Payden Strategic Income Fund (PYSGX)
$9.66
NAV ($)
$-0.01
NAV change ($) as of 3/21/2025
- 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 - 02/28/2025
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Ticker | PYSGX |
| CUSIP | 704329168 |
| Fund Total Net Assets | $157.0 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 - 02/28/2025
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Total Net Assets | $157.0 million |
| Average Duration | 3.8 years |
| Average Maturity | 6.0 years |
| 30-Day SEC Yield | 4.98% |
| 30-Day SEC Yield (unsubsidized) | 4.76% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 24% |
| 1-3 | 19% |
| 3-5 | 26% |
| 5-7 | 16% |
| 7-10 | 10% |
| 10+ | 5% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 38% |
| AA | 3% |
| A | 7% |
| BBB | 26% |
| BB | 12% |
| B | 6% |
| Unrated | 8% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Securitized | 25% |
| Investment Grade Corporates | 24% |
| Agency MBS | 12% |
| U.S. Government | 12% |
| Emerging Market Debt | 10% |
| High Yield | 10% |
| 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 |  |
528 |
| 3 Year | |
528 | |
| Category: Short-Term Bond | 5 Year | |
0 |
| Criterion: | 10 Year | |
0 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2024) | 5.46% | 5.46% | 1.89% | 2.70% | 3.08% | 2.95% |
| Month-end (2/28/2025) | 1.95% | 7.41% | 3.33% | 2.75% | 3.10% | 3.09% |
Yearly Returns
| 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% |
| 2015 | 1.78% |
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.
(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 - 02/28/2025
| MARKET | |
| February was eventful for markets, with assets gaining despite U.S. tariff threats. After initial concerns, the extension of tariffs for Canada and Mexico sparked a relief rally, pushing the S&P 500 to an all-time high. However, by month-end, a risk-off sentiment took hold as tariff discussions resumed amid weaker U.S. data, particularly hurting the “Magnificent 7” tech stocks, which had their worst month since December 2022. European equities outperformed, while safe-haven assets like sovereign bonds and gold advanced. | |
| The U.S. economy showed moderating growth, with fourth-quarter GDP for 2024 slowing to a 2.3% annualized rate, down from 3.1% in the third quarter. January’s non-farm payrolls increased by 143,000, below expectations, although December's figure was revised up to 307,000. Inflation remains a concern, with January’s Consumer Price Index (CPI) rising 0.47% month-over-month (3.0% annually) and a three-month annualized rate of 4.5%. Manufacturing expanded for the first time after 26 months of contraction, while services activity slowed. Consumer confidence fell sharply to 98.3, with respondents citing concerns over administration policies. President Trump suggested potential 25% tariffs on autos, semiconductors, and pharmaceuticals, but market participants are still awaiting further details. The S&P 500 ended the month down 1.42%, while the 10-year U.S. Treasury yield fell to 4.21%. | |
| 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. is trend-like growth. In contrast, we anticipate a more uncertain environment for other major developed economies, with growth likely to fall below trend and risks tilted to the downside. We also expect inflation rates to continue moderating in 2025. The potential implementation of tariffs adds significant uncertainty to the global inflation and growth outlook, as many unknowns remain. Based on available information, we believe tariffs are more likely to hinder growth, while their impact on inflation is more mixed. Despite this uncertainty, we expect major central banks may continue to reduce their main monetary policy rates more than what is currently discounted by investors, in our view. Given economic divergences across regions, we expect the pace and magnitude of rate cuts to vary. While the U.S. may only need to bring the federal funds rates back to “neutral” levels, the European Central Bank (ECB) may need to take more accommodative measures. | |
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.