US Funds

Payden High Income Fund (PYHRX)

$12.72

NAV ($)

$0.00

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

  • 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 - 06/30/2025
Fund Inception Date Dec 30, 1997
Share Class Inception Date Dec 30, 1997
Ticker PYHRX
CUSIP 704329572
Fund Total Net Assets $937.4 million
Benchmark ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index

Net Expense Ratio 0.63%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA Account $100,000
Adviser Class - Regular Account $5,000
Adviser Class - IRA Account $2,000
SI Class $10,000,000
Additional Investment - All Classes$250

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 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 Dec 30, 1997
Share Class Inception Date Dec 30, 1997
Total Net Assets $937.4 million
Average Duration 3.0 years
Average Maturity 5.9 years
30-Day SEC Yield 6.86%
30-Day SEC Yield (unsubsidized) 6.86%
Duration Breakdown
Years Percent of Portfolio
0-113%
1-334%
3-543%
5-79%
7+1%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA4%
BBB3%
BB32%
B53%
CCC6%
Unrated2%
Total 100%
Security ratings are assigned using the lowest rating of Moody’s, S&P, and Fitch.
Sector Breakdown
Sector Percent of Portfolio
Financials18%
Consumer Cyclical17%
Consumer Non-Cyclical13%
Energy13%
Communications11%
Industrials6%
Basic Materials5%
Loans5%
Utilities4%
Cash3%
Other5%
Total 100%

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.

    Number of funds
Overall 589
3 Year 589
Category: High Yield Bond 5 Year 0
10 Year 0

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (6/30/2025) 3.99% 8.63% 10.31% 6.82% 5.54% 5.57%
Month-end (6/30/2025) 3.99% 8.63% 10.31% 6.82% 5.54% 5.57%
Yearly Returns
20248.14%
202314.71%
2022-9.76%
20216.62%
20207.38%
201916.75%
2018-2.85%
20176.53%
201610.61%
2015-1.54%
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 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.

Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.
@ 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund Commentary - 06/30/2025

MARKET
High-yield bonds posted a strong result for the quarter as tighter spreads (i.e., the difference between the yield on bonds and comparable-maturity U.S. Treasuries) and coupon income both worked in investors’ favor.
The ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index returned +3.5% during the quarter. BB-rated bonds returned +3.4%, B-rated bonds returned +3.5%, and CCC-rated bonds returned +4.6%.
New issuance was $77 billion ($23 billion net of refinancing) in the second quarter. Year-to-date, the market has seen $146 billion ($40 billion net of refinancing) of new issue.
High-yield mutual fund and exchange-traded fund (ETF) flows were -$0.1 billion during the quarter.

OUTLOOK
Issuer-level data shows sturdy high-yield fundamentals as disciplined management teams have kept leverage in check and cash flow ratios healthy.
Very few issuers need immediate access to capital markets, which should give them runway to reposition for the new global economic dynamic.
We view all-in yields as attractive in the low-7% range, but active management will remain critical in the coming months.

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.