Payden Strategic Income Fund (PYSGX)
$9.70
NAV ($)
$0.02
NAV change ($) as of 12/6/2024
- 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 in a diverse mix of securities across a multitude of sectors including: emerging-markets, high-yield and investment-grade corporates, and mortgage-backed and asset-backed securities, investing with a long-term outlook.
Role In Portfolio
Strategic Income – 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 horizon encourages a flexible and creative approach to structuring the portfolio. | |
| The value of an investment will generally fall when interest rates rise. |
Fund Snapshot - 11/30/2024
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Ticker | PYSGX |
| CUSIP | 704329168 |
| Fund Total Net Assets | $163.6 million |
| Benchmark | Bloomberg US 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 |
A Low Cost leader
| 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 - 11/30/2024
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Total Net Assets | $163.6 million |
| Average Duration | 4.0 years |
| Average Maturity | 6.6 years |
| 30-Day SEC Yield | 4.94% |
| 30-Day SEC Yield (unsubsidized) | 4.73% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 25% |
| 1-3 | 15% |
| 3-5 | 24% |
| 5-7 | 16% |
| 7-10 | 15% |
| 10+ | 5% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 41% |
| AA | 2% |
| A | 6% |
| BBB | 27% |
| BB | 11% |
| B | 5% |
| Unrated | 8% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Investment Grade Corporates | 25% |
| Securitized | 24% |
| U.S. Government | 15% |
| Agency MBS | 13% |
| Emerging Market Debt | 9% |
| High Yield | 9% |
| 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 |  |
516 |
| 3 Year | |
516 | |
| Category: Short-Term Bond | 5 Year | |
486 |
| Criterion: | 10 Year | |
367 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (9/30/2024) | 6.32% | 11.34% | 2.10% | 2.98% | 3.18% | 3.10% |
| Month-end (11/30/2024) | 5.97% | 8.51% | 2.21% | 2.85% | 3.08% | 3.02% |
Yearly Returns
| 2023 | 7.42% |
| 2022 | -6.62% |
| 2021 | 1.72% |
| 2020 | 6.19% |
| 2019 | 8.33% |
| 2018 | -0.51% |
| 2017 | 4.24% |
| 2016 | 3.65% |
| 2015 | 1.78% |
| 2014 | 0.61% |
Expenses
| Total Annual Operating Expense | 0.87% |
| 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.
(A) An overall rating is based on a weighted average of the fund’s ratings for the three-, five- and ten-year periods, if applicable. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars and the next 22.5% receive four stars. Highly rated funds are defined as those that have a four or five star Morningstar rating. Data provided by Morningstar, Inc. Although gathered from reliable sources, data completeness and accuracy cannot be guaranteed. Morningstar is a registered trademark of Morningstar, Inc. and is not affiliated with Payden Funds
Fund Commentary - 11/30/2024
| MARKET | |
| November was an eventful month for financial markets. In addition to various central bank decisions, key economic data releases, and ongoing geopolitical volatility, investors were bracing for the long-awaited U.S. elections that took place on November 5th. In the aftermath of the election of Donald Trump and the Republican sweep, markets shifted their focus toward potential policy changes and their impact on the global economy, with tariffs, tax policies, and immigration being at the forefront of investors’ minds. | |
| The Federal Reserve (Fed) delivered a 25 basis points (bps) cut, taking the federal funds rate down to a target range of 4.50%-4.75%, with Fed Chair Jerome Powell stressing that he is in “no hurry” to lower interest rates. October inflation data came in line with expectations while the labor market report showed a sharp slowdown in payroll with 12,000 jobs added in October (versus 113,000 expected), although the weakness of the report was largely attributed to hurricanes and strike activity. Meanwhile, the unemployment rate remained unchanged at 4.1%, supporting the view that the U.S. labor market remains at historically strong levels despite the aggressive tightening cycle by the Fed, adding leeway to slow the pace of rate cuts if inflation remains persistent. Following the Republican “Red Wave” at the U.S. elections, the president-elect’s stimulative fiscal plans and protectionist policy stance meant that U.S. risk assets (notably cryptocurrencies and equities) rallied strongly in response to the election outcome, with the S&P 500 hitting its 48th record high this year. The U.S. dollar also rallied during the month. U.S. Treasury yields finished the month slightly lower as fears around Trump’s fiscal plans receded in the second half of the month. Overall, the S&P 500 is up 4.69% over the month, while the 10-year U.S. Treasury yield declined to 4.17%. | |
| OUTLOOK | |
| From a macro perspective, we believe the U.S. is well positioned to outperform other economies. Our base case for the next 6-12 months in the U.S. remains a soft landing with growth expectation at or slightly above trend. In contrast, we expect a cloudier environment for other major developed economies with economic growth likely to be below trend and risks tilted to the downside. We also anticipate that inflation rates will continue to moderate in 2025. | |
| Against this backdrop, we believe major central banks will continue to reduce their main monetary policy rates by more than what is currently discounted by investors. We expect the macro and fundamental backdrop to remain supportive of risk assets in the coming months. However, we remain mindful of the relatively low levels of volatility and relatively tight levels of valuation. | |
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.