US Funds

Payden Low Duration Fund (PYSBX)

$10.09

NAV ($)

$0.00

NAV change ($) as of 12/3/2021

  • 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 or 12b-1 fees (other fees apply)
The value of an investment will generally fall when interest rates rise

Fund Snapshot
Fund Inception Date Jan 1, 1994
Ticker PYSBX
CUSIP 704329200
Fund Total Net Assets $1.6 billion
Benchmark ICE BOFA 1-3 YEAR US TREASURY INDEX

Net Expense Ratio 0.43%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $5,000
Investor Class - IRA Account $2,000
Additional Investment$250

A Low Cost leader
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 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
Fund Inception Date Jan 1, 1994
Total Net Assets $1.6 billion
Average Duration 1.7 years
Average Maturity 2.3 years
30-Day SEC Yield (11/30/21) 0.82%
30-Day SEC Yield (unsubsidized) 0.73%
Duration Breakdown
Years Percent of Portfolio
0-122%
1-371%
3-59%
5-7-2%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA26%
AA20%
A12%
BBB29%
BB6%
B1%
Unrated6%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Sector Breakdown
Sector Percent of Portfolio
Corporates40%
Asset-Backed21%
Mortgage-Backed21%
Government/Gov't Related16%
Money Markets2%
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.


Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (9/30/2021) 0.56% 1.38% 2.84% 2.07% 1.91% 3.55%
Month-end (11/30/2021) 0.00% 0.30% 2.65% 2.02% 1.80% 3.51%
Yearly Returns
20203.45%
20194.12%
20181.01%
20171.47%
20161.85%
20150.43%
20140.71%
20130.46%
20124.27%
20111.11%
Expenses
Total Annual Operating Expense 0.53%
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 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.

Fund Commentary

MARKET
U.S. Treasury yields in the front-end raised upon Federal Reserve Chair Jerome Powell’s renomination, and closed the month lower as the new Omicron variant has increased front-end rate movement and volatility.
The yield above U.S. Treasuries for front-end investment-grade corporates remains tight on the month reflecting broad and robust corporate earnings.
Total U.S. investment-grade corporate issuance was $101 billion in November, slightly exceeding street expectations of $100 billion.

OUTLOOK
With a possible acceleration of the Federal Reserve bond purchase program tapering and market volatility across the board, we maintain a cautious positioning to adding duration in our portfolio relative to the benchmark.
We uphold our allocation to floating-rate notes, primarily utilizing securitized sectors in addition to corporate bonds. In the securitized market, we have focused on incorporating credit risk transfer and collateralized loan obligations into our portfolio due to their higher yields over U.S. Treasuries over the month. We remain overweight credit broadly for income generation and maintain a balanced approach between corporates and securitized sector. We continue to participate in new issue deals and focus on participating in investment grade names as we head to year end.

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.