US Funds

Payden Strategic Income Fund (PYSGX)

$9.35

NAV ($)

$0.04

NAV change ($) as of 12/1/2022

  • 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
Fund Inception Date May 8, 2014
Share Class Inception Date May 8, 2014
Ticker PYSGX
CUSIP 704329168
Fund Total Net Assets $162.6 million
Benchmark BLOOMBERG US AGGREGATE BOND 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
Additional Investment - All Classes$250

A Low Cost leader
Payden Strategic Income Fund (PYSGX) Morningstar average:
Short-Term Bond
Net Expense Ratio 0.65% 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 May 8, 2014
Share Class Inception Date May 8, 2014
Total Net Assets $162.6 million
Average Duration 2.6 years
Average Maturity 5.7 years
30-Day SEC Yield (11/30/22) 5.18%
30-Day SEC Yield (unsubsidized) 4.96%
Duration Breakdown
Years Percent of Portfolio
0-130%
1-330%
3-518%
5-713%
7-106%
10+3%
Total 100%
Credit Breakdown
Credit Quality Percent of Portfolio
AAA29%
AA5%
A12%
BBB28%
BB10%
B7%
CCC1%
Unrated8%
Total 100%
Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
Sector Breakdown
Sector Percent of Portfolio
U.S. Government28%
Investment Grade Corporates25%
Securitized22%
High Yield10%
Muni5%
Agency MBS5%
Emerging Market Debt5%
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.

    Number of funds
Overall 547
3 Year 547
Category: Short-Term Bond 5 Year 483
Criterion: 

Total Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Quarter-end (9/30/2022) -8.70% -8.89% -0.28% 1.32% N/A 1.95%
Month-end (10/31/2022) -8.78% -8.72% -0.39% 1.26% N/A 1.92%
Yearly Returns
20211.72%
20206.19%
20198.33%
2018-0.51%
20174.24%
20163.65%
20151.78%
20140.61%
Expenses
Total Annual Operating Expense 0.85%
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 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.

(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 Paydenfunds

Fund Commentary

MARKET
October started on a slightly higher note after a dreadful end to the third quarter. Although inflation continued to print hot and central banks maintained aggressive contractionary stances in the U.S. and Europe, risk assets took a breather in October. Market recovery can be attributed to traders predicting central bank ‘pivots’, the stabilization of the U.K.'s political turmoil, and the recent decrease in natural gas prices. Equities bounded upwards over the month. Meanwhile, bond movements were heterogeneous across developed markets, with yields rising in the U.S., falling in the U.K., and remaining relatively stable in Germany.
In the U.S., data prints continued to illustrate a robust economy. September core inflation accelerated to 6.6% year-on-year, unemployment fell to 3.5% from 3.7% last month, and third-quarter GDP printed higher than expectations at 2.6%. Evidence of economic strength and a flurry of hawkish Federal Reserve (Fed) rhetoric led to 10-year U.S. Treasury yields climbing to their highest levels since 2007 in mid-October. By the end of the month, markets began pricing in a Fed ‘pivot’ spawned by weak housing data, a consumer confidence miss, and a smaller-than-expected Bank of Canada rate hike. This allowed 10-year U.S. Treasury yields to fall off their mid-month highs and close the month up 22 basis points (bps), at 4.05%.

OUTLOOK
The narrative for financial markets remains broadly unchanged in our view. The global economy continues to see significant inflationary pressures and the growth outlook has worsened. On the inflation front, supply-driven inflationary pressures may have lessened. Still, pressures are now more broad-based, second-round effects are well underway and concerns around the sticky nature of inflation have risen. Meanwhile, the economic slowdown is accelerating although the regional nuances that have emerged recently (with Europe and the U.K. looking more vulnerable than the U.S.) are likely to lead to more significant divergences in the coming months.
Financial conditions have tightened considerably but for the time being, we see little evidence that tighter conditions are helping address the threatening rise in inflation. Central banks maintain their strong focus on inflation and while we may be getting closer to a so-called central bank ‘pivot’, it might be too soon for central banks to adjust their plans. Some central banks have already pushed their interest rates into restrictive territory and one of the key questions for the coming months will be to assess how far and how long central banks will be ready to take monetary policy rates above neutral.
Against this backdrop, we expect volatility in financial assets will stay elevated and risk appetite is likely to remain soft for the time being. Although valuations look attractive in various asset classes, we believe it is still too early to start adding risk to portfolios. Near-term momentum is still tilted to the downside, and we favor waiting for uncertainty around the growth and inflation outlook to reduce before starting to increase risk in portfolios.

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.