NAV ($)
NAV change ($) as of 1/18/2019
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.
High-Yield Bond – Appropriate for investors who seek higher yields and diversification in the growing $2 trillion high-yield bond market.
| 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 Inception Date | Dec 30, 1997 |
| Share Class Inception Date | Dec 30, 1997 |
| Ticker | PYHRX |
| CUSIP | 704329572 |
| Fund Total Net Assets | $430.3 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 Account | $100,000 |
| Additional Investment - All Classes | $250 |
| 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.
| Fund Inception Date | Dec 30, 1997 |
| Share Class Inception Date | Dec 30, 1997 |
| Total Net Assets | $430.3 million |
| Average Duration | 4.3 years |
| Average Maturity | 6.5 years |
| 30-Day SEC Yield (01/11/19) | 6.56% |
| 30-Day SEC Yield (unsubsidized) | 6.72% |
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 6% |
| 1-3 | 15% |
| 3-5 | 37% |
| 5-7 | 37% |
| 7+ | 5% |
| Total | 100% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 1% |
| BBB | 3% |
| BB | 39% |
| B | 46% |
| CCC | 11% |
| Total | 100% |
| Sector | Percent of Portfolio |
|---|---|
| Energy | 17% |
| Communications | 17% |
| Consumer Cyclical | 15% |
| Consumer Non-Cyclical | 13% |
| Financials | 11% |
| Industrials | 8% |
| Basic Materials | 5% |
| Loans | 4% |
| Mortgage Securities | 3% |
| Technology | 3% |
| 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.
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2018) | -2.85% | -2.85% | 4.61% | 3.00% | 7.86% | 5.12% |
| Month-end (12/31/2018) | -2.85% | -2.85% | 4.61% | 3.00% | 7.86% | 5.12% |
| 2018 | -2.85% |
| 2017 | 6.53% |
| 2016 | 10.61% |
| 2015 | -1.54% |
| 2014 | 2.86% |
| 2013 | 4.25% |
| 2012 | 14.51% |
| 2011 | 4.09% |
| 2010 | 12.30% |
| 2009 | 31.76% |
| 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.
| MARKET | |
| High-yield bonds returned -3.9% in the fourth quarter as measured by the ICE BOFA ML BB/B US Cash Pay High Yield Constrained Index. This drove year-to-date performance into the red as the market priced-in concerns about the pace of global economic growth and falling oil prices. | |
| According to the ICE BOFA ML US Cash Pay High Yield Constrained Indices, BB-rated, B-rated, and CCC-rated bonds returned -3.0%, -4.9%, and -10.4%, respectively. | |
| No high-yield bonds were issued in December. Gross new issuance of $187 billion in 2018 was down 43% relative to issuance in 2017. | |
| High-yield mutual funds and ETFs experienced outflows of -$20 billion during the quarter, bringing year-to-date outflows to -$45 billion. | |
| OUTLOOK | |
| The technical backdrop of the high-yield bond market is strong. Net issuance has been declining for the last few years, making high-yield bonds increasingly scarce. We expect this trend to continue, and the limited supply of bonds should be supportive of secondary prices. | |
| The recent selloff in high-yield bonds means we will enter 2019 at an attractive yield level, currently above 7.2%. With yields in this context, the yields offered on high-yield bonds relative to comparable-maturity U.S. Treasuries would need to increase materially in order to generate negative excess returns for the asset class. | |
| Given strong credit fundamentals, we expect below-average default rates in 2019. | |
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.