Payden Limited Maturity Fund (PYLMX)
$9.55
NAV ($)
$0.00
NAV change ($) as of 3/21/2025
- 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 (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 - 02/28/2025
| 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 US 3-Month Treasury Bill Index |
| Net Expense Ratio | 0.30% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $100,000 |
| Investor Class - IRA Account | $100,000 |
| Adviser Class - Regular Account | $5,000 |
| Adviser 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 | 0.30% | 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 Payden Funds 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 - 02/28/2025
| Fund Inception Date | Apr 29, 1994 |
| Share Class Inception Date | Apr 29, 1994 |
| Total Net Assets | $2.0 billion |
| Average Duration | 0.6 years |
| Average Maturity | 1.3 years |
| 30-Day SEC Yield | 4.76% |
| 30-Day SEC Yield (unsubsidized) | 4.56% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 75% |
| 1-3 | 24% |
| 3-5 | 1% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 53% |
| AA | 13% |
| A | 17% |
| BBB | 12% |
| BB | 4% |
| Unrated | 1% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Corporates | 39% |
| Asset-Backed | 27% |
| Money Markets | 19% |
| Mortgage-Backed | 15% |
| 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 Payden Funds 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 |  |
202 |
| 3 Year | |
202 | |
| Category: Ultrashort Bond | 5 Year | |
0 |
| Criterion: Risk-Adjusted Return | 10 Year | |
0 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2024) | 6.07% | 6.07% | 4.24% | 2.96% | 2.32% | 2.85% |
| Month-end (2/28/2025) | 0.89% | 5.97% | 4.67% | 3.01% | 2.38% | 2.86% |
Yearly Returns
| 2024 | 6.07% |
| 2023 | 6.22% |
| 2022 | 0.55% |
| 2021 | 0.31% |
| 2020 | 1.84% |
| 2019 | 3.35% |
| 2018 | 1.78% |
| 2017 | 1.64% |
| 2016 | 1.34% |
| 2015 | 0.30% |
Expenses
| Total Annual Operating Expense | 0.52% |
| Net or Actual Operating Expense | 0.30% |
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 Payden Funds 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 Payden Funds
Fund Commentary - 02/28/2025
| MARKET | |
| Interest rates moved lower over February as concerns that potential spending cuts and tariff actions could have a negative impact on economic growth. Both two- and five-year U.S. Treasury yields ended the month below the current federal funds rate, reinforcing the market’s expectation for more interest rate cuts. The most recent inflation data remained persistent but continued to show progress toward the Federal Reserve’s goal of 2.0%, which should allow for the continued normalization of monetary policy this year. Market expectations for rate reductions have increased anticipating two to three interest rate cuts by the end of 2025, compared to just one rate cut priced in at the start of the year. | |
| The Secured Overnight Financing Rate (SOFR) – a measure of the overnight secured borrowing rate – was 1 basis point (bp) higher over the month, closing at 4.39%. At month-end, the 3-month term SOFR rate was 4.32%, and the 3-month U.S. Treasury bill closed higher at 4.30%. | |
| Total U.S. investment-grade corporate issuance was $155 billion in February, in line with market expectations. Although investor demand remains strong, the pace of narrowing risk premiums has slowed as valuations approach historically high levels. Concerns about the impact of Trump’s policy initiatives on economic growth, corporate earnings, and consumer well-being have increased. While the overall market tone remained stable, some lower-quality segments of the market have experienced widening risk premiums. | |
| OUTLOOK | |
| High-level macro fundamental risks of a possible slowing economy and persistent inflation continue, but the dominant theme today is assessing the impact of the new administration’s agenda across various sectors. Tariffs, immigration, government spending cuts, geopolitics, and bank regulations are areas of particular interest to investors. We expect to experience higher volatility given the dynamic nature of policy developments and market reactions. | |
| The Fund’s duration positioning remains long compared to the benchmark. The portfolio allocation to risk products is moving more defensive as current risk premiums provide limited protection if growth were to slow. | |
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 Payden Funds 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.