NAV ($)
NAV change ($) as of 3/12/2026
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.
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.
| 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 Inception Date | Sep 22, 2008 |
| Share Class Inception Date | Sep 22, 2008 |
| Ticker | PKBIX |
| CUSIP | 70432R200 |
| Fund Total Net Assets | $121.8 million |
| Benchmark | ICE BofA U.S. 1-Month Treasury Bill Index |
| Net Expense Ratio | 0.67% |
| 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 |
| Payden Managed Income Fund SI Class (PKBIX) | Morningstar average: Multisector Bond |
|
|---|---|---|
| Net Expense Ratio | 0.67% | 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.
| Fund Inception Date | Sep 22, 2008 |
| Total Net Assets | $121.8 million |
| Average Duration | 2.4 years |
| Average Maturity | 4.7 years |
| 30-Day SEC Yield | 6.01% |
| 30-Day SEC Yield (unsubsidized) | 5.01% |
| Years | Percent of Portfolio |
|---|---|
| 0-1 | -13% |
| 1-3 | 92% |
| 3-5 | 20% |
| 5-7 | 8% |
| 7+ | -7% |
| Total | 100% |
| Credit Quality | Percent of Portfolio |
|---|---|
| AA | 4% |
| A | 8% |
| BBB | 26% |
| BB | 29% |
| B | 18% |
| CCC | 2% |
| Unrated | 13% |
| Total | 100% |
| Sector | Percent of Portfolio |
|---|---|
| Emerging Markets | 31% |
| High Yield | 18% |
| CMBS | 16% |
| Mortgage-Backed Securities | 15% |
| Bank Loans | 14% |
| Asset-Backed Securities | 7% |
| Other | -1% |
| 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.
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2025) | 6.74% | 6.74% | 7.02% | 4.14% | 3.55% | 3.03% |
| Month-end (2/28/2026) | 1.01% | 6.65% | 6.73% | 4.11% | 3.79% | 3.06% |
| 2025 | 6.74% |
| 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% |
| Total Annual Operating Expense | 1.69% |
| Net or Actual Operating Expense | 0.67% |
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.
| MARKET | |
| Markets adopted a more defensive tone in February as volatility increased across both equity and credit markets. Interest rates rallied across the U.S. Treasury curve, largely ignoring robust economic data that continued to surprise to the upside. Instead, the move reflected rising geopolitical uncertainty and growing debate around the potential disinflationary implications of rapid artificial intelligence (AI) adoption. As sentiment shifted, risk assets began to reprice. In contrast to January’s tightening trend, credit risk premiums increased across most sectors. The adjustment was most pronounced in leveraged loans, particularly among issuers perceived as vulnerable to AI-driven disruption. Lower-quality corporate credit broadly underperformed, while investment-grade credit and higher-quality structured assets proved comparatively resilient, though not immune to increasing credit risk premiums. Altogether, February marked a recalibration of risk appetite following an extended period of tight valuations, with greater dispersion across asset classes and markets demanding increased compensation for credit and cyclical exposure. | |
| OUTLOOK | |
| We see a divided path ahead for the U.S. economy, with early-, mid-, and late-cycle dynamics coexisting. Meaningful upside and downside outcomes remain possible, largely driven by the trajectory of the labor market, growth momentum, and inflation dynamics. In this environment, we remain disciplined with respect to downside risk while emphasizing yield optimization through relative-value positioning and security selection. Consistent with this framework, U.S. interest rate pricing suggests a "soft landing," with expectations that the federal funds rate will ultimately settle near 3% and that inflation will remain contained. We remain constructive on the short- and intermediate-maturity segments of the U.S. Treasury curve, where yields appear more stable and offer attractive income relative to longer-duration bonds, which remain more exposed to supply dynamics and policy uncertainty. Within credit, selectivity remains paramount. We continue to favor an elevated allocation to emerging-market debt, where attractive real yields, moderating inflation, and improving policy credibility provide supportive fundamentals. In developed markets, positioning remains measured, with a preference for higher-quality securitized credit. At the margin, we have selectively increased exposure to higher-quality leveraged loans and high-yield bonds that we believe are relatively insulated from AI-driven disruption and positioned to benefit from the ongoing capital expenditure cycle. Overall, we believe this approach balances income generation, quality, and price risk, while preserving liquidity and portfolio flexibility. | |
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.