US Funds

Payden Global Fixed Income Fund (PYGFX)

$9.23

NAV ($)

$0.01

NAV change ($) as of 9/17/2019

  • 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 $139.5 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 $139.5 million
Average Duration 6.7 years
Average Maturity 9.4 years
30-Day SEC Yield (09/06/19) 1.67%
30-Day SEC Yield (unsubsidized) 1.72%
Sector Breakdown
Sector Percent of Portfolio
Governments/Cash52%
Corporates30%
Mortgage-Backed13%
Other5%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA15%
AA24%
A21%
BBB25%
BB7%
B3%
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 States49.2%
Euroland26.1%
Japan15.4%
United Kingdom5.2%
Canada1.9%
Top 5 Currency Breakdown
Currency Percent of Portfolio
U.S. Dollar100%
Canadian Dollar-2%
Australian Dollar1%
Euro1%
Japanese Yen0%

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 (6/30/2019) 6.89% 7.51% 3.17% 3.78% 4.46% 5.31%
Month-end (8/31/2019) 9.55% 9.72% 3.72% 3.91% 4.42% 5.37%
Yearly Returns
2018-0.26%
20174.11%
20163.69%
20151.49%
20147.21%
2013-1.17%
201210.21%
20111.65%
20106.09%
20096.57%
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
June began with the U.S. striking a more conciliatory tone toward Mexico evading the 5% increase on trade tariffs on its neighbor. Geopolitical tensions were instead replaced by strains between the U.S. and Iran which pushed oil prices over 10% higher by month end. In the U.K., the Conservative party leadership race was whittled down to two, Jeremy Hunt and Boris Johnson, the latter being favorite to succeed the outgoing Theresa May.
At the European Central Bank's (ECB's) annual symposium, President Draghi announced the possibility of further stimulus by way of additional rate cuts or the possibility of restarting asset purchases if inflation in the bloc does not show signs of picking up. The Federal Open Market Committee also met in the same week delivering a more dovish message and broader support for easier monetary policy in the U.S. The supportive tone by major developed central banks gave risk markets a boost while applying downward pressure on developed market sovereign yields. The fund outperformed its benchmark by 0.22% net of fees.

OUTLOOK
We currently believe that the U.S. Federal Reserve is on an extended pause with their interest rate trajectory with a cut being the likely next move.
Despite strong economic prospects for the U.S. economy, we believe that a combination of monetary policy convergence, a protectionist attitude from the U.S. administration and a current account deficit may weigh modestly on the U.S. dollar.
The slowdown in economic activity in the eurozone and the decline in actual and forward-looking inflation measures are likely to cause the ECB to add further monetary stimulus through additional rate cuts and (potentially) more asset purchases.
For now, we expect sentiment toward sterling markets should continue to be subdued by Brexit related uncertainty.

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.