year, most EM central banks have cautiously eased monetary policy, maintaining a buffer between policy rates and inflation to guard against financial instability, while preserving their ability to respond to a more uncertain global environment.
Rising global trade tensions, particularly due to the United States’ efforts to impose global trade barriers, have increased uncertainty. While EM countries vary in their exposure to U.S. trade, we believe the direct economic risks are manageable. That said, recent developments, along with lower energy prices and excess global supply, may act as headwinds to EM growth and contribute to disinflationary pressure. Despite these challenges, EM currencies have generally strengthened against a weaker U.S. dollar, giving EM central banks room to provide additional stimulus if needed.
Looking ahead, two key structural forces continue to benefit EM debt investors: 1) stronger long-term growth prospects relative to developed markets, and 2) a broadening range of investment opportunities across roughly 90 countries, including sovereign, corporate, and local market bonds, spanning various geographies and sectors. In our view, EM debt offers investors useful diversification benefits, while yields are attractive for generating income over time.

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 Payden Funds 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.