Payden Floating Rate Fund (PYFRX)
$9.72
NAV ($)
$0.00
NAV change ($) as of 7/29/2025
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
The Payden Floating Rate Fund’s investment objective is to seek a high level of current income through floating-rate debt instruments, with a secondary objective of long-term capital appreciation. At least 80% of fund assets will be floating rate. The fund generally invests in the higher-quality segment of the market and looks for companies with good growth prospects, superior products, and strong management teams.
Role In Portfolio
High-yield loans – Appropriate for investors who seek higher yields but do not want significant exposure to interest rate risk. Loans can be used as a hedge against rising interest rates in fixed-income portfolios as they are historically negatively correlated with Treasuries.
Fund Highlights
| High-yield loan focus. Opportunistic exposure to short-term high-yield corporates. | |
| Payden primarily focuses on the higher quality end of the high-yield loan market. We believe that the risk-return profile of BB and high single-B rated loans is superior to that of lower-rated loans. | |
| Due to the size of the fund, we can buy the loans we want and get meaningful new issuance allocations, which is difficult for funds with assets above $1 billion. | |
| The primary risk to the fund is a downturn in the economy. |
Fund Snapshot - 06/30/2025
| Fund Inception Date | Nov 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Ticker | PYFRX |
| CUSIP | 704329226 |
| Fund Total Net Assets | $133.6 million |
| Benchmark | Bloomberg U.S. Leveraged Loan Index |
| Net Expense Ratio | 0.71% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $100,000 |
| Investor Class - IRA Account | $100,000 |
| Adviser Class - Regular Account | $5,000 |
| Adviser Class - IRA Account | $2,000 |
| SI Class | $10,000,000 |
| Additional Investment - All Classes | $250 |
| Payden Floating Rate Fund (PYFRX) | Morningstar average: Bank Loan |
|
|---|---|---|
| Net Expense Ratio | 0.71% | 1.10% |
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 11, 2013 |
| Share Class Inception Date | Nov 11, 2013 |
| Total Net Assets | $133.6 million |
| Average Duration | 0.3 years |
| Average Maturity | 5.3 years |
| 30-Day SEC Yield | 6.88% |
| 30-Day SEC Yield (unsubsidized) | 6.63% |
Top Holdings
| Top Holdings | Percent of Portfolio |
|---|---|
| Flynn Restaurant | 1.1% |
| Sandisk | 1.1% |
| Aggreko | 1.1% |
| Pitney Bowes Credit | 1.1% |
| Quikrete | 1.1% |
| Tk Elevator | 1.0% |
| Athenahealth | 1.0% |
| Frontier Communications | 1.0% |
| Perrigo Co Ltd | 0.9% |
| Omnia Partners Llc | 0.9% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 1% |
| BBB | 7% |
| BB | 38% |
| B | 45% |
| CCC | 5% |
| Unrated | 4% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Bank Loans | 90% |
| Corporate Bonds | 5% |
| Asset Backed Securities | 3% |
| Cash | 1% |
| Other | 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.
| Number of funds | |||
|---|---|---|---|
 |
Overall |  |
215 |
| 3 Year | |
215 | |
| Category: Bank Loan | 5 Year | |
204 |
| 10 Year | |
174 | |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (6/30/2025) | 2.61% | 7.02% | 9.65% | 7.00% | 4.70% | 4.46% |
| Month-end (6/30/2025) | 2.61% | 7.02% | 9.65% | 7.00% | 4.70% | 4.46% |
Yearly Returns
| 2024 | 8.90% |
| 2023 | 12.86% |
| 2022 | 0.28% |
| 2021 | 3.93% |
| 2020 | 1.72% |
| 2019 | 8.49% |
| 2018 | 0.31% |
| 2017 | 2.82% |
| 2016 | 6.73% |
| 2015 | 2.11% |
Expenses
| Total Annual Operating Expense | 0.95% |
| Net or Actual Operating Expense | 0.71% |
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.
Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an
overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.
@ 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Fund Commentary - 06/30/2025
| MARKET | |
| The Bloomberg U.S. Leveraged Loan Index returned +2.1% for the quarter. In contrast, high-yield bonds returned +3.6%, while high-grade bonds returned +1.8%. | |
| Loan issuance during the quarter was $104 billion ($41 billion net of refinancing and repricing). Year-to-date issuance stands at $441 billion ($102 billion net). | |
| The loan default rate was 3.8% (including distressed exchanges) over the trailing 12 months. | |
| OUTLOOK | |
| An environment characterized by lower growth would disproportionately impact the lower-quality segment of the loan market, which has a higher leverage profile and is more sensitive to the macroeconomic environment. This makes security selection critical in the coming quarters. | |
| The Federal Reserve could potentially offset growth concerns, as cuts to the federal funds rate immediately impact loan issuers in the form of reduced interest expense and increased cash flow. | |
| With average loan prices now around $97.00, we see more compelling opportunities for above-carry returns among certain issuers, although downside avoidance will be critical in the coming months, particularly as economic dynamics are changing constantly. | |
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.