US Funds

Payden Managed Income Fund SI Class (PKBIX)

$10.32

NAV ($)

$-0.01

NAV change ($) as of 6/17/2024

  • 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

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 - 05/31/2024
Fund Inception Date Sep 22, 2008
Share Class Inception Date Sep 22, 2008
Ticker PKBIX
CUSIP 70432R200
Fund Total Net Assets $117.8 million
Benchmark 30-YEAR US TREASURY BOND YIELD

Net Expense Ratio 0.65%
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 0.65% 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 - 05/31/2024
Fund Inception Date Sep 22, 2008
Total Net Assets $117.8 million
Average Duration 0.5 years
Average Maturity 4.2 years
30-Day SEC Yield (05/31/24) 5.95%
30-Day SEC Yield (unsubsidized) 4.97%
Duration Breakdown
Years Percent of Portfolio
0-143%
1-358%
3-511%
5-78%
7+-20%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA19%
AA3%
A9%
BBB28%
BB20%
B8%
Unrated13%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
Sector Breakdown
Sector Percent of Portfolio
Asset-Backed Securities25%
Investment Grade Corporates17%
Emerging Markets16%
Mortgage-Backed Securities15%
CMBS9%
High Yield9%
Gov't Related7%
Bank Loans2%
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.

    Number of funds
Overall 314
3 Year 314
Category: Multisector Bond 5 Year 263
Criterion:  10 Year 173

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (3/31/2024) 2.52% 6.61% 2.35% 2.76% 2.39% 2.59%
Month-end (5/31/2024) 3.92% 7.86% 2.36% 2.81% 2.43% 2.65%
Yearly Returns
20236.20%
2022-3.89%
20213.97%
20201.89%
20196.36%
20180.79%
20173.19%
20162.69%
20150.72%
20140.95%
Expenses
Total Annual Operating Expense 1.71%
Net or Actual Operating Expense 0.65%

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.

(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 Paydenfunds

Fund Commentary - 05/31/2024

MARKET
Fixed-income total returns bounced back in May as rates decreased in reaction to renewed hopes for a “soft landing” given cooling inflation in the U.S. and softer economic data prints. April U.S. core Consumer Price Index (CPI) came in at +0.3%, matching consensus, which was a relief to the prior three consecutive months that surprised to the upside. Furthermore, economic data indicated signs of slowing down with nonfarm payrolls growing by just 175,000 in April, the slowest in six months, further fueling hopes for a “soft landing” and rate cuts. Globally, Europe and U.K. inflation surprised to the upside with inflation clocking in at +2.9% and +2.3%, respectively, year over year, resulting in government bonds selling off and a repricing of rate cuts in both regions.

OUTLOOK
A “soft landing” appears to be largely priced in the current market environment, while scenarios in which inflation and growth remain elevated are underpriced. In the underpriced scenarios, long-end yields would likely need to rise combined with fewer cuts to materialize in 2024 relative to market expectations. Higher long-end yields are the transmission mechanism to lower inflation via lower asset prices given Federal Reserve leniency. For portfolio construction, attractive all-in yields in high-quality fixed income allow for solutions that are resilient in various macro-outcomes, minimizing price risk while not overly mitigating running yield in our view. Going forward, the team is very focused on the ordering between data, interest rates, and asset prices, particularly in areas where market consensus has coalesced around an outcome inconsistent with the trajectory of data.

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.