Payden Global Fixed Income Fund (PYGFX)
$7.66
NAV ($)
$0.00
NAV change ($) as of 3/21/2025
- 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 - 02/28/2025
| Fund Inception Date | Sep 1, 1992 |
| Share Class Inception Date | Sep 1, 1992 |
| Ticker | PYGFX |
| CUSIP | 704329101 |
| Fund Total Net Assets | $150.0 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 |
A Low Cost leader
| 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 - 02/28/2025
| Fund Inception Date | Sep 1, 1992 |
| Share Class Inception Date | Sep 1, 1992 |
| Total Net Assets | $150.0 million |
| Average Duration | 6.8 years |
| Average Maturity | 7.5 years |
| 30-Day SEC Yield | 4.29% |
| 30-Day SEC Yield (unsubsidized) | 4.29% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 34% |
| Governments/Cash | 29% |
| Asset-Backed | 18% |
| Mortgage-Backed | 13% |
| Government Related | 3% |
| Other | 3% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 30% |
| AA | 8% |
| A | 16% |
| BBB | 28% |
| BB | 10% |
| B | 4% |
| Unrated | 4% |
| Total | 100% |
Top 10 Country Breakdown
| Country | Percent of Portfolio |
|---|---|
| United States | 54.0% |
| Euroland | 21.0% |
| Japan | 8.0% |
| Mexico | 7.0% |
| United Kingdom | 3.0% |
Top 5 Currency Breakdown
| Currency | Percent of Portfolio |
|---|---|
| U.S. Dollar | 99% |
| Euro | -2% |
| Japanese Yen | 1% |
| Norwegian Krone | 1% |
| Swedish Krona | -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.
| Number of funds | |||
|---|---|---|---|
 |
Overall |  |
379 |
| 3 Year | |
379 | |
| Category: Global Bond - USD Hedged | 5 Year | |
305 |
| Criterion: Risk-Adjusted Return | 10 Year | |
162 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2024) | 3.90% | 3.90% | -0.77% | 0.51% | 1.99% | 4.52% |
| Month-end (2/28/2025) | 1.81% | 6.76% | 0.89% | 0.35% | 1.99% | 4.56% |
Yearly Returns
| 2024 | 3.90% |
| 2023 | 7.34% |
| 2022 | -12.39% |
| 2021 | -0.89% |
| 2020 | 5.92% |
| 2019 | 8.61% |
| 2018 | -0.26% |
| 2017 | 4.11% |
| 2016 | 3.69% |
| 2015 | 1.49% |
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.
(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 Payden Funds
Fund Commentary - 02/28/2025
| MARKET | |
| February 2025 was eventful for markets. After initial concerns, the extension of tariffs for Canada and Mexico sparked a relief rally, pushing the S&P 500 to an all-time high on February 19th. By month-end, a risk-off sentiment emerged as tariff discussions resumed amid weaker U.S. data, particularly hurting the “Magnificent 7” tech stocks, which experienced their worst month since December 2022. European equities outperformed, while safe-haven assets like sovereign bonds and gold advanced. | |
| OUTLOOK | |
| The narrative around U.S. exceptionalism has lost some momentum recently, as growth concerns in the U.S. have increased. Softer economic indicators, uncertainties regarding the impacts of tariffs and the Department of Government Efficiency (DOGE) on growth and the labor market have weighed on U.S. activity and growth expectations. Our central case remains that the U.S. may experience trend-like growth in the medium term, but we acknowledge that risks to growth are tilted to the downside. As a result, we have raised the likelihood of subpar growth going forward. | |
| In comparison to Europe, we have lowered our expectations for U.S. outperformance. Slowing growth in the U.S. and improving growth in Europe are narrowing the gap between the two regions. Recent announcements on European defense spending and Germany’s fiscal expansion have boosted growth expectations for Europe. While details are still limited, this fiscal shift could have significant implications for growth and asset prices in the region. | |
| We continue to believe that major central banks may reduce their main monetary policy rates in the coming months as inflation moderates further and growth risks remain tilted to the downside. In the medium term, we expect the macro and fundamental environment to generally support risk assets. However, due to the broadening of potential outcomes, the relatively muted response of risk assets so far, and elevated valuations, we continue to favor caution. | |
| From a duration perspective, we prefer holding long-duration positions in the U.K. and the U.S., particularly at the front-end. We also favor positioning portfolios for a steeper yield curve, especially in Europe and Germany. We maintain an underweight duration in Japan as we continue to expect the Bank of Japan (BoJ) to continue normalizing its monetary policy. | |
| From a credit perspective, we maintain an overweight position to non-government sectors, focusing on less cyclical, lower beta, and more liquid parts of the market, such as investment-grade corporate bonds, agency mortgage-backed securities, and high-quality/AAA-rated securitized assets. | |
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.