US Funds

Payden Global Low Duration Fund (PYGSX)

$9.71

NAV ($)

$0.01

NAV change ($) as of 12/6/2024

  • 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 - 11/30/2024
Fund Inception Date Sep 18, 1996
Ticker PYGSX
CUSIP 704329697
Fund Total Net Assets $45.0 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 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 - 11/30/2024
Fund Inception Date Sep 18, 1996
Total Net Assets $45.0 million
Average Duration 2.2 years
Average Maturity 2.2 years
30-Day SEC Yield 4.80%
30-Day SEC Yield (unsubsidized) 4.50%
Sector Breakdown
Sector Percent of Portfolio
Corporates35%
Government/Gov't Related27%
Asset-Backed18%
Mortgage-Backed12%
Money Markets6%
Municipal Bonds2%
Total 100%
Country Breakdown
Country Percent of Portfolio
United States57.4%
Canada12.6%
France5.1%
Cayman Islands4.5%
Sweden2.2%
Japan2.1%
Supranational1.8%
Jersey, Channel Islands1.7%
Germany1.5%
Australia1.1%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA42%
AA15%
A17%
BBB17%
BB6%
Unrated3%
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 (9/30/2024) 5.06% 8.12% 2.14% 2.19% 1.94% 3.38%
Month-end (11/30/2024) 4.98% 6.36% 2.30% 2.09% 1.91% 3.36%
Yearly Returns
20235.61%
2022-3.38%
20210.17%
20203.14%
20194.77%
20180.58%
20171.89%
20161.70%
20150.29%
20141.03%
Expenses
Total Annual Operating Expense 0.79%
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 - 11/30/2024

MARKET
In November, economic data showed inflation unchanged, and a somewhat softer U.S. labor market obscured by weather-related issues rather than core fundamental weakness. As anticipated, the Federal Reserve (Fed) cut interest rates by 25 basis points (bps). The path for future cuts has diminished relative to late summer with the market pricing in a little over 50% chance for a cut in December and 2.5 cuts over the course of the next year. Rates were volatile over the month, mostly driven by the market’s speculation around the new administration and the direction of policy for the next four years.
Over the month, corporates had positive net issuance, led by the financial sector. The supply continued to be met by strong demand driving a further compression in risk premiums. In securitized products, supply was lighter as most deals were priced in October to avoid potential election volatility. The lower supply in securitized products drove risk premiums narrower and are close to their lowest level over the past two years.

OUTLOOK
While we acknowledge that the lagged effects of restrictive monetary policy could cause extra stress on the economy, we currently do not foresee the need for the Fed to accelerate the path of rate reductions to stave off a recession. The results of the U.S. election yielded a new administration and a Republican sweep. While we have already seen a Trump administration, the personnel are new and economic conditions are vastly different with much higher rates, inflation, and the government deficit. The extent and impact of proposed policies on the economy is unclear. As central banks continue their easing cycles, we are keeping a close eye on how global economies and currencies respond. Given the uncertain nature of domestic and global policy, we are biased toward maintaining liquidity as current risk premiums do not compensate investors for additional risk.
We favor a high-quality tilt in our credit positioning and have adjusted our duration positioning longer to our benchmarks to take advantage of the rise in yields over the past couple of months. The pace of rate cuts will be our primary focus for the rest of 2024 and into next year. While we do not see any imminent risks catalyzing a risk-off move, we also do not view current credit premiums as an attractive starting place to increase credit exposure. We continue to manage prudently, with the focus on relative valuation and building up yield advantage for income and carry. We maintain sufficient liquidity and are ready to step in if we see valuation becomes more appealing.

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.