Payden Strategic Income Fund (PYSGX)
$9.71
NAV ($)
$0.01
NAV change ($) as of 1/9/2026
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
The Payden Strategic Income Fund invests in a customized mix of fixed-income sectors across the entire bond universe and maturity curve. This strategy invests for the long term in a diversified mix of securities across multiple sectors, including emerging markets, high-yield and investment-grade corporates, and mortgage-backed and asset-backed securities.
Role In Portfolio
Appropriate for investors with a long-term investment horizon who seek higher income and diversification across the full bond universe.
Fund Highlights
| Seeks income with a custom mix of investments across the yield curve. | |
| Focuses on “best ideas” to uncover relative value opportunities globally, with the ability to invest anywhere. | |
| Strategic investment time horizon encourages a flexible and creative approach to structuring the portfolio. |
Fund Snapshot - 12/31/2025
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Ticker | PYSGX |
| CUSIP | 704329168 |
| Fund Total Net Assets | $182.4 million |
| Benchmark | Bloomberg U.S. Aggregate Bond Index |
| Net Expense Ratio | 0.66% |
| 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 Strategic Income Fund (PYSGX) | Morningstar average: Short-Term Bond |
|
|---|---|---|
| Net Expense Ratio | 0.66% | 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 - 12/31/2025
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Total Net Assets | $182.4 million |
| Average Duration | 3.9 years |
| Average Maturity | 5.7 years |
| 30-Day SEC Yield | 4.42% |
| 30-Day SEC Yield (unsubsidized) | 4.17% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 19% |
| 1-3 | 20% |
| 3-5 | 25% |
| 5-7 | 18% |
| 7-10 | 15% |
| 10+ | 3% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 14% |
| AA | 38% |
| A | 6% |
| BBB | 22% |
| BB | 12% |
| B | 3% |
| Unrated | 5% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| U.S. Government | 26% |
| Investment Grade Corporates | 20% |
| Securitized | 20% |
| Agency MBS | 10% |
| High Yield | 9% |
| Emerging Market Debt | 8% |
| Muni | 2% |
| Other | 5% |
| 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 |  |
533 |
| 3 Year | |
533 | |
| Category: Short-Term Bond | 5 Year | |
501 |
| 10 Year | |
385 | |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2025) | 6.85% | 6.85% | 6.56% | 2.83% | 3.58% | 3.27% |
| Month-end (12/31/2025) | 6.85% | 6.85% | 6.56% | 2.83% | 3.58% | 3.27% |
Yearly Returns
| 2025 | 6.85% |
| 2024 | 5.46% |
| 2023 | 7.42% |
| 2022 | -6.62% |
| 2021 | 1.72% |
| 2020 | 6.19% |
| 2019 | 8.33% |
| 2018 | -0.51% |
| 2017 | 4.24% |
| 2016 | 3.65% |
Expenses
| Total Annual Operating Expense | 0.89% |
| 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 - 12/31/2025
| MARKET | |
| December closed the year with global fixed-income markets supported by easing central bank policy and growing confidence that peak policy rates are behind us. Softer growth data and continued disinflation weighed against resilient labor markets and persistent inflation in the services sector, keeping policymakers cautious. Overall, bond markets delivered solid returns for the year, with focus now turning to the pace of economic growth and the timing and scale of further policy easing. | |
| In the U.S., markets were dominated by Federal Reserve (Fed) policy deliberations and delayed economic data due to the prolonged government shutdown. In December, the Fed delivered its third 25 basis point (bp) cut of the year to bring the federal funds rate to 3.50%-3.75%, but the decision was notably split, with three officials dissenting over the move as inflation remained above target and labor conditions weakened. On the data front, the release of backlog indicators following the government shutdown showed softer consumer confidence and moderating job openings, while nonfarm payrolls and weekly jobless claims continued to point to a labor market that is cooling but not deteriorating sharply. The S&P 500 ended the month down 0.05%; meanwhile, the yield on the 10-year U.S. Treasury ended the month at 4.17%. | |
| OUTLOOK | |
| Our outlook for 2026 can be characterized as cautiously optimistic, though risks are skewed to the downside. The U.S. economy remains central to our global outlook, particularly given the unusual divergence between strong GDP growth and a weakening labor market, an imbalance we do not expect to persist in 2026. In our view, the U.S. economy faces a binary path: either re-accelerating as technology-driven productivity gains take hold or slipping into recession if labor market softness begins to weigh more broadly on economic activity. | |
| In either scenario, U.S. inflation is expected to continue moderating. This disinflationary trend, combined with labor market weakness, should allow the Fed to continue easing policy toward neutral, and potentially beyond. Outside the U.S., most developed economies are likely to remain resilient, supported by benign economic growth, declining inflation, and accommodating, or further easing, monetary policy. | |
| Moderating inflation and range-bound inflation expectations have historically been associated with a negative correlation between interest rates and risk assets. With risks to economic growth tilted to the downside, we believe a balanced and diversified allocation between duration and credit risk positions portfolios well to navigate the uncertainty and range of potential outcomes in 2026. Despite the level of macroeconomic uncertainty across the economy, credit valuations remain at the most expensive end of historical ranges even as corporate fundamentals appear relatively healthy. | |
| In this environment, we prefer to distribute risk in our portfolios in a more balanced manner across duration and credit. Consistent with our central outlook, we continue to hold modest overweight positions in higher-quality credit sectors, including investment-grade corporates and select high-quality securitized assets. | |
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.