US Funds

Payden Global Low Duration Fund (PYGSX)

$9.74

NAV ($)

$0.01

NAV change ($) as of 7/25/2025

  • 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 - 06/30/2025
Fund Inception Date Sep 18, 1996
Ticker PYGSX
CUSIP 704329697
Fund Total Net Assets $41.4 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 - 06/30/2025
Fund Inception Date Sep 18, 1996
Total Net Assets $41.4 million
Average Duration 2.2 years
Average Maturity 2.2 years
30-Day SEC Yield 4.85%
30-Day SEC Yield (unsubsidized) 4.40%
Sector Breakdown
Sector Percent of Portfolio
Corporates37%
Government/Gov't Related31%
Asset-Backed15%
Mortgage-Backed14%
Other3%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States59.7%
Canada10.7%
Netherlands3.3%
Cayman Islands3.2%
France3.2%
Supranational2.0%
Jersey, Channel Islands1.8%
Sweden1.7%
Spain1.5%
Switzerland1.5%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA28%
AA30%
A19%
BBB14%
BB5%
Unrated4%
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 (6/30/2025) 3.18% 6.27% 4.58% 2.50% 2.18% 3.41%
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 - 06/30/2025

MARKET
The U.S. Treasury yield curve steepened over the quarter, largely due to concern and debate around the “Big Beautiful Bill,” which would increase spending and the U.S. budget deficit. Money market rates were relatively unchanged at 4.3% while 2- to 3-year maturities were lower by 15-20 basis points (bps) and 30-year maturities were higher by 20 bps. The Federal Reserve (Fed) left its target rate unchanged at 4.25%–4.5% in June, maintaining a cautious, data-dependent stance as it gauges the economic impact of new tariffs.
While recent inflation data has eased, it remains above target. The Fed has expressed some concern that pass-through effects from tariffs could push prices higher over the summer. Markets are currently pricing in 2 to 3 rate cuts by year-end, slightly more than the end of the prior quarter and consistent with softening growth indicators and concerns about policy-induced demand destruction.
Geopolitical tensions rose over the quarter following the U.S. military strike against Iran. While an escalation between the U.S. and Iran could be a source of risk premiums widening, the attack in June had minimal market impact.
Corporate and securitized credit markets demonstrated relative resilience over the quarter, given the elevated uncertainty around tariffs and geopolitical risks. While credit premiums widened in April in response to initial tariff announcements, they recovered to pre-tariff levels by mid-May. Investment-grade credit premiums ended the quarter flat year-to-date and are about 10 bps from the 12-month lows. Similarly, in the securitized market, risk premiums on AAA-rated asset-backed securities (ABS) and collateralized loan obligations (CLOs) ended the period near historically low levels.

OUTLOOK
Our portfolio remains neutral to modestly long in duration versus its benchmark, grounded in the expectation that the market may be underestimating the likelihood of rate cuts in the second half of 2025. While the Fed remains cautious amid ongoing tariff uncertainty, we see a path for declining policy rates if inflation stabilizes and growth moderates. Given that credit and liquidity premiums are near multi-year lows, we are selective in adding exposure.

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.