NAV change ($) as of 10/12/2018
The Payden Limited Maturity Fund seeks to outperform current money market rates by utilizing short-term securities that are primarily investment-grade. The fund is primarily comprised of U.S. Government securities, investment-grade corporate bonds, mortgage- and asset-backed securities and money markets. The maximum average portfolio maturity is two and one-half years.
Ultra Short-Term Bond – Appropriate for investors who desire yields greater than money market funds while maintaining a high degree of liquidity, but can tolerate fluctuations in the net asset value (NAV).
|Invests primarily in high-quality, short-term securities|
|Low annual expense ratio, no loads or 12b-1 fees|
|Seeks to earn a higher yield than a traditional money market fund|
|The value of an investment will generally fall when interest rates rise|
|Fund Inception Date||May 2, 1994|
|Fund Total Net Assets||$799.0 million|
|Benchmark||ICE BofA ML 3-Month US Treasury Bill Index|
|Net Expense Ratio||0.25%|
|Investor Class - Regular Account||$5,000|
|Investor Class - IRA Account||$2,000|
|Payden Limited Maturity Fund (PYLMX)||Morningstar average:
|Net Expense Ratio||0.25%||0.56%|
(A) Expenses are lower than 86% of the Morningstar US Ultra Short Bond Category as of May 2016.
(B) This is not a money market fund. The share price will fluctuate.
|Fund Inception Date||May 2, 1994|
|Total Net Assets||$799.0 million|
|Average Duration||0.4 years|
|Average Maturity||1.7 years|
|30-Day SEC Yield (10/05/18)||2.49%|
|30-Day SEC Yield (unsubsidized)||2.07%|
|Years||Percent of Portfolio|
|Credit Quality||Percent of Portfolio|
|Sector||Percent of Portfolio|
|YTD||1 Year||3 Year||5 Year||10 Year||Since Inception|
|Total Annual Operating Expense||0.56%|
|Net or Actual Operating Expense||0.25%|
|Yields for one-year maturity U.S. Treasuries rose approximately 0.12% in September while yields for the two-year and five-year maturity U.S. Treasury notes both rose by approximately 0.20%.|
|Three-month LIBOR yields increased 0.08% in September, providing attractive nominal yield at 2.39%. The three-month U.S. Treasury bill yield increased 0.10%.|
|Total investment-grade corporate issuance was elevated for the month at $131 billion, higher than the previous five-year September average of $119 billion.|
|Cash as an asset class is more attractive now than it has been in over a decade as rates have moved higher providing attractive all-in yields with low volatility.|
|The market is pricing in one more hike for 2018, which is in-line with our expectations. We continue to utilize floating-rate coupon bonds across a range of sectors as well as maintain an underweight to duration in anticipation of higher front-end rates driven by an active Federal Reserve.|
|We continue to maintain a high allocation to credit given the additional yield premium. We remain highly price sensitive, however, looking to rotate out of expensive securities into those that have more upside.|
For more information about our funds, please contact us at:
Advisors and Institutions
Payden Mutual Funds
PO Box 1611
Milwaukee, WI 53201-1611
Payden Mutual Funds
235 W Galena St
Milwaukee, WI 53212-3948
Payden & Rygel provides superior solutions by employing a staff whose education, experience and vision have made the firm a leader in the field. We welcome the opportunity to speak with talented and motivated individuals who wish to meet this challenge.
If you are interested in a career with Payden & Rygel, please submit your resume to the firm's human resources department at firstname.lastname@example.org.
Payden & Rygel has developed a Business Continuity Plan to ensure that all critical functions continue in the event of a disruption in normal operations.
The firm has configured data replication servers and related infrastructure in its Boston, Massachusetts office. Data on critical Los Angeles servers is replicated to corresponding servers in the Boston location on a live basis throughout each day. In addition, other servers and databases are backed up, sent electronically to Boston, and restored at the end of each day. The firm has established a dedicated high-speed connection between the Los Angeles and Boston offices to facilitate the secure transmission of data backups.
A number of individuals from the Trading, Portfolio Operations, Information Technology, Compliance and Portfolio Management departments have been selected to connect remotely to the Boston office to complete their daily responsibilities, in the event of a disruption to normal business operations. The firm has implemented a VMWare virtual environment for each of these individuals so that they each have their own remote desktop in Boston to which they securely connect using a laptop or desktop computer with an Internet connection. Our expectation is that routine business operations will resume within 24 hours of a business continuity event. In addition, the Boston office has capacity to accommodate additional employees if a physical relocation of selected Los Angeles employees is necessary.
