US Funds

Payden Global Fixed Income Fund (PYGFX)

$7.69

NAV ($)

$-0.02

NAV change ($) as of 8/28/2025

  • 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 - 07/31/2025
Fund Inception Date Sep 1, 1992
Share Class Inception Date Sep 1, 1992
Ticker PYGFX
CUSIP 704329101
Fund Total Net Assets $148.8 million
Benchmark Bloomberg Global Aggregate Index (USD Hedged)

Net Expense Ratio 0.71%
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 Global Fixed Income Fund (PYGFX) Morningstar average:
Global Bond - USD Hedged
Net Expense Ratio 0.71% 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.

Portfolio Characteristics - 07/31/2025
Fund Inception Date Sep 1, 1992
Share Class Inception Date Sep 1, 1992
Total Net Assets $148.8 million
Average Duration 6.8 years
Average Maturity 8.0 years
30-Day SEC Yield 4.53%
30-Day SEC Yield (unsubsidized) 4.53%
Sector Breakdown
Sector Percent of Portfolio
Corporates35%
Governments/Cash30%
Asset-Backed16%
Mortgage-Backed13%
Government Related5%
Other1%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA13%
AA25%
A18%
BBB28%
BB10%
B3%
Unrated3%
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%
Euroland26.8%
Japan6.5%
United Kingdom4.3%
Canada1.9%
Top 5 Currency Breakdown
Currency Percent of Portfolio
U.S. Dollar95%
Brazilian Real1%
Euro1%
Australian Dollar1%
GB Pound-1%

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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (6/30/2025) 2.70% 6.42% 3.86% 0.61% 2.20% 4.54%
Month-end (7/31/2025) 2.67% 4.40% 3.02% 0.25% 2.09% 4.52%
Yearly Returns
20243.90%
20237.34%
2022-12.39%
2021-0.89%
20205.92%
20198.61%
2018-0.26%
20174.11%
20163.69%
20151.49%
Expenses
Total Annual Operating Expense 0.71%
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.

Fund Commentary - 07/31/2025

MARKET
July was characterized by stronger-than-expected macroeconomic data on both sides of the Atlantic, reinforcing a higher-for-longer rates narrative in fixed-income markets. Central banks expressed a more cautious tone, with the European Central Bank (ECB) signaling a pause in easing and the Federal Reserve (Fed) continuing to highlight resilience in the labor market and consumer spending.

OUTLOOK
Uncertainty is likely to remain elevated in the second half of the year. While final tariff rates are yet to be decided, effective rates are expected to be higher than what the global economy has experienced in recent decades, and the consequences of higher tariffs are still unclear. Investors have also become more concerned about fiscal policies, growing deficits, and debt sustainability. Despite this backdrop, economic data from major regions, including the U.S. and the European Union, has continued to show resilience.
Going forward, we anticipate that economic growth will remain below average, with an increased risk of further slowing. Despite the threat of higher tariffs, core inflation in the U.S. and other major regions appears likely to moderate. At the same time, labor markets are also showing early signs of softening. This combination of cooling inflation and softer job conditions, particularly in the U.S., could prompt the Fed to cut interest rates more than markets currently expect. In Europe, we believe the ECB is nearing the end of its rate-cutting cycle.
Against this backdrop, we prioritize distributing risk in our portfolios more evenly across duration and credit. Given our central views, we maintain a preference for higher-quality credit investments, such as investment-grade corporates or AAA-rated securitized assets. Regionally, we seek to hold a more balanced exposure to both U.S. dollar and euro-denominated issuers, particularly in corporate sectors, to mitigate currency risk.
Additionally, we favor a modestly longer duration, with a focus on the front end of the U.S. Treasury curve and select emerging-market countries. We are adjusting our investment approach to benefit from a steeper yield curve, particularly in the U.S. and Germany, to position for potential economic slowdowns or shifts toward more expansionary fiscal policies.
In our currency strategy, we hold a slightly smaller position in the U.S. dollar, particularly against currencies like the euro and Japanese yen, while keeping overall currency risk limited for now.

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.