US Funds

Payden Global Fixed Income Fund (PYGFX)

$7.83

NAV ($)

$0.01

NAV change ($) as of 11/30/2022

  • 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
Fund Inception Date Sep 1, 1992
Share Class Inception Date Sep 1, 1992
Ticker PYGFX
CUSIP 704329101
Fund Total Net Assets $237.0 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
Fund Inception Date Sep 1, 1992
Share Class Inception Date Sep 1, 1992
Total Net Assets $237.0 million
Average Duration 6.1 years
Average Maturity 8.1 years
30-Day SEC Yield (11/30/22) 3.29%
30-Day SEC Yield (unsubsidized) 3.37%
Sector Breakdown
Sector Percent of Portfolio
Governments/Cash46%
Corporates19%
Mortgage-Backed18%
Asset-Backed9%
Government Related3%
Other5%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA39%
AA7%
A17%
BBB23%
BB6%
B3%
CCC1%
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 States59.9%
Euroland20.7%
Japan10.0%
United Kingdom3.2%
Canada2.8%
Top 5 Currency Breakdown
Currency Percent of Portfolio
U.S. Dollar99%
Japanese Yen2%
Australian Dollar-1%
Euro-1%
Indonesian Rupiah1%

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 (9/30/2022) -13.36% -13.54% -3.26% -0.08% 1.58% 4.45%
Month-end (10/31/2022) -13.77% -13.49% -3.31% -0.27% 1.47% 4.42%
Yearly Returns
2021-0.89%
20205.92%
20198.61%
2018-0.26%
20174.11%
20163.69%
20151.49%
20147.21%
2013-1.17%
201210.21%
Expenses
Total Annual Operating Expense 0.71%
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
October started on a slightly higher note after a challenging end to the third quarter. Although inflation continued to print hot and central banks maintained aggressive contractionary stances in the U.S. and Europe, risk assets took a breather in October. Market recovery can be attributed to investors predicting central bank “pivots”, the stabilization of the U.K.'s political turmoil, and the recent decrease in natural gas prices. Equities bounded upward over the month. Meanwhile, bond movements were heterogeneous across developed markets.

OUTLOOK
Central banks maintain their strong focus on inflation, and while we may be getting closer to a so-called central bank “pivot”, it might be too soon to for central banks to adjust their plans. Some central banks have already pushed their interest rates into restrictive territory, and one of the key questions for the coming months will be to assess how far and how long central banks will be ready to take monetary policy rates above neutral.
Within credit, our portfolios hold a modest overweight credit tilt in select sectors with a preference for U.S. risk over European/U.K. risk and a bias toward less cyclical sectors. We favor securitized asset classes within non-governmental products alongside higher quality, short-dated high-yield securities.
In duration space, we believe most of the rise in yields is probably behind us but still see some potential for yields to increase with risks around that view more balanced. We hold a neutral stance in most developed rate markets but keep an underweight in Japan, where we anticipate the Bank of Japan is likely to tweak/widen some of its yield curve control parameters.
In currency space, higher recession risks are typically supportive of the U.S. dollar. But currency markets are probably pricing a greater amount of pessimism relative to other asset classes.

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.