NAV ($)
NAV change ($) as of 1/21/2025
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.
Appropriate for investors with long investment time horizons who seek diversification via local-currency sovereign bonds issued by emerging-market countries.
| 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 Inception Date | Nov 2, 2011 |
| Share Class Inception Date | Nov 2, 2011 |
| Ticker | PYELX |
| CUSIP | 704329275 |
| Fund Total Net Assets | $69.5 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 |
| 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.
| Fund Inception Date | Nov 2, 2011 |
| Share Class Inception Date | Nov 2, 2011 |
| Total Net Assets | $69.5 million |
| Average Duration | 5.4 years |
| Average Maturity | 8.3 years |
| 30-Day SEC Yield | 7.63% |
| 30-Day SEC Yield (unsubsidized) | 7.57% |
| Sector | Percent of Portfolio |
|---|---|
| Government/Gov't Related | 92% |
| Corporates | 4% |
| Money Markets | 4% |
| Total | 100% |
| Country | Percent of Portfolio |
|---|---|
| Brazil | 11.9% |
| Indonesia | 10.4% |
| China | 8.7% |
| S.Africa | 8.5% |
| Supranational | 8.4% |
| Thailand | 6.3% |
| Malaysia | 5.8% |
| Mexico | 5.5% |
| Colombia | 4.6% |
| Peru | 4.5% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 15% |
| AA | 5% |
| A | 25% |
| BBB | 29% |
| BB | 21% |
| B | 4% |
| Unrated | 1% |
| Total | 100% |
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.
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2024) | -3.48% | -3.48% | -1.18% | -1.90% | 0.20% | -0.45% |
| Month-end (12/31/2024) | -3.48% | -3.48% | -1.18% | -1.90% | 0.20% | -0.45% |
| 2024 | -3.48% |
| 2023 | 12.42% |
| 2022 | -11.06% |
| 2021 | -7.50% |
| 2020 | 1.79% |
| 2019 | 13.92% |
| 2018 | -8.17% |
| 2017 | 15.38% |
| 2016 | 9.12% |
| 2015 | -14.79% |
| Total Annual Operating Expense | 1.30% |
| 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.
| MARKET | |
| Total returns in emerging-markets (EM) debt indices ended 2024 on a weaker note, largely due to rising U.S. Treasury yields, which were linked to the U.S. Federal Reserve’s (Fed’s) more cautious forecast for monetary policy easing in 2025. Despite the headwinds, yields on EM hard-currency sovereign and corporate bond indices narrowed relative to U.S. Treasuries, while high-yield rated bonds tended to outperform their investment-grade counterparts. The negative return in EM local markets was due to currencies depreciating against the U.S. dollar, while local interest rates only moved modestly higher. Looking back at full-year 2024, EM hard-currency credit posted healthy returns overall, led by high-yield bonds. The interest rate component of EM local markets also delivered positive returns, though currencies declined against a stronger U.S. dollar. | |
| OUTLOOK | |
| EM countries are starting 2025 on a stronger fundamental footing. On whole, EM growth has been resilient, while inflation has fallen closer to normal levels. External accounts are in a good position, with limited balance-of-payments pressures and higher foreign reserves. Also, China’s economic headwinds have not weighed heavily on other EM countries. | |
| EM economies are also benefiting from the credibility of their central bank policies. In 2024, EM central banks began cutting policy rates, but they adopted a cautious approach, ensuring a buffer between their policy rates and inflation. Easier monetary policy by the U.S. Fed has provided additional flexibility for EM policymakers. As a result, EM central banks enter 2025 with the capacity to navigate choppier global waters, should they emerge. | |
| The immediate challenge ahead for EM lies in policy uncertainty in the United States. This uncertainty revolves around the potential for rising trade barriers, the implications of these barriers on inflation and growth, and the subsequent effects on the U.S. dollar. The shift in U.S. trade policy is not entirely new. In recent history, trends such as re-shoring, rising South-South trade, and higher commodity prices have helped mitigate the negative impacts of increased protectionism. Overall, we see balanced risks for EM, with country differentiation likely to gain importance. | |
| Two key structural forces that should continue to benefit EM debt investors are: 1) strong long-term growth prospects, and 2) a broadening of investment opportunities, including sovereign, corporate, and local market bonds across roughly 90 countries, spanning various geographies and sectors. In our view, EM debt offers investors useful diversification benefits, with today’s elevated yields presenting a compelling opportunity for generating income over time. Additionally, EM debt also has value relative to peer sectors, and there are opportunities for investment across different countries and sectors. | |
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.