Payden Limited Maturity Fund (PYLMX)
$9.41
NAV ($)
$0.00
NAV change ($) as of 3/27/2023
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
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.
Role In Portfolio
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).
Fund Highlights
| Invests primarily in high-quality, short-term securities | |
| Low annual expense ratio | |
| No loads or 12b-1 fees (other fees apply) | |
| 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 Snapshot - 02/28/2023
| Fund Inception Date | Apr 29, 1994 |
| Share Class Inception Date | Apr 29, 1994 |
| Ticker | PYLMX |
| CUSIP | 704329606 |
| Fund Total Net Assets | $2.0 billion |
| Benchmark | ICE BOFA 3-MONTH US TREASURY BILL INDEX |
| Net Expense Ratio | 0.25% |
| 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 Limited Maturity Fund (PYLMX) | Morningstar average: Ultrashort Bond |
|
|---|---|---|
| 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.
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 - 02/28/2023
| Fund Inception Date | Apr 29, 1994 |
| Share Class Inception Date | Apr 29, 1994 |
| Total Net Assets | $2.0 billion |
| Average Duration | 0.5 years |
| Average Maturity | 1.0 years |
| 30-Day SEC Yield (03/24/23) | 4.74% |
| 30-Day SEC Yield (unsubsidized) | 4.32% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 89% |
| 1-3 | 10% |
| 3-5 | 1% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 53% |
| AA | 8% |
| A | 14% |
| BBB | 20% |
| BB | 4% |
| Unrated | 1% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 35% |
| Money Markets | 34% |
| Asset-Backed | 23% |
| Mortgage-Backed | 8% |
| 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.
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 |  |
215 |
| 3 Year | |
215 | |
| Category: Ultrashort Bond | 5 Year | |
178 |
| Criterion: Risk-Adjusted Return | 10 Year | |
102 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2022) | 0.55% | 0.55% | 0.90% | 1.56% | 1.21% | 2.62% |
| Month-end (2/28/2023) | 0.95% | 1.86% | 1.00% | 1.69% | 1.30% | 2.64% |
Yearly Returns
| 2022 | 0.55% |
| 2021 | 0.31% |
| 2020 | 1.84% |
| 2019 | 3.35% |
| 2018 | 1.78% |
| 2017 | 1.64% |
| 2016 | 1.34% |
| 2015 | 0.30% |
| 2014 | 0.58% |
| 2013 | 0.48% |
Expenses
| Total Annual Operating Expense | 0.52% |
| Net or Actual Operating Expense | 0.25% |
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 - 02/28/2023
| MARKET | |
| With high-quality cash equivalents currently yielding between 4.50%-5.25%, we have been more active in laddering fixed-rate commercial paper, certificates of deposit, and U.S. Treasuries at higher yields. In the near term, we favor floating rate notes versus fixed as we position portfolios for further rates hikes. | |
| The Secured Overnight Financing Rate (“SOFR”) moved from 4.31% to 4.55%. The 3-month SOFR increased to 4.89% and the 3-month U.S. Treasury bill closed higher at 4.81%. | |
| February U.S. investment-grade (“IG”) gross supply ended at $152 billion beating estimates of $90-$100 billion (J.P. Morgan). Total gross supply was heavy in the long end of the curve with only 30% of issuance five years and in. IG supply was concentrated in fixed-rate securities and 86% from industrial issuers. We continue to participate in the primary markets in names with strong fundamentals and a commitment to keeping investment-grade ratings. | |
| OUTLOOK | |
| The U.S. debt-ceiling limit was reached in mid-January and the U.S. Treasury has begun extraordinary measures to continue meeting liabilities. Looking ahead, we view the likelihood of a default on marketable debt as minimal. While the U.S. Treasury’s operating cash balances have started to trend lower, as they pay out tax refunds and borrowing authority is inhibited, upcoming April tax receipts should provide support. We will look to limit impacts from a potential delay in payments by avoiding U.S. Treasury securities with maturities around the anticipated default date, curtailing exposure to coupon payments in the respective space and avoiding collateral that could be affected. | |
| Following upside surprises to key economic indicators, such as nonfarm payroll and the consumer price index, the market drastically repriced the probability of cuts in 2023 and terminal rates increased from 5.0% to 5.5%. Given the recent momentum, coupled with bearish sentiment surrounding growth and recessionary fears, we continue to monitor the confluence of factors guiding the Federal Reserve. | |
| With the implied path aligning more closely with the Federal Open Market Committee’s projections and a more symmetric balance of risks, we continue to add incrementally at higher yields with a stronger emphasis on carry. The portfolio maintains ample liquidity and an up-in-quality mix of credit sectors. | |
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.