US Funds

Payden Managed Income Fund SI Class (PKBIX)

$10.28

NAV ($)

$0.00

NAV change ($) as of 9/25/2023

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden Managed Income Fund primarily invests in corporate, mortgage, and emerging-market debt along with other cash-flow-oriented securities. These holdings are complemented by securities positioned to take advantage of broader industry, interest rate, and currency views. The fund seeks to manage interest rate duration with the use of futures contracts, which seek to limit exposure to yield curve fluctuations. The value of an investment may fall if interest rates rise.

Role In Portfolio

At a meeting on December 20, 2022, the Board of Trustees of the Payden & Rygel Investment Group approved an interim Investment Management Agreement between the Group and Payden & Rygel, replacing Payden/Kravitz Investment Advisers LLC as investment advisor to the Fund, effective December 30, 2022. A proxy statement related to a special meeting of shareholders to approve the new agreement is forthcoming. At the meeting the Board also approved a change in the name of the Fund to the Payden Managed Income Fund, effective December 30, 2022.

Payden & Rygel has served the needs of institutional and individual investors for over a quarter century. We offer a full array of investment strategies and products, including equity, fixed-income, and balanced portfolios as well as open-end mutual funds and offshore funds, to a varied client base around the world. While we have grown and expanded considerably since our inception, we remain committed to our mission of providing customized investment management services that focus on each client’s specific needs and objectives.

Fund Highlights

Fund Snapshot - 08/31/2023
Fund Inception Date Sep 22, 2008
Share Class Inception Date Sep 22, 2008
Ticker PKBIX
CUSIP 70432R200
Fund Total Net Assets $102.5 million
Benchmark 30-YEAR US TREASURY BOND YIELD

Net Expense Ratio 0.95%
Sales Charge None
Investment Minimum
Investment Minimum $25,000

A Low Cost leader
Payden Managed Income Fund SI Class (PKBIX) Morningstar average:
Multisector Bond
Net Expense Ratio 0.95% 1.12%

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.

Portfolio Characteristics - 08/31/2023
Fund Inception Date Sep 22, 2008
Total Net Assets $102.5 million
Average Duration 1.2 years
Average Maturity 3.6 years
30-Day SEC Yield (08/31/23) 4.97%
30-Day SEC Yield (unsubsidized) 4.26%
Duration Breakdown
Years Percent of Portfolio
0-146%
1-334%
3-524%
5-73%
7+-7%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA23%
AA4%
A14%
BBB24%
BB14%
B6%
Unrated15%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
Sector Breakdown
Sector Percent of Portfolio
Investment Grade Corporates30%
Asset-Backed Securities23%
CMBS12%
High Yield9%
Gov't Related8%
Emerging Markets8%
Mortgage-Backed Securities7%
Other3%
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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (6/30/2023) 2.33% 5.17% 2.36% 2.15% 2.02% 2.30%
Month-end (8/31/2023) 3.85% 4.59% 2.33% 2.20% 2.21% 2.37%
Yearly Returns
2022-3.89%
20213.97%
20201.89%
20196.36%
20180.79%
20173.19%
20162.69%
20150.72%
20140.95%
2013-1.08%
Expenses
Total Annual Operating Expense 1.62%
Net or Actual Operating Expense 0.95%

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.

Fund Commentary - 08/31/2023

MARKET
Fixed-income total returns were mixed for the month of August as strong U.S. economic data drove rates higher and equities lower, in the first half of the month. However, weaker-than-expected U.S. data in the second half of the month partially reversed the earlier moves. Despite cooling inflation and tight labor markets fueling the possibility of a “soft landing” soon, Federal Reserve (Fed) Chair Powell reinforced once again that there is still a long way to go to bring inflation down to the 2% target. Globally, economic data from other countries has not reflected the same resilience. The euro area Purchasing Managers’ Index (PMI) indicated a contraction, with the composite PMI falling to 47. In addition, China continues to face headwinds to economic growth, with continued contraction in real estate activity and slumping export prices.

OUTLOOK
Current fixed-income valuations appear to be more consistent with a “soft landing,” and even a reacceleration in growth as opposed to a near-term recession. If the market accepts the notion of accelerating growth, then Fed rate cuts expected in 2024 can likely be called into question, and inflation expectations may increase. This could signal that the Fed is behind the curve and if rates move higher, risk assets could suffer. Thus, the balance of risks today does not seem to reward an elevated degree of interest rate duration or credit risk premium duration. As a result, the fund remains more defensive, skewed toward higher quality segments of corporates, emerging markets, and securitized product, with a reduced exposure to interest rate duration.

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.