US Funds

Payden Global Fixed Income Fund (PYGFX)

$9.34

NAV ($)

$0.00

NAV change ($) as of 9/24/2020

  • 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 $164.9 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 $164.9 million
Average Duration 7.0 years
Average Maturity 9.6 years
30-Day SEC Yield (09/18/20) 1.16%
30-Day SEC Yield (unsubsidized) 1.18%
Sector Breakdown
Sector Percent of Portfolio
Corporates33%
Governments/Cash30%
Mortgage-Backed18%
Asset-Backed12%
Government Related6%
Other1%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA14%
AA19%
A20%
BBB27%
BB10%
B5%
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 States51.3%
Euroland22.3%
Japan13.8%
United Kingdom5.5%
Canada2.8%
Top 5 Currency Breakdown
Currency Percent of Portfolio
U.S. Dollar53%
Euro24%
Japanese Yen14%
GB Pound4%
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 (6/30/2020) 2.19% 3.84% 4.16% 3.82% 3.98% 5.26%
Month-end (8/31/2020) 3.68% 2.79% 4.25% 4.07% 3.84% 5.28%
Yearly Returns
20198.61%
2018-0.26%
20174.11%
20163.69%
20151.49%
20147.21%
2013-1.17%
201210.21%
20111.65%
20106.09%
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
June started with a positive market tone as risk appetite continued to be supported by economic stimulus measures. However, a pick-up in global COVID-19 cases caused investor sentiment to wane, as participants questioned the impact of a potential second wave of coronavirus cases.
The U.S. Federal Reserve pledged to buy U.S. corporate bonds for the first time through their secondary market corporate credit facility in June, with Jerome Powell urging congress not to pull back on essential relief measures too soon. This was followed by a pickup in economic data figures, as U.S. jobless claims surprised to the upside. However, investors remained wary of Coronavirus developments, with a pickup in cases in many U.S. states, along with countries such as Iran and China also seeing spikes. Market sentiment was marginally buoyed as China agreed to purchase more U.S. farm goods in accordance with the Phase 1 trade agreement. The 10-year U.S. Treasury yields slightly fell by 3.0% over the course of the month, to 0.62%.
In Europe, the European Central Bank announced a €600 billion increase in the Pandemic Emergency Purchase Programme, with an extension to June 2021. Angela Merkel’s coalition also agreed to a €130 billion stimulus package to support the German economy, with measures including VAT cuts and spending on infrastructure. Elsewhere, the Bank of England announced a £100 billion increase to their quantitative easing program over the next 4.5 months; arguably a less dovish stance than expected, especially given the Brexit no-deal December deadline fast approaching.
In commodities space, oil prices continued to recover as the likelihood of an extension of crude output cuts increased, with talks that Saudi Arabia and Russia reportedly reached a tentative deal with Iraq.

OUTLOOK
Central Banks and governments' actions have been the primary support of risk assets. While this positive technical backdrop is likely to continue soon, we believe that the gap between risk asset prices and the fundamental picture warrants some cautiousness. Given the recent spike in Coronavirus cases and the halting of phased economic reopening in some areas, we see a considerable amount of uncertainty hovering over markets and global growth. The focus would remain on the chances of a second wave of infections, along with continuing vaccine progress.
Against this backdrop, we favor overweight positions in credit markets but with a focus on sectors targeted by central banks. We prefer to maintain a modestly defensive tilt in sub-sectoral allocations and issuer selection, with a bias towards less cyclical sectors and securities that we expect are better positioned to navigate turbulent waters. We keep a light positioning duration management with a bias towards relative country and curve trades that are less sensitive to broader market directionality. In currency space, we favor long, albeit modest, bias in the euro supported by more favorable interest differentials, contained risks at the periphery, and positive political/fiscal developments at the regional level.

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.