The firm uses a third-party hosted mass notification system to quickly communicate with all employees in the event of a disruption in operations. The system allows management to compose a text or voice message notifying employees of the event, which is then sent automatically to employees' mobile phones, home phones, and e-mail addresses. Employees indicate their receipt of the message from their phone or mobile device, which allows management to immediately review summary reports of the employees who are aware of the disruption. Additional instructions and updates can then be sent to all staff, as necessary under the circumstances.
In the event that our Business Continuity Plan is activated and Los Angeles office phone lines are down, the Los Angeles phone numbers are re-directed to the Boston office. Boston-based staff will direct callers to the mobile phones of key portfolio professionals, as necessary. All key investment personnel have access to firm e-mail on mobile devices. E-mail delivery to Payden & Rygel addresses is not dependent on the availability of either Los Angeles or Boston servers. Finally, Boston-based staff has access to portfolio management and reporting information independent of Los Angeles technology availability.
The transfer agent for the Paydenfunds is not located in Payden & Rygel's offices. The transfer agent for all of the funds maintains all shareholder records and will continue to receive all shareholder calls related to their accounts.
On at least a quarterly basis, several employees from the departments specified above will remotely connect to the Boston office to test the infrastructure by conducting their daily job responsibilities, including the execution, ticketing, settlement and processing of securities trades.
The Business Continuity Plan was developed and is monitored by a committee of senior managers, including the heads of the Trading, Portfolio Operations, Compliance and Information Technology departments. The committee meets regularly to discuss any necessary updates to the Plan and coordinates ongoing tests of the Boston location by a team of employees from various departments. The committee also solicits feedback from personnel based on the ongoing tests and promptly makes adjustments to the Plan and the Boston office resources, as necessary.
Updates to the Business Continuity Plan will be posted on this website page and a copy of the Plan may also be obtained by written request.
Since 2013, Payden & Rygel has been a signatory of the United Nations Principles for Responsible Investment.
As such, from environmental, social, and governance (ESG) considerations or strict exclusionary guidelines, to sustainable corporate practices and extensive community outreach, Payden & Rygel has a long history of responsible investing. As a firm, we embed ESG considerations in all aspects of our investment process. Whether in the sovereign, quasi-sovereign, or corporate research process, evaluating environmental, social and governance issues is part of sound fundamental analysis.
We also have a history of working closely with clients to ensure their portfolios are customized to meet specific social or ethical exclusions. In fact, a significant portion of our client accounts have some ethical or social exclusions which are monitored by our dedicated Compliance Group and proprietary information technology systems.
At the corporate level, Payden & Rygel is conscious of the sustainability and environmental impact of its operations. Payden & Rygel continually works at growing our business while minimizing its impact on the environment.
Please Click here for Payden & Rygel’s ESG policy document.
Payden & Rygel respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner and in compliance with applicable legal and regulatory requirements.
To meet those expectations, we must collect and maintain certain personal information which is required by state and federal agencies such as name, address and tax ID. We may collect or capture personal information about you from the following sources:
We do not make personal information available on line. To change your personal information, call Paydenfund Shareholder Services at 800-572-9366 and request forms needed to make any corrections.
We limit access to your personal and account information to those employees who need to know that information so that we can provide products and services to you. We also maintain physical, electronic and procedural safeguards to protect your nonpublic personal and account information.
We do not disclose any nonpublic personal and account information about our customers, or former customers, to anyone, except as permitted by law.
In this regard, we may disclose such information to our affiliates, in the event some or all of your assets may be invested in the Paydenfunds, and to unaffiliated third parties (such as broker-dealers, transfer agents or custodians), all as permitted by law and only as needed for us to provide agreed-upon services to you. Finally, we may also disclose information to appropriate government agencies, and to others, as required by law or to prevent fraud..
This website is for information purposes only. It is not intended to be a solicitation, offering or recommendation of any security, investment management service or investment advisory service. Nor does Payden & Rygel intend to provide investment, tax or legal advice through this website. In particular, Payden & Rygel does not represent that the securities, products or services discussed on this website are suitable or appropriate for all investors.
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