US Funds

Payden Global Fixed Income Fund (PYGFX)

$9.22

NAV ($)

$0.01

NAV change ($) as of 12/3/2021

  • 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
Share Class Inception Date Sep 1, 1992
Ticker PYGFX
CUSIP 704329101
Fund Total Net Assets $303.9 million
Benchmark BLOOMBERG 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
SI Class $10,000,000
Additional Investment - All Classes$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
Share Class Inception Date Sep 1, 1992
Total Net Assets $303.9 million
Average Duration 7.1 years
Average Maturity 9.2 years
30-Day SEC Yield (11/30/21) 1.28%
30-Day SEC Yield (unsubsidized) 1.29%
Sector Breakdown
Sector Percent of Portfolio
Governments/Cash45%
Corporates31%
Mortgage-Backed12%
Asset-Backed9%
Government Related3%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA8%
AA24%
A17%
BBB28%
BB10%
B7%
Unrated6%
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 States51.8%
Euroland25.3%
Japan13.2%
United Kingdom4.3%
Canada2.3%
Top 5 Currency Breakdown
Currency Percent of Portfolio
U.S. Dollar53%
Euro25%
Japanese Yen13%
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.

    Number of funds
Overall 106
3 Year 106
Category: World Bond-USD Hedged 5 Year 77
Criterion: Risk-Adjusted Return 10 Year 47

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (9/30/2021) -0.68% 1.25% 4.65% 3.08% 4.12% 5.13%
Month-end (11/30/2021) -0.67% 0.06% 4.81% 3.58% 4.02% 5.10%
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.

(A) An overall rating is based on a weighted average of the fund’s ratings for the three-, five- and ten-year periods, if applicable. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars and the next 22.5% receive four stars. Highly rated funds are defined as those that have a four or five star Morningstar rating. Data provided by Morningstar, Inc. Although gathered from reliable sources, data completeness and accuracy cannot be guaranteed. Morningstar is a registered trademark of Morningstar, Inc. and is not affiliated with Paydenfunds

Fund Commentary

MARKET
Last month saw equity markets sell off as investors braced for the Federal Reserve (“Fed”) to wind down its stimulus in the midst of mounting fears over elevated inflation, supply-chain bottlenecks, a global energy crunch, and regulatory risks emanating from China. Yields on 10-year U.S. Treasuries rose sharply reflecting investors’ expectations over monetary policy tightening amid surging inflationary pressures.
September saw Fed Chair Jerome Powell and Treasury Secretary Janet Yellen warn that a U.S. default due to a failure to raise the debt ceiling would have catastrophic consequences following Republicans who blocked a Democratic move in the Senate to raise the debt limit. In Europe, the European Central Bank announced that it will moderately reduce the pace of its pandemic bond purchase program to €60-€70 billion in the last quarter of 2021. The Bank of England also kept rates steady despite hawkish signs toward a 2022 rate increase.
Meanwhile, tension between the U.S. and China continued to increase as a global risk-off mood was triggered intra-month, after worries over Evergrande Group’s ability to make good on its liabilities. In the commodity space, crude oil and natural gas extended its rally, with OPEC predicting stronger demand due to a combination of rising global fuel consumption and output disruptions.

OUTLOOK
While uncertainties around the pandemic remain high, we maintain a constructive view of the global economy. Given the amount of slack left in the global economy and absent the emergence of a self-sustained rise in inflation, we believe policymakers will prefer to err on the side of caution.
In credit markets, our focus remains on the carry component of excess returns. We continue to favor sectors that are less sensitive to rising interest rates such as high-yield and securitized assets.
We believe modestly higher yields and steeper curves are likely to reside in developed government bonds over the next 6 months, driven by higher real yields, hence we prefer to hold underweight duration positions.
In currency space, we expect the broad U.S. dollar index to be somewhat rangebound in the short-term, with modest positive momentum in the next few months giving way to some weakness later in the year.

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.