NAV ($)
NAV change ($) as of 1/24/2020
The Payden GNMA Fund invests at least 80% of its assets in mortgage-backed securities that are guaranteed by the full faith and credit of the U.S. Government. The fund invests in a range of mortgage-backed security pools. The balance of the fund’s assets is invested in other obligations guaranteed by the U.S. Government or its agencies.
Appropriate for investors who seek higher yields and diversification through debt issued by the Government National Mortgage Association.
| Yields generally exceed intermediate-maturity Treasuries | |
| 100% invested in securities issued by the U.S. Government or its agencies | |
| While share values will fluctuate as interest rates move up and down, there is no corporate credit risk associated with the portfolio's holdings | |
| The value of an investment will generally fall when interest rates rise |
| Fund Inception Date | Aug 27, 1999 |
| Share Class Inception Date | Aug 27, 1999 |
| Ticker | PYGNX |
| CUSIP | 704329473 |
| Fund Total Net Assets | $129.3 million |
| Benchmark | ICE BofA ML US GNMA Mortgage Backed Securities Index |
| Net Expense Ratio | 0.50% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $5,000 |
| Investor Class - IRA Account | $2,000 |
| Additional Investment - All Classes | $250 |
| Payden GNMA Fund (PYGNX) | Morningstar average: Intermediate Government |
|
|---|---|---|
| Net Expense Ratio | 0.50% | 0.94% |
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 Inception Date | Aug 27, 1999 |
| Share Class Inception Date | Aug 27, 1999 |
| Total Net Assets | $129.3 million |
| Average Duration | 3.6 years |
| Average Maturity | 5.8 years |
| 30-Day SEC Yield (12/31/19) | 2.82% |
| 30-Day SEC Yield (unsubsidized) | 2.61% |
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 1% |
| 1-3 | 37% |
| 3-5 | 60% |
| 5-7 | 2% |
| Total | 100% |
| Coupon | Percent of Portfolio |
|---|---|
| 3.0% | 28% |
| 3.5% | 40% |
| 4.0% | 20% |
| 4.5% | 5% |
| 5.0% and Above | 7% |
| Total | 100% |
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.
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2019) | 5.67% | 5.67% | 2.43% | 2.05% | 3.10% | 4.71% |
| Month-end (12/31/2019) | 5.67% | 5.67% | 2.43% | 2.05% | 3.10% | 4.71% |
| 2019 | 5.67% |
| 2018 | 0.38% |
| 2017 | 1.31% |
| 2016 | 1.78% |
| 2015 | 1.20% |
| 2014 | 5.95% |
| 2013 | -3.24% |
| 2012 | 3.60% |
| 2011 | 8.18% |
| 2010 | 6.70% |
| Total Annual Operating Expense | 0.68% |
| Net or Actual Operating Expense | 0.50% |
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.
| MARKET | |
| The last quarter of the decade ended with positive returns across equity and fixed-income markets, buoyed by improving global economic data, accommodative monetary policy, and optimism over a trade deal between the U.S. and China. The Federal Reserve cut interest rates 0.25% for the third time in 2019. U.S. Treasury and mortgage rates rose slightly as investors flocked to riskier asset classes. | |
| Ginnie Mae (GNMA) mortgage bonds outperformed U.S. Treasuries as risk premiums narrowed from multi-year wides experienced last quarter. Premium GNMA coupons, however, struggled from an aggressive refinance response to lower mortgage rates. As a result of new mortgage creation, supply was also heavy, limiting price upside compared to Fannie Mae mortgage and other spread markets. | |
| The environment has favored lower coupon and call-protected mortgage pools to mitigate prepayment risk. | |
| OUTLOOK | |
| Over the coming year, we expect returns to moderate in the GNMA space. While we do not expect the price appreciation seen over the past year to be duplicated, we do see firm support for the GNMA sector. | |
| Valuations for GNMA mortgages are attractive and capital flows from foreign investors remains strong due to higher interest rates available in the U.S domestic market. The fund offers a higher yield alternative to U.S. Treasuries with new GNMA bond purchases ranging between 2.25 and 2.75 percent. | |
| The fund is positioned to benefit from the favorable macro market climate for bonds with a longer duration bias. The fund supports lower coupon GNMA and call-protected mortgage pools to mitigate prepayment risk and participate in a range-bound to lower rate environment. | |
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.