Payden Global Fixed Income Fund (PYGFX)
$7.25
NAV ($)
$-0.03
NAV change ($) as of 9/25/2023
- 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 - 08/31/2023
| Fund Inception Date | Sep 1, 1992 |
| Share Class Inception Date | Sep 1, 1992 |
| Ticker | PYGFX |
| CUSIP | 704329101 |
| Fund Total Net Assets | $180.8 million |
| Benchmark | BLOOMBERG GLOBAL AGGREGATE INDEX (USD HEDGED) |
| 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 Global Fixed Income Fund (PYGFX) | Morningstar average: World Bond-USD Hedged |
|
|---|---|---|
| Net Expense Ratio | 0.70% | 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 - 08/31/2023
| Fund Inception Date | Sep 1, 1992 |
| Share Class Inception Date | Sep 1, 1992 |
| Total Net Assets | $180.8 million |
| Average Duration | 7.0 years |
| Average Maturity | 8.4 years |
| 30-Day SEC Yield (08/31/23) | 3.91% |
| 30-Day SEC Yield (unsubsidized) | 3.91% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Governments/Cash | 43% |
| Corporates | 28% |
| Mortgage-Backed | 18% |
| Asset-Backed | 7% |
| Other | 4% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 30% |
| AA | 8% |
| A | 21% |
| BBB | 29% |
| BB | 7% |
| B | 1% |
| Unrated | 4% |
| Total | 100% |
Top 10 Country Breakdown
| Country | Percent of Portfolio |
|---|---|
| United States | 51.4% |
| Euroland | 25.7% |
| Japan | 9.6% |
| United Kingdom | 3.1% |
| Canada | 2.6% |
Top 5 Currency Breakdown
| Currency | Percent of Portfolio |
|---|---|
| U.S. Dollar | 97% |
| Canadian Dollar | 1% |
| Euro | -1% |
| Chinese Offshore Yuan | -1% |
| Japanese Yen | 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 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.
| Number of funds | |||
|---|---|---|---|
 |
Overall |  |
112 |
| 3 Year | |
112 | |
| Category: World Bond-USD Hedged | 5 Year | |
84 |
| Criterion: Risk-Adjusted Return | 10 Year | |
53 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (6/30/2023) | 2.94% | 0.69% | -2.51% | 0.68% | 2.04% | 4.48% |
| Month-end (8/31/2023) | 3.03% | 0.32% | -2.95% | 0.61% | 2.08% | 4.45% |
Yearly Returns
| 2022 | -12.39% |
| 2021 | -0.89% |
| 2020 | 5.92% |
| 2019 | 8.61% |
| 2018 | -0.26% |
| 2017 | 4.11% |
| 2016 | 3.69% |
| 2015 | 1.49% |
| 2014 | 7.21% |
| 2013 | -1.17% |
Expenses
| Total Annual Operating Expense | 0.70% |
| 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.
(A) An overall rating is based on a weighted average of the fund’s ratings for the three-, five- and ten-year periods, if applicable. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars and the next 22.5% receive four stars. Highly rated funds are defined as those that have a four or five star Morningstar rating. Data provided by Morningstar, Inc. Although gathered from reliable sources, data completeness and accuracy cannot be guaranteed. Morningstar is a registered trademark of Morningstar, Inc. and is not affiliated with Paydenfunds
Fund Commentary - 08/31/2023
| MARKET | |
| Risk assets lost ground in August as the global economy showed signs of weakness, and investors feared interest rates would stay higher for longer. U.S., European, and Asian equities suffered a blow, meanwhile credit yields relative to U.S. Treasuries rose. | |
| OUTLOOK | |
| The global economy may avoid a recession in 2023, but we believe that risks of an economic slowdown/recession have been pushed back rather than gone away. In our view, economic headwinds seen in Europe and China over the last few months are likely to persist. In the U.S., the effects of tighter monetary policies are likely to weigh more heavily on the economy going forward, especially as the positive impact from some of the factors that have supported growth in the recent past lessen. Inflation levels have, for the most part, declined, but they remain higher than central banks’ target. Against this backdrop, we think most major central banks are at or near peak in this current hiking cycle, but stickiness of inflation will probably require central banks to keep monetary rates in restrictive territory for a sustained period. | |
| From a duration point of view, we are biased toward long-duration and curve-steepener positions in countries we view as advanced in their monetary policy/economic cycle, such as the U.S. and the U.K, and some emerging-markets. | |
| From a credit perspective, we hold a modest overweight to credit sectors with a focus toward less cyclical and more widely traded 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 an overweight to the Japanese yen relative to a basket of other developed market currencies. We expect the yen to perform well if the Bank of Japan further tweaks its yield curve control parameters and/or risks of an economic slowdown grow. We also hold a modest long exposure to some emerging-markets’ 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.