US Funds

Payden Securitized Income Fund (PYSFX)

$10.04

NAV ($)

$-0.04

NAV change ($) as of 9/29/2025

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

The Payden Securitized Income Fund seeks a high level of total return combined with current income generation over a full market cycle. The Fund seeks to benefit from various risk premiums found within the securitized debt markets, capturing value through sector allocation, issue, and security selection. The Fund employs a research orientated, value-driven approach to investment, and aims to diversify credit risk and access sectors with the strongest fundamentals during each point of a credit cycle.

Role In Portfolio

Appropriate for investors seeking access to broad securitized markets underutilized in traditional fixed-income strategies, current income, and reduced correlations to core fixed-income asset classes.

Fund Highlights
The Fund comprises primarily investment-grade securitized bonds including commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), collateralized loan obligations (CLOs), agency and non-agency residential mortgage-backed securities (RMBS), backed by extensive in-house research.
The Fund has the flexibility to invest in below-investment-grade securities.
The Fund aims to achieve relatively low interest rate sensitivity.
Risk management is a part of the Fund’s strategy, but there is no guarantee or implication that negative returns will be avoided.

Fund Snapshot - 08/31/2025
Fund Inception Date Mar 5, 2025
Share Class Inception Date Mar 5, 2025
Ticker PYSFX
CUSIP 70432T859
Fund Total Net Assets $85.8 million
Benchmark Bloomberg U.S. Treasury Bills 1 Month Index

Net Expense Ratio 0.65%
Sales Charge None
Investment Minimum
Investor Class - Regular Account $5,000
Investor Class - IRA Account $2,000
SI Class $10,000,000

Payden Securitized Income Fund (PYSFX) Morningstar average:
Net Expense Ratio 0.65% None

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 Mar 5, 2025
Share Class Inception Date Mar 5, 2025
Total Net Assets $85.8 million
Average Duration 1.1 years
Average Maturity 3.0 years
30-Day SEC Yield 5.00%
30-Day SEC Yield (unsubsidized) 4.69%
Duration Breakdown
Years Percent of Portfolio
0-163%
1-323%
3-514%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA43%
AA16%
A15%
BBB13%
BB and Below2%
Unrated11%
Total 100%
Sector Breakdown
Sector Percent of Portfolio
Commercial MBS32%
Residential MBS26%
Asset Backed23%
Corporate CLO19%
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) 1.74% N/A N/A N/A N/A 1.74%
Month-end (8/31/2025) 2.80% N/A N/A N/A N/A 2.80%
Yearly Returns
Expenses
Total Annual Operating Expense 1.05%
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 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
In August, securitized markets performed well. Investors remained positive about the economy, despite a disappointing employment report.
Interest rates declined following dovish comments by Federal Reserve (Fed) committee members suggesting they may be open to lowering rates. The likelihood of a rate cut has increased, even with strong economic growth and inflation still above the Fed’s 2.0% objective.
In securitized markets, risk premiums narrowed across ratings, and fixed-rate bonds outperformed floating-rate ones. Mortgage-related sectors (commercial and residential) delivered strong returns, outpacing corporate collateralized loan obligations (CLO) and asset-backed bonds. Agency mortgage-backed securities (MBS) also performed well, supported by declining interest rate volatility and rising demand from money managers and U.S. banks.

OUTLOOK
Issuance remains active as companies take advantage of strong investor demand and compressed risk premiums. Investors continue to favor higher-yielding securitized opportunities, while markets increasingly anticipate the Fed’s next move to be an interest rate cut.
In our view, securitized products remain attractive compared with corporate credit, offering compelling value and portfolio diversification benefits. We continue to monitor the potential risks, such as trade tensions, geopolitical events, and prospective federal budget cuts, that could affect consumer-related assets.
The Fund modestly extended its duration positioning and income potential by shifting from short-term asset-backed securities into fixed-rate commercial and agency MBS. Relative value continues to favor the mortgage complex amid expectations for lower rates. Our positioning remains skewed toward higher-quality assets, emphasizing resilient collateral in the context of a historically flat securitized credit curve.

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.