NAV ($)
NAV change ($) as of 9/17/2019
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. The fund will have a minimum of 40% in non-U.S. securities.
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.
| 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 | |
| The value of an investment will generally fall when interest rates rise |
| Fund Inception Date | Sep 18, 1996 |
| Ticker | PYGSX |
| CUSIP | 704329697 |
| Fund Total Net Assets | $91.1 million |
| Benchmark | ICE BofA ML 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 |
| 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.
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 | Sep 18, 1996 |
| Total Net Assets | $91.1 million |
| Average Duration | 2.0 years |
| Average Maturity | 2.2 years |
| 30-Day SEC Yield (09/06/19) | 2.52% |
| 30-Day SEC Yield (unsubsidized) | 2.33% |
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 56% |
| Government/Gov't Related | 19% |
| Asset-Backed | 11% |
| Mortgage-Backed | 11% |
| Other | 3% |
| Total | 100% |
| Country | Percent of Portfolio |
|---|---|
| United States | 61.8% |
| Canada | 7.1% |
| Cayman Islands | 6.6% |
| United Kingdom | 3.4% |
| Ireland | 2.7% |
| Japan | 2.5% |
| Australia | 1.2% |
| Peru | 1.2% |
| Switzerland | 1.2% |
| Supranational | 1.1% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 20% |
| AA | 15% |
| A | 15% |
| BBB | 38% |
| BB | 8% |
| B | 1% |
| Unrated | 3% |
| 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 (6/30/2019) | 3.50% | 4.27% | 2.12% | 1.55% | 2.48% | 3.66% |
| Month-end (8/31/2019) | 4.18% | 4.51% | 2.20% | 1.66% | 2.28% | 3.66% |
| 2018 | 0.58% |
| 2017 | 1.89% |
| 2016 | 1.70% |
| 2015 | 0.29% |
| 2014 | 1.03% |
| 2013 | 0.71% |
| 2012 | 6.16% |
| 2011 | 0.39% |
| 2010 | 4.32% |
| 2009 | 8.54% |
| Total Annual Operating Expense | 0.67% |
| 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.
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 U.S. Treasury yield curve shifted lower in August, with the yields for the two-year and five-year maturity U.S. Treasury notes decreasing 0.37% and 0.44% respectively. The German Bund curve shifted lower as well, with the two- year and five-year German Bund yields decreasing by 0.14% and 0.19% respectively. | |
| The yield above Treasuries for front end investment grade corporates increased 0.06% over the month. | |
| Total investment-grade corporate issuance for the month was $76 billion, which is exactly in line with the previous five-year August average of $76 billion. | |
| OUTLOOK | |
| We believe short-dated fixed income remains attractive as the rates curve has inverted providing elevated all-in yields with low price volatility. | |
| The Federal Open Market Committee cut interest rates by 0.25% in July, reducing its targeted range for the Fed Funds rate to 2.00% to 2.25%. We continue to maintain a neutral stance with respect to interest rate sensitivity. | |
| We continue to maintain a high allocation to credit given the additional yield premium. Allocation is biased towards a shorter average maturity to limit the portfolio sensitivity to changes in credit risk premiums. | |
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.