US Funds

Payden Emerging Markets Local Bond Fund (PYELX)

$7.40

NAV ($)

$0.03

NAV change ($) as of 2/23/2018

  • 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 $204.1 million
Benchmark J.P. Morgan GBI-EM Diversified Index
Net Expense Ratio 0.99%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA $100,000
Advisor Class - Regular Account $5,000
Advisor Class $2,000
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.

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 $204.1 million
Average Duration 5.7 years
Average Maturity 8.8 years
30-Day SEC Yield (02/16/18) 6.00%
30-Day SEC Yield (unsubsidized) 5.66%
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related98%
Money Markets2%
Total 100%
Country Breakdown
Country Percent of Portfolio
Indonesia11.2%
Brazil10.4%
Poland9.5%
S.Africa9.5%
Russia9.3%
Colombia6.7%
Mexico6.3%
Turkey5.4%
Malaysia4.7%
Thailand3.9%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA2%
AA1%
A22%
BBB28%
BB35%
B10%
Unrated2%
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 (12/31/2017) 15.38% 15.38% 2.37% -2.43% N/A -0.13%
Month-end (1/31/2018) 4.91% 18.15% 3.62% -1.73% N/A 0.64%
Yearly Returns
201715.38%
20169.12%
2015-14.79%
2014-6.64%
2013-11.71%
201217.26%
2011-4.34%
Expenses
Total Annual Operating Expense 0.99%
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.

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) fixed income showed mixed performance to begin 2018. Dollar-pay sovereign and corporate credit saw flat to slightly negative total returns, as spread tightening largely offset rising U.S. Treasury yields. Local currency markets outperformed, delivering strong positive returns amid EM currency strength against a softer U.S. dollar. The market environment remained healthy with brisk primary market activity and significant EM debt inflows. Upbeat global growth data and broadly stronger commodities prices also provided a supportive backdrop.

OUTLOOK
The uptick in U.S. Treasury yields along with the Fed's policy normalization has not been a headwind for EM debt, though these are key factors to watch in 2018. Global interest rates remain subdued, and upward pressure can be viewed in the context of stronger economic activity across developed and emerging markets. Meanwhile, the U.S. dollar cycle has been supportive of EM currency appreciation. Geopolitics, along with expectations surrounding U.S. legislative outcomes may create episodes of volatility.
We believe investors will be rewarded for considering EM debt as a strategic asset allocation and opportunistically adding to the asset class. On the whole, we believe EM countries enjoy solid fundamentals, including higher growth rates and lower debt burdens than developed countries. We believe EM debt offers an attractive diversification and income opportunity; long-run risk-adjusted returns consistently rank among the strongest in global fixed income.

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.