Payden Global Low Duration Fund (PYGSX)
$9.48
NAV ($)
$0.00
NAV change ($) as of 9/25/2023
- 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 - 08/31/2023
| Fund Inception Date | Sep 18, 1996 |
| Ticker | PYGSX |
| CUSIP | 704329697 |
| Fund Total Net Assets | $63.2 million |
| Benchmark | ICE BOFA 1-3 YEAR US 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 |
A Low Cost leader
| 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 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 - 08/31/2023
| Fund Inception Date | Sep 18, 1996 |
| Total Net Assets | $63.2 million |
| Average Duration | 1.8 years |
| Average Maturity | 2.0 years |
| 30-Day SEC Yield (08/31/23) | 5.16% |
| 30-Day SEC Yield (unsubsidized) | 4.96% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 38% |
| Government/Gov't Related | 27% |
| Asset-Backed | 19% |
| Mortgage-Backed | 9% |
| Money Markets | 5% |
| Municipal Bonds | 2% |
| Total | 100% |
Country Breakdown
| Country | Percent of Portfolio |
|---|---|
| United States | 56.2% |
| Canada | 11.2% |
| Japan | 6.1% |
| Cayman Islands | 5.5% |
| France | 4.1% |
| Sweden | 3.8% |
| Germany | 2.2% |
| Netherlands | 2.1% |
| Australia | 2.0% |
| United Kingdom | 1.0% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 46% |
| AA | 14% |
| A | 16% |
| BBB | 18% |
| BB | 4% |
| Unrated | 2% |
| 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.
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 |  |
186 |
| 3 Year | |
186 | |
| Category: World Bond | 5 Year | |
164 |
| Criterion: Risk-Adjusted Return | 10 Year | |
128 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (6/30/2023) | 1.65% | 1.45% | 0.12% | 1.38% | 1.27% | 3.21% |
| Month-end (8/31/2023) | 2.66% | 2.48% | 0.14% | 1.49% | 1.35% | 3.22% |
Yearly Returns
| 2022 | -3.38% |
| 2021 | 0.17% |
| 2020 | 3.14% |
| 2019 | 4.77% |
| 2018 | 0.58% |
| 2017 | 1.89% |
| 2016 | 1.70% |
| 2015 | 0.29% |
| 2014 | 1.03% |
| 2013 | 0.71% |
Expenses
| Total Annual Operating Expense | 0.82% |
| 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 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 - 08/31/2023
| MARKET | |
| In August, both inflation and the labor markets continued to make progress toward the Federal Reserve’s (“Fed’s”) near-term goals: a general cooling in the labor market and 2% target inflation. The markets, on the other hand, seemed focused on technical factors such as additional U.S. Treasury supply and the perils of deficit financing. The yield curve steepened in response with maturities under 5 years little changed and yields on longer maturities increasing. The yield on the 10-year U.S. Treasury reached 4.3%, breaking through the previous high yields of the current cycle reached in Q4 2022. With this backdrop, shorter fixed-income strategies saw positive performance for the month and pushed year-to-date performance further into positive territory. | |
| Globally, the European Union faces a mixed picture of cooling but still-too-high inflation and an economy less resilient than the U.S. China shows clear signs of a slowdown with severe issues in their property markets exacerbating a massive buildup in their debt markets over the last decade. | |
| OUTLOOK | |
| For the remainder of the year, we expect the market to return focus to fundamental economic data and the anticipation of the Fed’s reaction function as it relates to incremental monetary policy decisions. With recent data suggesting an economy that remains resilient, we see a higher probability of the soft-landing scenario and expect the Fed to keep rates in restrictive territory for longer than the market is currently expecting. Meanwhile, we continue to expect unforeseen spurts of volatility as both the Fed and the market react to incoming data. We maintain a duration positioning close to neutral, favoring a higher quality credit positioning and an elevated level of liquidity. | |
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.