Payden Managed Income Fund SI Class (PKBIX)
$10.18
NAV ($)
$0.00
NAV change ($) as of 3/21/2025
- 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
Designed for investors seeking greater yield opportunity given credit focus with less interest rate sensitivity and reduced correlations to traditional asset classes. The fund is diversified across a wide menu of public fixed-income sectors with periodic equity exposure and is not intended to outperform stocks and bonds during strong market rallies.
Fund Highlights
| Seeks to provide total return, whether through price appreciation, or income, or a combination of both. | |
| Utilizes all sectors of the fixed-income market with opportunistic equity usage. | |
| Portfolio is structured with relatively low interest rate sensitivity. | |
| Moderate use of hedging and defensive strategies. |
Fund Snapshot - 02/28/2025
| Fund Inception Date | Sep 22, 2008 |
| Share Class Inception Date | Sep 22, 2008 |
| Ticker | PKBIX |
| CUSIP | 70432R200 |
| Fund Total Net Assets | $113.7 million |
| Benchmark | ICE BofA US 1-Month Treasury Bill Index |
| Net Expense Ratio | 0.66% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $25,000 |
| Investor Class - IRA Account | $25,000 |
| Adviser Class - Regular Account | $25,000 |
| Adviser Class - IRA Account | $25,000 |
| SI Class | $25,000 |
| Retirement Class | $25,000 |
| Institutional Class | $5,000,000 |
A Low Cost leader
| Payden Managed Income Fund SI Class (PKBIX) | Morningstar average: Multisector Bond |
|
|---|---|---|
| Net Expense Ratio | 0.66% | 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 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.
Portfolio Characteristics - 02/28/2025
| Fund Inception Date | Sep 22, 2008 |
| Total Net Assets | $113.7 million |
| Average Duration | 1.5 years |
| Average Maturity | 3.2 years |
| 30-Day SEC Yield | 5.79% |
| 30-Day SEC Yield (unsubsidized) | 4.83% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 4% |
| 1-3 | 97% |
| 3-5 | 2% |
| 5-7 | 3% |
| 7+ | -6% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 11% |
| AA | 7% |
| A | 10% |
| BBB | 23% |
| BB | 24% |
| B | 12% |
| CCC | 2% |
| Unrated | 11% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Asset-Backed Securities | 24% |
| Mortgage-Backed Securities | 20% |
| Emerging Markets | 17% |
| Investment Grade Corporates | 12% |
| High Yield | 10% |
| Bank Loans | 7% |
| CMBS | 7% |
| Other | 3% |
| 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 |  |
337 |
| 3 Year | |
337 | |
| Category: Multisector Bond | 5 Year | |
282 |
| Criterion: | 10 Year | |
0 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2024) | 8.13% | 8.13% | 3.34% | 3.17% | 2.95% | 2.81% |
| Month-end (2/28/2025) | 1.09% | 7.37% | 4.45% | 3.24% | 2.96% | 2.85% |
Yearly Returns
| 2024 | 8.13% |
| 2023 | 6.20% |
| 2022 | -3.89% |
| 2021 | 3.97% |
| 2020 | 1.89% |
| 2019 | 6.36% |
| 2018 | 0.79% |
| 2017 | 3.19% |
| 2016 | 2.69% |
| 2015 | 0.72% |
Expenses
| Total Annual Operating Expense | 1.62% |
| Net or Actual Operating Expense | 0.66% |
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 | |
| U.S. Treasury yields declined in February despite a higher-than-expected inflation reading, as investors focused on growing risks to economic growth. The 10-year U.S. Treasury yield fell from 4.5% to 4.2%, reflecting concerns over trade policy uncertainty, federal spending cuts, and government employee layoffs. Inflation remained elevated at the start of the year, with the core personal consumption expenditures (PCE) price index rising 0.3% in January; however, the three-month average remains consistent with the Federal Reserve's (Fed's) 2% target. The Fed held rates steady, maintaining a cautious stance as markets debated the timing of potential rate cuts later in 2025. Amid this uncertainty, credit risk premiums widened as investors sought safer assets. | |
| OUTLOOK | |
| Going forward, we are skeptical that rates can substantially fall without risk assets responding in spades. Valuation concerns remain central to positioning, with risk assets appearing more vulnerable to the trade-off between disinflation and slower growth. In this environment, we favor measured adjustments over aggressive shifts, maintaining a cautious stance on credit while looking for opportunities in duration exposure as monetary and fiscal policy trajectories become clearer. Moving forward, positioning will be guided by incoming data, Fed policy direction, and the evolving stance of the new administration, particularly as it relates to deficit reduction and financial conditions. | |
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.