Payden Managed Income Fund SI Class (PKBIX)
$10.51
NAV ($)
$0.00
NAV change ($) as of 8/28/2025
- 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 - 07/31/2025
| Fund Inception Date | Sep 22, 2008 |
| Share Class Inception Date | Sep 22, 2008 |
| Ticker | PKBIX |
| CUSIP | 70432R200 |
| Fund Total Net Assets | $118.0 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 - 07/31/2025
| Fund Inception Date | Sep 22, 2008 |
| Total Net Assets | $118.0 million |
| Average Duration | 2.0 years |
| Average Maturity | 3.8 years |
| 30-Day SEC Yield | 6.03% |
| 30-Day SEC Yield (unsubsidized) | 5.28% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 62% |
| 1-3 | 2% |
| 3-5 | 22% |
| 5-7 | 16% |
| 7+ | -2% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 11% |
| AA | 10% |
| A | 13% |
| BBB | 26% |
| BB | 16% |
| B | 11% |
| CCC | 2% |
| Unrated | 11% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Mortgage-Backed Securities | 22% |
| Emerging Markets | 20% |
| Asset-Backed Securities | 17% |
| High Yield | 11% |
| CMBS | 10% |
| Investment Grade Corporates | 10% |
| Bank Loans | 6% |
| Other | 4% |
| 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 | |
305 |
| 10 Year | |
209 | |
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 - 07/31/2025
| MARKET | |
| In July, the Federal Reserve (Fed) maintained its federal funds rate at 4.25%–4.50%, opting to stay cautious amid resilient labor markets and sticky inflation. Investor expectations for a September rate cut fell sharply after the Fed gave no sign of easing interest rates, despite two dissenting votes from Fed governors, the first time two have dissented since 1993. Moreover, geopolitical and tariff uncertainty continued for the month, clouding investor sentiment. U.S. Treasury yields drifted modestly lower in July, while the curve flattened as investors favored intermediate (3-7 year) maturities. Credit risk premiums remained tight, limiting yield pick-up in traditional corporate bonds, though high‑quality high‑yield and securitized sectors offered relatively attractive income in our view. | |
| OUTLOOK | |
| Recent market moves reflect growing tension between softening fundamentals and increasingly optimistic pricing. While policy direction appears more clear, particularly around fiscal developments, the economic backdrop continues to weaken with slower growth, cooling labor markets, and fading nominal momentum. The market has dialed back expectations for near-term rate cuts, heightening sensitivity to economic surprises. Despite this, asset valuations remain elevated, offering a limited cushion should fundamentals deteriorate. We remain cautious on credit, especially in sectors where credit risk premiums remain tight and fundamental deterioration is emerging. Duration remains an effective buffer for market stress, particularly in economies where monetary policy remains restrictive and growth expectations are under pressure. Looking ahead, our positioning will be guided by incoming data, shifts in market sentiment, and policy evolution, with an emphasis on flexibility and managing risk in an increasingly uncertain 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.