NAV ($)
NAV change ($) as of 1/9/2026
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.
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.
| 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. |
| Fund Inception Date | Sep 1, 1992 |
| Share Class Inception Date | Sep 1, 1992 |
| Ticker | PYGFX |
| CUSIP | 704329101 |
| Fund Total Net Assets | $151.5 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 |
| 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.
| Fund Inception Date | Sep 1, 1992 |
| Share Class Inception Date | Sep 1, 1992 |
| Total Net Assets | $151.5 million |
| Average Duration | 6.7 years |
| Average Maturity | 7.5 years |
| 30-Day SEC Yield | 4.15% |
| 30-Day SEC Yield (unsubsidized) | 4.15% |
| Sector | Percent of Portfolio |
|---|---|
| Governments/Cash | 38% |
| Corporates | 31% |
| Asset-Backed | 14% |
| Mortgage-Backed | 12% |
| Government Related | 5% |
| Total | 100% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 16% |
| AA | 27% |
| A | 15% |
| BBB | 28% |
| BB | 10% |
| B | 3% |
| Unrated | 1% |
| Total | 100% |
| Country | Percent of Portfolio |
|---|---|
| United States | 50.7% |
| Euroland | 27.4% |
| Japan | 5.7% |
| United Kingdom | 3.9% |
| Canada | 3.0% |
| Currency | Percent of Portfolio |
|---|---|
| U.S. Dollar | 97% |
| Euro | 2% |
| Australian Dollar | 2% |
| Brazilian Real | 1% |
| Swiss Franc | -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.
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2025) | 5.20% | 5.20% | 5.47% | 0.37% | 2.35% | 4.54% |
| Month-end (12/31/2025) | 5.20% | 5.20% | 5.47% | 0.37% | 2.35% | 4.54% |
| 2025 | 5.20% |
| 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% |
| 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.
| MARKET | |
| December closed the year with global fixed-income markets supported by easing central bank policy and growing confidence that peak policy rates are behind us. Softer growth data and continued disinflation weighed against resilient labor markets and persistent inflation in the services sector, keeping policymakers cautious. Overall, bond markets delivered solid returns for the year, with focus now turning to the pace of economic growth and the timing and scale of further policy easing. | |
| OUTLOOK | |
| Our outlook for 2026 can be characterized as cautiously optimistic, though risks are skewed to the downside. The U.S. economy remains central to our global outlook, particularly given the unusual divergence between strong GDP growth and a weakening labor market, an imbalance we do not expect to persist in 2026. In our view, the U.S. economy faces a binary path: either re-accelerating as technology-driven productivity gains take hold or slipping into recession if labor market softness begins to weigh more broadly on economic activity. In either scenario, U.S. inflation is expected to continue moderating. This disinflationary trend, combined with labor market weakness, should allow the Federal Reserve to continue easing policy toward neutral, and potentially beyond. Outside the U.S., most developed economies are likely to remain resilient, supported by benign economic growth, declining inflation, and accommodating, or further easing, monetary policy. Japan stands as an exception, where gradual policy tightening is expected to continue. | |
| Moderating inflation and range-bound inflation expectations have historically been associated with a negative correlation between interest rates and risk assets. With risks to economic growth tilted to the downside, we believe a balanced and diversified allocation between duration and credit risk positions portfolios well to navigate the uncertainty and range of potential outcomes in 2026. Despite the level of macroeconomic uncertainty across the economy, credit valuations remain at the most expensive end of historical ranges even as corporate fundamentals appear relatively healthy. | |
| In this environment, we prefer to distribute risk in our portfolios in a more balanced manner across duration and credit. Consistent with our central outlook, we continue to hold modest overweight positions in higher-quality credit sectors, including investment-grade corporates and select high-quality securitized assets. | |
| Given the ongoing concerns around economic growth, we favor an overweight to duration, positioning portfolios to benefit from further declines in interest rates. Within this exposure, we prefer intermediate-maturity U.S. Treasuries and select emerging-market sovereign bonds. We are also positioned to benefit if the gap between short-term and long-term interest rates grows wider (a “steepening” yield curve), especially in the U.S. and Germany, which we believe could provide some protection in an economic slowdown or if fiscal policies become more expansionary. | |
| In our currency strategy, we hold an underweight position in the U.S. dollar, although less pronounced than earlier in 2025. This positioning is expressed against a diversified basket of developed and emerging-market currencies, including the euro, Japanese yen, and Brazilian real. | |
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.