US Funds

Payden Low Duration Fund (PYSBX)

$9.86

NAV ($)

$0.00

NAV change ($) as of 8/20/2025

  • Overview
  • Portfolio Statistics
  • Performance & Expenses
  • Fund Commentary
Investment Strategy

The Payden Low Duration Fund seeks income and capital appreciation while avoiding the volatility of longer-maturity bond funds. The fund is primarily comprised of U.S. government securities, investment-grade and high-yield corporate bonds, mortgage- and asset-backed securities. Under normal market conditions, the fund’s maximum average portfolio maturity (on a dollar-weighted basis) is four years. The fund will hold a minimum of 75% in investment-grade securities.

Role In Portfolio

Appropriate for investors who desire a high average credit quality and potential for returns greater than cash alternatives, with some fluctuation in net asset value (NAV).

Fund Highlights
Invests primarily in short-term, fixed-income securities with a minimum of 75% rated investment-grade.
Primarily comprised of U.S. government securities, investment-grade and high-yield corporate bonds, mortgage- and asset-backed securities.
Incorporates active duration, curve and currency exposure management.
No loads (other fees apply).
The value of an investment will generally fall when interest rates rise.

Fund Snapshot - 07/31/2025
Fund Inception Date Dec 31, 1993
Share Class Inception Date Dec 31, 1993
Ticker PYSBX
CUSIP 704329200
Fund Total Net Assets $819.6 million
Benchmark ICE BofA 1-3 Year U.S. Treasury Index

Net Expense Ratio 0.43%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $100,000
Investor Class - IRA Account $100,000
Adviser Class - Regular Account $5,000
Adviser Class - IRA Account $2,000
SI Class $10,000,000
Additional Investment - All Classes$250

Payden Low Duration Fund (PYSBX) Morningstar average:
Short-Term Bond
Net Expense Ratio 0.43% 0.84%

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
Fund Inception Date Dec 31, 1993
Total Net Assets $819.6 million
Average Duration 2.2 years
Average Maturity 2.1 years
30-Day SEC Yield 4.63%
30-Day SEC Yield (unsubsidized) 4.61%
Duration Breakdown
Years Percent of Portfolio
0-1-13%
1-3106%
3-57%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA20%
AA38%
A18%
BBB14%
BB6%
Unrated4%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related31%
Corporates31%
Asset-Backed18%
Mortgage-Backed17%
Other3%
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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (6/30/2025) 3.03% 6.08% 4.52% 2.31% 2.13% 3.43%
Month-end (7/31/2025) 3.10% 5.00% 4.30% 2.23% 2.14% 3.42%
Yearly Returns
20245.01%
20235.66%
2022-3.41%
2021-0.05%
20203.45%
20194.12%
20181.01%
20171.47%
20161.85%
20150.43%
Expenses
Total Annual Operating Expense 0.57%
Net or Actual Operating Expense 0.43%

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 Commentary

MARKET
The U.S. Treasury curve sold off modestly over the month, with front-end yields rising as a result of firmer economic data and reduced near-term recession fears. The move was concentrated in 2- to 5-year maturities, as markets reassessed the likelihood and timing of policy easing in the second half of the year. The Federal Reserve (Fed) held rates steady at 4.25%–4.50% during its July meeting, maintaining a data-dependent tone as inflation continues to ease modestly but remains above the Fed’s long-run target.
Internal divisions within the Federal Open Market Committee (FOMC) became more visible this month, with Governor Waller and Governor Bowman voicing support for rate cuts, highlighting growing impatience within the committee, even as Chair Powell reiterated caution. Geopolitical risk remained elevated in July, with Iran’s ongoing threats to close the Strait of Hormuz, pushing Brent crude oil prices to $78–$80 per barrel and reinforcing inflation concerns. On the trade front, markets continue to eye the August tariff deadline.
Risk premiums across corporate credit remain near all-time lows, reflecting a broad risk-on environment supported by strong earnings sentiment and resilient macroeconomic data. Heavy new issuance was met with robust demand, particularly in the financials sector, which outperformed following clean stress test results and easing regulatory pressures. Securitized sectors continued to offer value on a relative basis, particularly in non-agency mortgage-backed and commercial mortgage-backed securities. An influx of supply in both sub-sectors continues to provide attractive yields in our view.

OUTLOOK
We maintain a neutral to modestly long duration bias, consistent with our view that the Fed will cut rates more than is currently priced into the market. Within credit, we are selectively increasing risk exposure where credit premiums offer compelling value, particularly in the senior tranches offered in the securitized sector. Overall, we continue to balance carry and liquidity, maintaining flexibility as macroeconomic data and policy signals evolve.

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.