Payden Managed Income Fund SI Class (PKBIX)
$10.44
NAV ($)
$0.03
NAV change ($) as of 8/1/2025
- 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 - 06/30/2025
| Fund Inception Date | Sep 22, 2008 |
| Share Class Inception Date | Sep 22, 2008 |
| Ticker | PKBIX |
| CUSIP | 70432R200 |
| Fund Total Net Assets | $116.6 million |
| Benchmark | ICE BofA U.S. 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 |
| 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 - 06/30/2025
| Fund Inception Date | Sep 22, 2008 |
| Total Net Assets | $116.6 million |
| Average Duration | 3.3 years |
| Average Maturity | 3.7 years |
| 30-Day SEC Yield | 6.06% |
| 30-Day SEC Yield (unsubsidized) | 5.03% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | -8% |
| 1-3 | 82% |
| 3-5 | 19% |
| 5-7 | 5% |
| 7+ | 2% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 12% |
| AA | 11% |
| A | 15% |
| BBB | 27% |
| BB | 14% |
| B | 9% |
| CCC | 2% |
| Unrated | 10% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Mortgage-Backed Securities | 23% |
| Asset-Backed Securities | 19% |
| Emerging Markets | 16% |
| Investment Grade Corporates | 11% |
| High Yield | 9% |
| CMBS | 8% |
| Money Markets | 8% |
| Bank Loans | 5% |
| Gov't Related | 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.
| Number of funds | |||
|---|---|---|---|
 |
Overall |  |
350 |
| 3 Year | |
350 | |
| Category: Multisector Bond | 5 Year | |
303 |
| 10 Year | |
207 | |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (6/30/2025) | 3.58% | 7.26% | 6.92% | 4.51% | 3.19% | 2.94% |
| Month-end (7/31/2025) | 3.58% | 6.34% | 6.27% | 4.34% | 3.18% | 2.92% |
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.
Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an
overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.
@ 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Fund Commentary - 06/30/2025
| MARKET | |
| Despite a volatile start to the second quarter, fixed-income markets ultimately posted positive returns as conditions stabilized and sentiment improved. April was marked by a sharp repricing in interest rates and wider credit risk premiums following the U.S. administration’s announcement of broad-based tariffs, which revived concerns around inflation and global growth. U.S. Treasury yields moved meaningfully throughout the quarter, with the 10-year rate hovering around 4.50% on several occasions, then retracing lower as markets digested the policy shifts. Risk sentiment improved in May and June as economic data surprised to the upside, supported by firm labor market readings and steady consumer activity, which helped ease fears of a near-term slowdown. Equities also recovered over the quarter following a weak start, supported by resilient earnings and reduced policy uncertainty. Meanwhile, policymakers adopted a more measured tone, further calming markets. U.S. Treasury yields ultimately ended the quarter mixed, with front-end yields lower and longer-end yields flat to higher, while credit risk premiums retraced much of their April widening. The combination of resilient growth, moderating volatility, and improved policy clarity supported a broad recovery across fixed-income markets. | |
| OUTLOOK | |
| Recent market movements suggest a more resilient tone has taken hold, with risk assets rebounding from recent volatility despite persistent macroeconomic uncertainty. While sentiment has improved, we believe markets are increasingly priced for a soft landing, leaving little margin for error. Policy remains tight in the U.S., with a growth-negative mix of elevated tariffs, potential for increased spending, and fading fiscal support. Against this backdrop, valuations appear stretched, and recession risks underappreciated. The team reduced overall credit exposure and is more favorable in adding non-U.S. credit exposure. Emerging-markets local debt remains a relatively bright spot, supported by favorable growth differentials, anchored inflation, and more accommodative monetary policy. Looking ahead, our positioning will be guided by incoming data, market dynamics, and evolving policy developments, with a focus on navigating what remains a fragile and policy-constrained environment. | |
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.