US Funds

Payden Global Fixed Income Fund (PYGFX)

$9.21

NAV ($)

$0.02

NAV change ($) as of 1/24/2020

  • 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 $143.1 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.

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 $143.1 million
Average Duration 7.0 years
Average Maturity 9.5 years
30-Day SEC Yield (12/31/19) 1.47%
30-Day SEC Yield (unsubsidized) 1.43%
Sector Breakdown
Sector Percent of Portfolio
Governments/Cash41%
Corporates31%
Mortgage-Backed20%
Asset-Backed7%
Government Related1%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA11%
AA26%
A19%
BBB27%
BB8%
B4%
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 States52.7%
Euroland22.8%
Japan13.7%
United Kingdom6.7%
Canada1.7%
Top 5 Currency Breakdown
Currency Percent of Portfolio
U.S. Dollar100%
Japanese Yen0%
Euro0%

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.

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 (12/31/2019) 8.61% 8.61% 4.09% 3.48% 4.10% 5.27%
Month-end (12/31/2019) 8.61% 8.61% 4.09% 3.48% 4.10% 5.27%
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 0.78%
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.

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
Last month began with a flurry of economic data and headlines, filled with yet another engendering wave of trade rhetoric. The start of the month was met with President Trump reinstating levies on steel and aluminum imports from South America; threatening further tariffs on European countries, while alluding to a delay in trade negotiations between China. However, a more positive trade stance later in the month, saw U.S. equities reach record highs as the S&P 500 pushed past 3200 for the first time in its history. This came off the back of better-than-expected manufacturing and housing data, combined with further 'Phase 1' trade talks between the U.S. and China; staving off the scheduled December 15th tariff hike by the U.S., amid China's agreement to purchase more American farm goods.
Elsewhere, Boris Johnson and the Conservative Party won the U.K. General Election. He is set to publish the withdrawal legislation with the aim of getting it passed through parliament before the new Brexit deadline set for the 31st January 2020.
Overall, global economic indicators were skewed to the upside, as waning recession fears allowed the 10-year U.S. Treasury yield to reached highs of 1.92% over the month. U.S. dollar-denominated investment-grade corporates outperforming their euro and sterling counterparts; although all three markets posted robust positive excess returns.

OUTLOOK
With a series of balanced remarks following the Federal Reserve's most recent rate cut; accentuating the likelihood of an extended period of monetary policy neutrality, we believe the hurdle to cut rates in 2020 is high.
Despite relatively strong economic data releases for the U.S., we believe that a protectionist attitude from the U.S. administration and a current account deficit will weigh modestly on the U.S. dollar.
Although the ability for Lagarde to further utilize expansionary monetary policy to stem eurozone economic slowdown is limited, we believe that investor sentiment towards the eurozone is overly pessimistic. If economic weakness in certain countries continues to persist, we believe the chances of fiscal loosening implementation in 2020, is high.
Given the new conservative majority following the U.K. general elections, we believe the scope for sterling corporates to perform well in the medium term, is now higher. However, the political situation remains fluid and volatility in U.K. asset classes is likely to remain more elevated relative to peers.

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.

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.