US Funds

Payden High Income Fund (PYHRX)

$6.32

NAV ($)

$0.01

NAV change ($) as of 10/12/2018

  • 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 $466.7 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 Account $100,000
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 $466.7 million
Average Duration 4.1 years
Average Maturity 6.8 years
30-Day SEC Yield (10/05/18) 5.52%
30-Day SEC Yield (unsubsidized) 5.45%
Duration Breakdown
Years Percent of Portfolio
0-110%
1-316%
3-542%
5-725%
7+7%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA1%
BBB3%
BB38%
B45%
CCC13%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Sector Breakdown
Sector Percent of Portfolio
Energy20%
Communications15%
Consumer Cyclical14%
Consumer Non-Cyclical13%
Financials13%
Industrials7%
Basic Materials6%
Mortgage Securities3%
Technology3%
Utilities3%
Total 97%

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 (9/30/2018) 1.79% 2.37% 6.19% 4.64% 6.72% 5.42%
Month-end (9/30/2018) 1.79% 2.37% 6.19% 4.64% 6.72% 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 +2.4% during the third quarter as measured by the ICE BOFA ML BB/B US Cash Pay High Yield Constrained Index. Although rising rates have taken a bite out of performance this year, a combination of carry (i.e., cash interest payments) and yields relative to similar-maturity Treasuries continue to compress and have resulted in positive total returns during the third quarter.
According to their relative ICE BOFA ML US Cash Pay High Yield Constrained Indices, BB-rated and B-rated bonds each returned +2.3% while CCC-rated bonds returned +2.8%.
Gross new issuance of $42 billion during the third quarter was the lowest quarterly level since the fourth quarter of 2011. Year-to-date gross issuance of $168 billion trails the 2017 level of $256 billion by -34%.
High-yield mutual funds experienced outflows of -$1.0 billion during the quarter.

OUTLOOK
The overall narrative of the high-yield asset class remains intact. The market is characterized by low levels of new CCC-rated issuance, relatively muted volatility, and improving leverage and interest coverage ratios.
The economy is growing, the handful of sectors that could drive short-term weakness are relatively small, and new issue is and will likely remain muted through the end of the year which increases the scarcity value of outstanding bonds.
We expect corporate fundamentals, market technicals, and general economic health to remain sound. High yield remains fundamentally insulated from trade wars and emerging-markets volatility. Like many asset classes, high yield is vulnerable to a risk-off correction, but it’s hard to see the catalyst coming from within the asset class itself.

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.