Payden High Income Fund (PYHRX)
$5.99
NAV ($)
$-0.01
NAV change ($) as of 9/25/2023
- 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 - 08/31/2023
| Fund Inception Date | Dec 30, 1997 |
| Share Class Inception Date | Dec 30, 1997 |
| Ticker | PYHRX |
| CUSIP | 704329572 |
| Fund Total Net Assets | $622.6 million |
| Benchmark | ICE BOFA BB-B US CASH PAY HIGH YIELD CONSTRAINED INDEX |
| Net Expense Ratio | 0.60% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $5,000 |
| Investor Class - IRA Account | $2,000 |
| SI Class | $10,000,000 |
| Additional Investment - All Classes | $250 |
A Low Cost leader
| Payden High Income Fund (PYHRX) | Morningstar average: High Yield Bond |
|
|---|---|---|
| Net Expense Ratio | 0.60% | 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.
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 - 08/31/2023
| Fund Inception Date | Dec 30, 1997 |
| Share Class Inception Date | Dec 30, 1997 |
| Total Net Assets | $622.6 million |
| Average Duration | 3.6 years |
| Average Maturity | 5.9 years |
| 30-Day SEC Yield (08/31/23) | 7.86% |
| 30-Day SEC Yield (unsubsidized) | 7.86% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 10% |
| 1-3 | 21% |
| 3-5 | 50% |
| 5-7 | 17% |
| 7+ | 2% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 6% |
| BBB | 5% |
| BB | 54% |
| B | 25% |
| CCC | 6% |
| Unrated | 4% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Consumer Cyclical | 16% |
| Energy | 14% |
| Financials | 13% |
| Communications | 13% |
| Consumer Non-Cyclical | 10% |
| Loans | 8% |
| Industrials | 6% |
| Cash | 5% |
| Technology | 3% |
| Utilities | 3% |
| Basic Materials | 3% |
| Mortgage Securities | 2% |
| 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.
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 |  |
628 |
| 3 Year | |
628 | |
| Category: High Yield Bond | 5 Year | |
585 |
| Criterion: Risk-Adjusted Return | 10 Year | |
419 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (6/30/2023) | 5.75% | 10.06% | 4.47% | 4.53% | 4.46% | 5.20% |
| Month-end (8/31/2023) | 7.95% | 8.25% | 3.14% | 4.53% | 4.62% | 5.25% |
Yearly Returns
| 2022 | -9.76% |
| 2021 | 6.62% |
| 2020 | 7.38% |
| 2019 | 16.75% |
| 2018 | -2.85% |
| 2017 | 6.53% |
| 2016 | 10.61% |
| 2015 | -1.54% |
| 2014 | 2.86% |
| 2013 | 4.25% |
Expenses
| Total Annual Operating Expense | 0.60% |
| Net or Actual Operating Expense | 0.60% |
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.
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.
(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 - 08/31/2023
| MARKET | |
| High yield posted another positive return in August as investor sentiment around economic growth improved. | |
| The ICE BofA BB-B US Cash Pay High Yield Constrained Index has returned +1.5% so far during the third quarter. Double BB-rated bonds returned +1.1%, single B-rated bonds returned +1.9%, and triple CCC-rated bonds returned +3.5%. | |
| New issuance was light again in August as quarter-to-date new issue rose to $16 billion ($3 billion net of refinancing), bringing the year-to-date volume up to $111 billion ($41 billion net of refinancing). | |
| High-yield mutual funds and ETFs saw outflows of -$1.1 billion so far during the quarter. | |
| OUTLOOK | |
| Although rate volatility has persisted this year as inflation remains stubbornly high, the impact of those factors has been offset by high yield with strong income generation. We expect this to remain a theme for the rest of the year. | |
| Credit fundamentals are weakening off record strength but remain historically robust. Aside from distressed issuers, which may push the default rate back toward historical averages over the course of the next year, we believe high-yield fundamentals remain solid. | |
| Investors should be on the lookout for signs of a recession, but in the absence of data indicating a meaningful decline in growth, most issuers are well positioned for the current environment, in our view. Yields in the 8% context for BB/B-rated high-yield bonds remain attractive for long-term 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.
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.