US Funds

Payden Global Low Duration Fund (PYGSX)

$10.00

NAV ($)

$0.00

NAV change ($) as of 2/23/2018

  • 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. The fund will have a minimum of 40% in non-U.S. securities.

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
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 $107.4 million
Benchmark ICE BofA Merrill Lynch 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 $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.

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 $107.4 million
Average Duration 1.8 years
Average Maturity 2.4 years
30-Day SEC Yield (02/16/18) 2.28%
30-Day SEC Yield (unsubsidized) 2.00%
Sector Breakdown
Sector Percent of Portfolio
Corporates62%
Government/Gov't Related19%
Mortgage-Backed11%
Asset-Backed8%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States50.6%
Cayman Islands6.1%
Netherlands5.2%
Japan4.5%
Australia4.1%
United Kingdom3.4%
France2.4%
Sweden1.6%
Supranational1.5%
Ireland1.1%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA13%
AA18%
A19%
BBB39%
BB7%
B3%
Unrated1%
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.

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 (12/31/2017) 1.89% 1.89% 1.29% 1.12% 2.16% 3.72%
Month-end (1/31/2018) 0.08% 1.77% 1.15% 1.08% 2.20% 3.71%
Yearly Returns
20171.89%
20161.70%
20150.29%
20141.03%
20130.71%
20126.16%
20110.39%
20104.32%
20098.54%
2008-2.93%
Expenses
Total Annual Operating Expense 0.66%
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.

Fund Commentary

MARKET
Eurozone manufacturing growth remained elevated in January, though inflation fell by 10 basis points month-to-month. Two-year maturity German Bund yields rose from -0.63% to -0.53% during the month.
Front end rates continued to rise in January, led by both three year and five year maturities increasing 31 basis points. The front end steepened on expectations for continued hikes and increasing treasury supply. Two-year maturity yields ended the month at 2.14%, increasing 26 basis points since year end.
Total January issuance was $127 billion, which compares to a five year average of $115 billion. Floating rate paper made up 17% of investment grade issuance, the highest since last June.

OUTLOOK
The market has adjusted to be more in-line with the Fed’s projections for 3 hikes in 2018, although it continues to underprice the number of hikes in 2019 and beyond. We expect the market to move closer to the Fed’s projections.
Floating-rate securities should benefit if the Fed’s projections materialize.
Corporate credit will continue to perform well with BBB-rated securities outperforming single-A securities. We look to avoid companies whose deteriorating fundamentals induce a greater threat of engaging in material levering events.

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.