US Funds

Payden High Income Fund (PYHRX)

$6.37

NAV ($)

$0.00

NAV change ($) as of 5/25/2018

  • 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 $465.7 million
Benchmark ICE BofA ML BB-B US Cash Pay High Yield Constrained Index
Net Expense Ratio 0.67%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA $100,000
Advisor Class - Regular Account $5,000
Advisor Class $2,000
Additional Investment - All Classes$250

A Low Cost leader
Payden High Income Fund (PYHRX) Morningstar average:
High Yield Bond
Net Expense Ratio 0.67% 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 $465.7 million
Average Duration 4.4 years
Average Maturity 6.8 years
30-Day SEC Yield (05/18/18) 5.18%
30-Day SEC Yield (unsubsidized) 5.15%
Duration Breakdown
Years Percent of Portfolio
0-19%
1-310%
3-541%
5+40%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA1%
BBB2%
BB37%
B48%
CCC12%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Sector Breakdown
Sector Percent of Portfolio
Communications20%
Energy18%
Financials14%
Consumer Cyclical14%
Consumer Non-Cyclical12%
Industrials12%
Utilities3%
Loans3%
Other4%
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 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 (3/31/2018) -1.14% 3.36% 3.86% 3.83% 5.87% 5.41%
Month-end (4/30/2018) -0.55% 2.88% 3.76% 3.57% 5.50% 5.42%
Yearly Returns
20176.53%
201610.61%
2015-1.54%
20142.86%
20134.25%
201214.51%
20114.09%
201012.30%
200931.76%
2008-20.38%
Expenses
Total Annual Operating Expense 0.67%
Net or Actual Operating Expense 0.67%

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
High-yield bonds returned +0.57% in April as measured by the ICE BOFA ML BB/B US Cash Pay High Yield Constrained Index. High-yield spreads absorbed rising rates and high-yield investors clipped a coupon's worth of positive performance during the month.
Lower quality bonds, which tend to be less sensitive to interest rate moves, continued to outperformed in April. BB-rated bonds returned +0.23%, B-rated bonds returned +0.83%, and CCC-rated bonds returned +1.13%.
Although gross new issuance was down in April, net new issuance actually increased compared to the first three months of the year. This additional new issue volume was in part responsible for soft new issue performance during the month.
In April, high-yield mutual funds recorded their first monthly inflow since September. Nonetheless, inflows remain negative in 2018 in part due to a rotation into leveraged loan funds that benefit from rising rates.

OUTLOOK
Volatility is back, but underneath the surface the water is calm. Default rates are falling, maturities have been extended, and leverage remains manageable. Tax reform remains a tailwind and earnings are expected to grow again this year.
At the same time, we are conscious of elevated market risk. Policy errors at the Federal Reserve, anti-trade rhetoric at the White House, and dollar repatriation will all likely serve to increase volatility this year, especially relative to 2017.
All things considered, we believe this is a good environment for investing in high yield. Tighter financial conditions have resulted in higher yields, and elevated volatility means fundamental investors should have more opportunities to buy high-quality bonds at attractive valuations.

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.