US Funds

Payden High Income Fund (PYHRX)

$6.55

NAV ($)

$0.00

NAV change ($) as of 11/20/2019

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden High Income Fund invests in corporate high-yield bonds, which provide a premium to U.S. Treasury bonds. The fund generally invests in the higher-quality segment of the market and looks for companies with good growth prospects, superior and defensible products and strong management teams.

Role In Portfolio

High-Yield Bond – Appropriate for investors who seek higher yields and diversification in the growing $2 trillion high-yield bond market.

Fund Highlights
Primary focus on the upper tier (BB or B rated) of the global high-yield bond market
Potential for both income and capital appreciation
The value of an investment will generally fall when interest rates rise

Fund Snapshot
Fund Inception Date Dec 30, 1997
Share Class Inception Date Dec 30, 1997
Ticker PYHRX
CUSIP 704329572
Fund Total Net Assets $440.5 million
Benchmark ICE BofA ML BB-B US Cash Pay High Yield Constrained Index
Net Expense Ratio 0.63%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $5,000
Investor Class - IRA Account $2,000
Additional Investment - All Classes$250

A Low Cost leader
Payden High Income Fund (PYHRX) Morningstar average:
High Yield Bond
Net Expense Ratio 0.63% 1.11%

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 Dec 30, 1997
Share Class Inception Date Dec 30, 1997
Total Net Assets $440.5 million
Average Duration 3.5 years
Average Maturity 6.5 years
30-Day SEC Yield (11/15/19) 4.46%
30-Day SEC Yield (unsubsidized) 4.58%
Duration Breakdown
Years Percent of Portfolio
0-122%
1-327%
3-534%
5-712%
7+5%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA4%
BBB5%
BB40%
B43%
CCC7%
Unrated1%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Sector Breakdown
Sector Percent of Portfolio
Consumer Non-Cyclical15%
Energy15%
Communications14%
Consumer Cyclical14%
Financials12%
Industrials7%
Loans7%
Basic Materials5%
Cash4%
Mortgage Securities3%
Total 96%

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.

    Number of funds
Overall 610
3 Year 610
Category: High Yield Bond 5 Year 536
Criterion: Risk-Adjusted Return 10 Year 340

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (9/30/2019) 13.45% 8.29% 5.76% 4.85% 6.68% 5.55%
Month-end (10/31/2019) 13.82% 10.37% 5.96% 4.64% 6.60% 5.55%
Yearly Returns
2018-2.85%
20176.53%
201610.61%
2015-1.54%
20142.86%
20134.25%
201214.51%
20114.09%
201012.30%
200931.76%
Expenses
Total Annual Operating Expense 0.63%
Net or Actual Operating Expense 0.63%

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.

(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
The ICE BofAML BB-B US Cash Pay High Yield Constrained Index returned +1.7% during the quarter, with outperformance by financial sectors that benefitted from a healthy U.S. consumer.
According to the ICE BOFA ML US Cash Pay High Yield Constrained Indices, BB-rated, B-rated, and CCC-rated bonds returned +2.0%, +1.1%, and -2.5%, respectively.
Gross new issuance was $68 billion during the third quarter and $208 billion year-to-date vs. $168 billion over the same period last year.
Inflows of $2.8 billion during the third quarter have generated a total inflow of +$15.3 billion for the year. This is the largest inflow since 2012.

OUTLOOK
During a quarter that saw a raft of geopolitical headlines, a flood of new issuance, and a wave of cash generated by calls, tenders, and maturities, investors remained disciplined.
High-yield investors have been reluctant to finance more speculative, lower quality enterprises, so the risk of contagion from any given sector should remain muted. Contrast the present dynamic to the telecom bubble in 2002 or the commodity price crisis in 2015-2016.
Positive fundamentals and reasonable valuations leave us constructive on high yield. With low default expectations and yields falling around the globe, high yield remains an attractive source of carry for yield-oriented investors.

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.