US Funds

Payden Low Duration Fund (PYSBX)

$9.93

NAV ($)

$0.00

NAV change ($) as of 10/15/2018

  • 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
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 $1,144.6 million
Benchmark ICE BofA ML 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.

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 $1,144.6 million
Average Duration 1.3 years
Average Maturity 2.2 years
30-Day SEC Yield (10/12/18) 2.88%
30-Day SEC Yield (unsubsidized) 2.65%
Duration Breakdown
Years Percent of Portfolio
0-122%
1-376%
3-54%
5-7-2%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA11%
AA41%
A10%
BBB28%
BB5%
B3%
Unrated2%
Total 100%
Credit breakdown represents the lower of the ratings provided by Standard & Poor's and Moody's
Sector Breakdown
Sector Percent of Portfolio
Government/Gov't Related42%
Corporates40%
Mortgage-Backed10%
Asset-Backed8%
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.

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 (9/30/2018) 0.57% 0.63% 1.23% 1.10% 2.14% 3.64%
Month-end (9/30/2018) 0.57% 0.63% 1.23% 1.10% 2.14% 3.64%
Yearly Returns
20171.47%
20161.85%
20150.43%
20140.71%
20130.46%
20124.27%
20111.11%
20103.44%
20096.76%
20081.14%
Expenses
Total Annual Operating Expense 0.54%
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.

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
Yields for one-year maturity U.S. Treasuries rose approximately 0.12% in September while yields for the two-year and five-year maturity U.S. Treasury notes both rose by approximately 0.20%.
The yield above U.S. Treasuries for front-end investment-grade corporates decreased 0.07% over the month.
Total investment-grade corporate issuance was elevated for the month at $131 billion, higher than the previous five-year September average of $119 billion.

OUTLOOK
Cash as an asset class is more attractive now than it has been in over a decade as rates have moved higher providing attractive all-in yields with low volatility.
The market is pricing in one more hike for 2018, which is in-line with our expectations. We continue to utilize floating-rate coupon bonds across a range of sectors as well as maintain an underweight to duration in anticipation of higher front-end rates driven by an active Federal Reserve.
We continue to maintain a high allocation to credit given the additional yield premium. We remain highly price sensitive, however, looking to rotate out of expensive securities into those that have more upside.

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.

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.