US Funds

Payden Global Low Duration Fund (PYGSX)

$9.75

NAV ($)

$-0.03

NAV change ($) as of 9/29/2025

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden Global Low Duration Fund seeks to benefit from the opportunities available through broadening the investment universe to include issuers and currencies outside of the U.S. while avoiding the volatility of longer-maturity bond funds. The fund is primarily comprised of government securities, investment-grade and high-yield corporate bonds, mortgage- and asset-backed securities from U.S. and foreign issuers.

Role In Portfolio

Short-Term Global Bond – Appropriate for investors who desire the diversification available from sovereign and corporate debt of global issuers, but want the lower volatility of a short maturity profile.

Fund Highlights
Invests primarily in government securities, investment-grade and high-yield corporate bonds, mortgage- and asset-backed securities from U.S. and foreign issuers.
Shorter maturity typically means volatility is less than an intermediate bond fund.
Ideal for investors with a short to intermediate horizon who want exposure to the global investment universe.
No loads or 12b-1 fees (other fees apply).
The value of an investment will generally fall when interest rates rise.

Fund Snapshot - 08/31/2025
Fund Inception Date Sep 18, 1996
Ticker PYGSX
CUSIP 704329697
Fund Total Net Assets $40.8 million
Benchmark ICE BofA 1-3 Year U.S. Corporate & Government Index

Net Expense Ratio 0.53%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $5,000
Investor Class - IRA Account $2,000
Additional Investment$250

Payden Global Low Duration Fund (PYGSX) Morningstar average:
World Bond
Net Expense Ratio 0.53% 1.04%

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 Payden Funds 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 - 08/31/2025
Fund Inception Date Sep 18, 1996
Total Net Assets $40.8 million
Average Duration 2.0 years
Average Maturity 2.2 years
30-Day SEC Yield 4.69%
30-Day SEC Yield (unsubsidized) 4.37%
Sector Breakdown
Sector Percent of Portfolio
Corporates38%
Government/Gov't Related28%
Asset-Backed17%
Mortgage-Backed14%
Other3%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States59.6%
Canada9.0%
France3.9%
Netherlands3.6%
Cayman Islands2.7%
Supranational2.0%
Germany1.8%
Jersey, Channel Islands1.8%
Sweden1.8%
Spain1.6%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA29%
AA27%
A22%
BBB16%
BB3%
Unrated3%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.

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 Payden Funds 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 (6/30/2025) 3.18% 6.27% 4.58% 2.50% 2.18% 3.41%
Month-end (8/31/2025) 4.19% 5.15% 4.93% 2.51% 2.32% 3.43%
Yearly Returns
20245.18%
20235.61%
2022-3.38%
20210.17%
20203.14%
20194.77%
20180.58%
20171.89%
20161.70%
20150.29%
Expenses
Total Annual Operating Expense 0.85%
Net or Actual Operating Expense 0.53%

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 Payden Funds 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 - 08/31/2025

MARKET
U.S. Treasury yields fell in August after weak employment data likely tilted the Federal Reserve (Fed) toward a rate cut at the September Federal Open Market Committee (FOMC) meeting. Shorter maturity yields led the move, with 2-year yields dropping 30 basis points (bps) to 3.62%. Fed Chair Powell echoed this dovish shift at the Jackson Hole Symposium, citing a softening labor market despite lingering inflation risks. Markets now price in an 80% chance of a September cut, up from 30% a month ago.
The yield curve steepened further, fueled by both easing expectations and political pressure. The Trump administration’s push to remove a Fed governor raised concerns about Fed independence, prompting markets to price in an inflation premium, especially in longer maturities.
Beyond U.S. Treasuries, credit markets remain strong in our view. Risk premiums are near historical lows, and new issuance is robust. Investment-grade corporate issuance has reached $1.1 trillion year-to-date, on pace with the record levels set in 2024. Securitized markets show similar strength, with even niche areas like data center financing seeing strong demand and narrow risk premiums.

OUTLOOK
Given that credit and liquidity premiums are near multi-year lows, we are selective in adding exposure. In corporate sectors, we prefer relative value opportunities within sectors and curves, rather than directional risk. In securitized credit, we are moving up in quality and favoring fixed-rate deals to lock in higher coupons, as many opportunities have been in floating-rate notes that may soon reset lower.
We continue to position the Fund with slightly longer maturities than the benchmark. A good portion of the move toward lower interest rates may already be reflected in today’s market price. Currently, 2-year U.S. Treasuries yield 3.6%, while overnight money rates are at 4.3%. The timing, pace, and magnitude of rate cuts will be key factors for investors to watch through the rest of 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 Payden Funds 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.