US Funds

Payden Global Fixed Income Fund (PYGFX)

$9.06

NAV ($)

$0.02

NAV change ($) as of 2/23/2018

  • 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
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
Ticker PYGFX
CUSIP 704329101
Fund Total Net Assets $123.4 million
Benchmark Bloomberg Barclays Capital Global Aggregate Index Hedged
Net Expense Ratio 0.65%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $5,000
Investor Class - IRA $2,000
Additional Investment$250

A Low Cost leader
Payden Global Fixed Income Fund (PYGFX) Morningstar average:
World Bond
Net Expense Ratio 0.65% 1.04%

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.

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
Total Net Assets $123.4 million
Average Duration Sep 1, 1992
Average Maturity 9.0 years
30-Day SEC Yield (02/16/18) 1.83%
30-Day SEC Yield (unsubsidized) 1.61%
Sector Breakdown
Sector Percent of Portfolio
Corporates43%
Governments/Cash41%
Mortgage-Backed12%
Other4%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA12%
AA17%
A23%
BBB34%
BB9%
B3%
Unrated2%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Top 10 Country Breakdown
Country Percent of Portfolio
United States50.1%
Euroland24.4%
Japan14.9%
United Kingdom7.0%
Canada2.1%
Top 5 Currency Breakdown
Currency Percent of Portfolio
U.S. Dollar94%
Norwegian Krone2%
Swiss Franc-2%
Indonesian Rupiah2%
Euro2%

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.

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 271
3 Year 271
Category: World Bond 5 Year 243
Criterion: Risk-Adjusted Return 10 Year 136

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (12/31/2017) 4.11% 4.11% 3.09% 3.03% 4.20% 5.37%
Month-end (1/31/2018) 0.17% 4.64% 2.54% 3.14% 4.11% 5.36%
Yearly Returns
20174.11%
20163.69%
20151.49%
20147.21%
2013-1.17%
201210.21%
20111.65%
20106.09%
20096.57%
20082.65%
Expenses
Total Annual Operating Expense 0.86%
Net or Actual Operating Expense 0.65%

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.

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

MARKET
2018 started with positive sentiment towards global growth as expectations are for most economies to expand over the coming year. A combination of more hawkish developed central bank rhetoric, the possibility of American corporates selling treasury holdings after repatriating cash from overseas, higher debt issuance from the US in the face of tax reform and higher inflation caused developed sovereign yields to rise over the month.
As economic data from the US, Europe and Japan came in generally strong credit markets were well supported. Spread sectors moved tighter over the month with sterling denominated credit outperforming its euro and US dollar counterparts as markets continue to believe in a higher chance of a ‘softer’ Brexit. Further, industrials outperformed financials as commodity prices rose over January. The US dollar continued to be squeezed last month as stronger fundamentals in emerging markets (EM), better outlook for the Eurozone, a possible ‘softer’ Brexit and rising commodities benefitted traditional commodity based currencies caused longer positioning against the US dollar. As such the US dollar was the worst performing currency in G10 space and fell against most EM currencies too. The fund outperformed its benchmark by 89bps.

OUTLOOK
We believe the U.S. Fed will raise rates at a faster rate than currently priced-in by markets. Still, such a shallow path by historical standards should keep any yield rises moderate.
The Japanese economy is showing signs of improved growth and we expect this could lead to a steady improvement in inflation expectations.
We believe the U.S. dollar will be moderately stronger in the medium-term given our expectation that the U.S. Fed is projected to continue to raise interest rates.

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.

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.