US Funds

Payden Global Low Duration Fund (PYGSX)

$10.07

NAV ($)

$0.00

NAV change ($) as of 12/3/2021

  • 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
Fund Inception Date Sep 18, 1996
Ticker PYGSX
CUSIP 704329697
Fund Total Net Assets $86.2 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
Fund Inception Date Sep 18, 1996
Total Net Assets $86.2 million
Average Duration 1.6 years
Average Maturity 2.2 years
30-Day SEC Yield (11/30/21) 0.85%
30-Day SEC Yield (unsubsidized) 0.61%
Sector Breakdown
Sector Percent of Portfolio
Corporates43%
Asset-Backed18%
Mortgage-Backed18%
Government/Gov't Related16%
Money Markets5%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States69.0%
Cayman Islands10.6%
Japan4.4%
France3.1%
United Kingdom2.2%
Australia1.7%
Italy1.7%
Switzerland1.4%
Netherlands1.0%
Germany0.7%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA22%
AA19%
A13%
BBB31%
BB6%
B1%
Unrated8%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's

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 161
Criterion: Risk-Adjusted Return 10 Year 124

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (9/30/2021) 0.76% 1.81% 2.91% 2.19% 2.17% 3.53%
Month-end (11/30/2021) 0.24% 0.56% 2.78% 2.13% 2.07% 3.49%
Yearly Returns
20203.14%
20194.77%
20180.58%
20171.89%
20161.70%
20150.29%
20141.03%
20130.71%
20126.16%
20110.39%
Expenses
Total Annual Operating Expense 0.72%
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

MARKET
U.S. Treasury yields in the front-end raised upon Federal Reserve Chair Jerome Powell’s renomination, and closed the month lower as the new Omicron variant has increased front-end rate movement and volatility.
The yield above U.S. Treasuries for front-end investment-grade corporates remains tight on the month reflecting broad and robust corporate earnings.
Total U.S. investment-grade corporate issuance was $101 billion in November, slightly exceeding street expectations of $100 billion.

OUTLOOK
With a possible acceleration of the Federal Reserve bond purchase program tapering and market volatility across the board, we maintain a cautious positioning to adding duration in our portfolio relative to the benchmark.
We uphold our allocation to floating-rate notes, primarily utilizing securitized sectors in addition to corporate bonds. In the securitized market, we have focused on incorporating credit risk transfer and collateralized loan obligations into our portfolio due to their higher yields over U.S. Treasuries over the month. We remain overweight credit broadly for income generation and maintain a balanced approach between corporates and securitized sector. We continue to participate in new issue deals and focus on participating in investment grade names as we head to year end.

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.