US Funds

Payden Limited Maturity Fund (PYLMX)

$9.47

NAV ($)

$0.00

NAV change ($) as of 5/25/2018

  • 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
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
Fund Inception Date May 2, 1994
Ticker PYLMX
CUSIP 704329606
Fund Total Net Assets $796.8 million
Benchmark ICE BofA ML 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 $2,000
Additional Investment$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
Fund Inception Date May 2, 1994
Total Net Assets $796.8 million
Average Duration 0.4 years
Average Maturity 1.6 years
30-Day SEC Yield (05/18/18) 2.24%
30-Day SEC Yield (unsubsidized) 1.92%
Duration Breakdown
Years Percent of Portfolio
0-191%
1-39%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA15%
AA25%
A25%
BBB30%
BB4%
B1%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Sector Breakdown
Sector Percent of Portfolio
Corporates52%
Government/Gov't Related21%
Asset-Backed12%
Mortgage-Backed9%
Money Markets6%
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.

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 (3/31/2018) 0.37% 1.64% 1.09% 0.92% 1.17% 2.84%
Month-end (4/30/2018) 0.65% 1.71% 1.16% 0.94% 1.14% 2.84%
Yearly Returns
20171.64%
20161.34%
20150.30%
20140.58%
20130.48%
20121.83%
20110.44%
20101.41%
20094.69%
2008-2.12%
Expenses
Total Annual Operating Expense 0.56%
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.

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
The front-end of the yield curve steepened in April with front-end rates at near-term highs. One-year maturity yields ended the month at 2.23%, increasing substantially by 0.15%.
Total investment-grade corporate issuance for April was robust at $111 billion, only 1% behind the year to date pace of issuance in 2017.
Three-month LIBOR continued higher in April, increasing from 2.31% to 2.36%, keeping pace with three-month U.S. Treasury bill yields.

OUTLOOK
The market has adjusted to be more in-line with the Fed's projections for three hikes in 2018, although it continues to underprice the number of hikes in 2019 and beyond. We expect four hikes in 2018.
Floating-rate securities should benefit from additional hikes as LIBOR continues to move higher.
Even with the expectation of higher volatility throughout 2018, we continue to maintain a high allocation to selective BBB-rated securities given the additional yield premium embedded in these names. We look to avoid companies whose deteriorating fundamentals induce a greater threat of engaging in material levering events.

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.