US Funds

Payden Global Fixed Income Fund (PYGFX)

$7.54

NAV ($)

$-0.02

NAV change ($) as of 6/17/2024

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

The Payden Global Fixed Income Fund invests in bonds of all maturities issued by governments, agencies and corporations around the world. Up to 35% of its assets may be invested in bonds rated below investment grade. The fund purchases securities issued in the major industrialized countries as well as those that have strong ties to the world’s major economies.

Role In Portfolio

Global Bond – Appropriate for investors with longer time horizons who seek diversification via sovereign and corporate debt of issuers in the developed markets of the world.

Fund Highlights
No loads or 12b-1 fees (other fees apply).
Most currency exposure is hedged back to the U.S. dollar, removing one source of price volatility.
The value of an investment will generally fall when interest rates rise.

Fund Snapshot - 05/31/2024
Fund Inception Date Sep 1, 1992
Share Class Inception Date Sep 1, 1992
Ticker PYGFX
CUSIP 704329101
Fund Total Net Assets $159.0 million
Benchmark BLOOMBERG GLOBAL AGGREGATE INDEX (USD HEDGED)

Net Expense Ratio 0.69%
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 Global Fixed Income Fund (PYGFX) Morningstar average:
Global Bond - USD Hedged
Net Expense Ratio 0.69% 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.

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 - 05/31/2024
Fund Inception Date Sep 1, 1992
Share Class Inception Date Sep 1, 1992
Total Net Assets $159.0 million
Average Duration 6.6 years
Average Maturity 8.2 years
30-Day SEC Yield (05/31/24) 3.92%
30-Day SEC Yield (unsubsidized) 3.92%
Sector Breakdown
Sector Percent of Portfolio
Corporates34%
Governments/Cash28%
Mortgage-Backed16%
Asset-Backed15%
Government Related5%
Other2%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA29%
AA8%
A16%
BBB31%
BB10%
B2%
Unrated4%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
Top 10 Country Breakdown
Country Percent of Portfolio
United States54.3%
Euroland23.7%
Japan6.4%
United Kingdom4.1%
Canada3.4%
Top 5 Currency Breakdown
Currency Percent of Portfolio
U.S. Dollar100%
GB Pound-1%
Norwegian Krone1%
Swedish Krona-1%
Polish Zloty1%

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 (3/31/2024) 0.00% 4.27% -1.63% 0.68% 2.07% 4.51%
Month-end (5/31/2024) -0.61% 3.58% -2.05% 0.26% 1.84% 4.46%
Yearly Returns
20237.34%
2022-12.39%
2021-0.89%
20205.92%
20198.61%
2018-0.26%
20174.11%
20163.69%
20151.49%
20147.21%
Expenses
Total Annual Operating Expense 0.69%
Net or Actual Operating Expense 0.69%

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 - 05/31/2024

MARKET
May was characterized by cautious optimism in financial markets as central banks signaled potential rate cuts amidst mixed economic data, leading to fluctuations among asset classes.

OUTLOOK
As the year has progressed, economic growth has remained resilient, and while the disinflation process is underway, inflation has not slowed as quickly as markets initially expected. Some regions, such as the U.S., have begun to show signs of an inflation rebound. This backdrop has added some uncertainty to the Federal Reserve (Fed) and other central bank reaction functions. While most central banks moved concurrently during 2022/2023 hiking cycles, we expect regional divergences to emerge in cutting cycles. We maintain our view that the U.S. may likely delay the start and speed of its cutting cycle by more than markets expect. Meanwhile, we are more confident that we should see other major central banks (Bank of England and European Central Bank) begin cutting key interest rates as soon as this summer.
Given the low volatility environment thus far in 2024, credit risk appetite has remained strong, and non-government products have outperformed underlying government bonds. We expect greater volatility in risk assets going forward and believe current levels of valuations, investor positioning, and volatility indicators do not appropriately reflect these risks.
From a duration point of view, we are biased toward yield curve-steepener positions in the U.S. and Europe, as well as long positions in the U.K., euro area, and some emerging-market countries. We maintain an underweight duration in Japan as we continue to expect the Bank of Japan (BoJ) to start tweaking its yield curve control parameters later this year.
From a credit perspective, we maintain an overweight to credit sectors focusing on less cyclical, lower beta, and more liquid parts of the universe, such as investment-grade corporate, agency mortgage-backed securities, and high quality/AAA-rated securitized assets.
In currency space, we hold a long U.S. dollar position against the euro and sterling. We also hold modest long exposure to some emerging-market currencies.

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.