NAV ($)
NAV change ($) as of 12/19/2025
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 | $152.0 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 |
| 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 | $152.0 million |
| Average Duration | 6.8 years |
| Average Maturity | 7.6 years |
| 30-Day SEC Yield | 4.10% |
| 30-Day SEC Yield (unsubsidized) | 4.10% |
| Sector | Percent of Portfolio |
|---|---|
| Governments/Cash | 37% |
| Corporates | 30% |
| Mortgage-Backed | 21% |
| Asset-Backed | 6% |
| Government Related | 2% |
| Other | 4% |
| Total | 100% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 16% |
| AA | 26% |
| A | 15% |
| BBB | 29% |
| BB | 9% |
| B | 3% |
| Unrated | 2% |
| Total | 100% |
| Country | Percent of Portfolio |
|---|---|
| United States | 54.9% |
| Euroland | 19.2% |
| Mexico | 6.6% |
| Japan | 5.8% |
| United Kingdom | 3.8% |
| Currency | Percent of Portfolio |
|---|---|
| U.S. Dollar | 94% |
| 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 (9/30/2025) | 4.44% | 3.51% | 5.60% | 0.61% | 2.34% | 4.56% |
| Month-end (11/30/2025) | 5.23% | 4.37% | 5.15% | 0.53% | 2.33% | 4.56% |
| 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% |
| 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 | |
| November was marked by two distinct phases. Risk assets declined in the first half of the month as concerns about an AI bubble weighed on the Magnificent 7 (big tech companies), before sharply rebounding. The S&P 500 posted a modest gain for the month, its seventh consecutive positive month and the first such streak since 2021. European equities performed better, buoyed by hopes of progress in Ukraine and the smooth passage of the U.K. budget. Credit markets followed a similar pattern to equities, with the risk premium increasing early in the month and then fully or partially reversing later. | |
| OUTLOOK | |
| Our outlook for 2026 can be characterized as cautiously optimistic with risks tilted to the downside. The U.S. economy remains central to our global outlook, as we view the current divergence between strong GDP growth and weakening labor markets in the U.S. as unusual and unlikely to persist in 2026. In our view, the U.S. economy sits on a binary path: either re-accelerating through tech-driven productivity gains or slipping into recession as labor market softness feeds through to broader activity. Regardless of the outcome, U.S. inflation is on track to moderate, and this disinflationary trajectory, combined with labor market weakness, should allow the Federal Reserve to continue easing at least to neutral, if not further. Outside the U.S., most developed economies are expected to remain resilient, with benign economic growth, declining inflation, and monetary conditions staying loose or even loosening further, except in Japan, where gradual tightening is likely to continue. | |
| Moderating inflation and range-bound inflation expectations typically align with negative correlations between interest rates and risk assets. With risks to 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 the range of potential outcomes in 2026. Despite the uncertainty across the economy, credit valuations remain at the more expensive end of the historical range, with corporate fundamentals looking relatively healthy. | |
| Against this backdrop, we prefer to distribute risk in our portfolios in a more balanced manner across duration and credit. Given our central views, we continue to hold modest overweight positions in higher-quality credit sectors, such as investment-grade corporates and higher-quality securitized assets. | |
| Given the concerns around economic growth, we favor an overweight duration position where bonds are a bit more sensitive to interest rate changes than usual. Specifically, we like U.S. Treasury bonds with mid-range maturities and select bonds from emerging-market countries. We are also setting portfolios up to benefit if the gap between short-term and long-term interest rates grows wider (a “steeper” yield curve), especially in the U.S. and Germany, which we believe can offer some protection in an economic slowdown or if governments increase spending and borrowing. | |
| In our currency strategy, we hold an underweight position in the U.S. dollar. Particularly against a diversified basket of developed and emerging-market currencies, such as the euro, the Japanese yen, and the 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.