US Funds

Payden Global Fixed Income Fund (PYGFX)

$9.21

NAV ($)

$0.01

NAV change ($) as of 4/20/2021

  • 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
Ticker PYGFX
CUSIP 704329101
Fund Total Net Assets $265.0 million
Benchmark BLOOMBERG BARCLAYS 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
Additional Investment$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
Total Net Assets $265.0 million
Average Duration 7.2 years
Average Maturity 9.3 years
30-Day SEC Yield (04/16/21) 1.04%
30-Day SEC Yield (unsubsidized) 1.09%
Sector Breakdown
Sector Percent of Portfolio
Governments/Cash42%
Corporates35%
Mortgage-Backed11%
Asset-Backed10%
Government Related2%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA11%
AA21%
A18%
BBB28%
BB10%
B6%
CCC1%
Unrated5%
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 States51.6%
Euroland25.5%
Japan13.1%
United Kingdom4.7%
Canada2.2%
Top 5 Currency Breakdown
Currency Percent of Portfolio
U.S. Dollar52%
Euro25%
Japanese Yen13%
GB Pound5%
Canadian Dollar2%

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 (3/31/2021) -2.06% 7.65% 3.99% 3.52% 3.83% 5.17%
Month-end (3/31/2021) -2.06% 7.65% 3.99% 3.52% 3.83% 5.17%
Yearly Returns
20205.92%
20198.61%
2018-0.26%
20174.11%
20163.69%
20151.49%
20147.21%
2013-1.17%
201210.21%
20111.65%
Expenses
Total Annual Operating Expense 0.79%
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
In March, investor sentiment was buoyed by the Biden administration passing a $1.9 trillion pandemic relief stimulus proposal to help bolster the economy. A continued market reflationary theme contributed to 10-year U.S. Treasury yields pushing toward one-year highs. Federal Reserve (Fed) Chair Powell emphasized that despite the recent spike in U.S. Treasury yields, there was not an eminent cause for concern nor was the rise disorderly. The Fed also raised its economic outlook due to the positive vaccine progress in the U.S., while keeping asset purchases unchanged. Overall, global equities continued their positive momentum which also saw the S&P 500 reaching record highs.
In Europe, sentiment and growth were impacted by another resurgence in Covid-19 cases across EU countries. The European Central Bank pledged to increase the pace of its government debt purchases and will look to keep the overall size of the €1.85 trillion pandemic bond-buying program unchanged. In the U.K., the Bank of England forecasted a rapid recovery for the economy in 2021, keeping rates unchanged in March, with the pound sterling appreciating toward the strongest levels versus the euro in a year.
In commodities space, crude oil extended February’s gains earlier in the month as the OPEC+ decided to keep output unchanged. Nevertheless, WTI and Brent Crude active futures lost 3.3% and 1.5%, respectively over the month, with prices moving in response to demand concerns and a strengthening U.S. dollar.

OUTLOOK
We expect the global economy to strongly rebound in 2021 as economies reopen. However, we do not expect this recovery to be uniform across economies and regions. While we expect government bond yields to remain low, we believe yields are likely to move modestly higher, and steepening pressures likely to persist. We favor sectors that are less sensitive to rising interest rates such as high-yield and securitized assets with floating coupons. We hold a neutral stance on investment-grade corporates and keep underweight positions in agency mortgage-backed securities.
In terms of active duration management, relative country and curve trades are favored. In the currency space, the different recovery dynamics across countries are supportive of a stronger U.S. dollar in the near term. As economic growth and recovery pace across countries realign in the medium term, we would expect the U.S. dollar to modestly weaken, which we reflect through long exposures across select developed markets and emerging markets versus the U.S. dollar.

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.