US Funds

Payden Floating Rate Fund (PYFRX)

$9.88

NAV ($)

$-0.01

NAV change ($) as of 4/20/2021

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The 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
Fund Inception Date Nov 11, 2013
Share Class Inception Date Nov 11, 2013
Ticker PYFRX
CUSIP 704329226
Fund Total Net Assets $67.0 million
Benchmark CREDIT SUISSE INSTITUTIONAL LEVERAGED LOAN BB INDEX
Net Expense Ratio 0.70%
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 Floating Rate Fund (PYFRX) Morningstar average:
Bank Loan
Net Expense Ratio 0.70% 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 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 11, 2013
Share Class Inception Date Nov 11, 2013
Total Net Assets $67.0 million
Average Duration 0.6 years
Average Maturity 5.5 years
30-Day SEC Yield (04/16/21) 3.06%
30-Day SEC Yield (unsubsidized) 2.95%
Top Holdings
Top Holdings Percent of Portfolio
GOBP Holdings1.9%
CSAM Floater1.8%
Tacala1.8%
Pacific Gas & Electric1.5%
Marriott1.5%
Connecticut Avenue Secs Floater1.5%
Connecticut Avenue Secs Floater1.5%
Cable & Wireless Communications1.5%
Lamar Media1.5%
Dealer Tire1.5%
Credit Breakdown
Credit Quality Percent of Portfolio
AA2%
BBB6%
BB30%
B50%
CCC5%
Unrated7%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Sector Breakdown
Sector Percent of Portfolio
Bank Loans80%
Asset Backed Securities9%
Corporate Bonds9%
Cash2%
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 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 (3/31/2021) 1.22% 16.54% 3.58% 3.93% N/A 3.39%
Month-end (3/31/2021) 1.22% 16.54% 3.58% 3.93% N/A 3.39%
Yearly Returns
20201.72%
20198.49%
20180.31%
20172.82%
20166.73%
20152.11%
20141.41%
20130.50%
Expenses
Total Annual Operating Expense 0.98%
Net or Actual Operating Expense 0.70%

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
The Credit Suisse BB Institutional Leveraged Loan Index returned +0.8% in the first quarter.
Compared to the +0.8% return of the Credit Suisse BB Institutional Leveraged Loan Index, high-yield and high-grade bonds returned +0.8% and -4.5%, respectively.
Loan issuance ended the quarter at $300.5 billion (gross), or $72.3 billion net of repricing and refinancing.
The loan default rate is 3.7% over the trailing 12 months, down from February.

OUTLOOK
The vaccination rollout in the U.S. continues apace. As eligibility opens to the broad population, economic activity should accelerate through the second quarter, which should be a boon to leveraged loan issuers.
In this environment, the floating rate feature of loans should help the asset class benefit from rising rates. The first quarter was a good test case – rising rates helped boost total returns above those of comparable high-yield bonds.
As fundamentals improve and refinancings continue we expect the default environment to remain benign. This is good for leveraged loans in general but also gives active managers opportunities to add incremental yield on the new issue market.

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.