Payden Strategic Income Fund SI Class (PYSIX)
$9.72
NAV ($)
$-0.01
NAV change ($) as of 12/12/2025
- 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 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 - 11/30/2025
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Ticker | PYSIX |
| CUSIP | 704329143 |
| Fund Total Net Assets | $182.0 million |
| Benchmark | Bloomberg U.S. Aggregate Bond Index |
| Net Expense Ratio | 0.56% |
| 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 SI Class (PYSIX) | Morningstar average: Short-Term Bond |
|
|---|---|---|
| Net Expense Ratio | 0.56% | 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 - 11/30/2025
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Total Net Assets | $182.0 million |
| Average Duration | 3.8 years |
| Average Maturity | 5.8 years |
| 30-Day SEC Yield | 4.54% |
| 30-Day SEC Yield (unsubsidized) | 4.18% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 20% |
| 1-3 | 21% |
| 3-5 | 23% |
| 5-7 | 16% |
| 7-10 | 17% |
| 10+ | 3% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 15% |
| AA | 37% |
| A | 6% |
| BBB | 22% |
| BB | 11% |
| B | 3% |
| CCC | 1% |
| Unrated | 5% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| U.S. Government | 24% |
| Securitized | 21% |
| Investment Grade Corporates | 20% |
| Agency MBS | 11% |
| Emerging Market Debt | 9% |
| High Yield | 9% |
| Muni | 1% |
| 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 |  |
530 |
| 3 Year | |
530 | |
| Category: Short-Term Bond | 5 Year | |
500 |
| 10 Year | |
383 | |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (9/30/2025) | 5.70% | 4.76% | 7.03% | 3.31% | 3.56% | 3.36% |
| Month-end (11/30/2025) | 6.75% | 6.13% | 6.71% | 3.09% | 3.64% | 3.40% |
Yearly Returns
| 2024 | 5.45% |
| 2023 | 7.53% |
| 2022 | -6.52% |
| 2021 | 1.82% |
| 2020 | 6.36% |
| 2019 | 8.61% |
| 2018 | -0.47% |
| 2017 | 4.25% |
| 2016 | 3.89% |
| 2015 | 2.13% |
Expenses
| Total Annual Operating Expense | 0.89% |
| Net or Actual Operating Expense | 0.56% |
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 - 11/30/2025
| MARKET | |
| November was marked by two distinct phases. Risk assets declined in the first half of the month as concerns about an AI bubble weighed on the Magnificent 7 (big tech companies), before sharply rebounding after increased investor expectations of a December rate cut by the Federal Reserve (Fed). The S&P 500 posted a modest gain for the month, its seventh consecutive positive month and the first such streak since 2021. On the month, fixed-income sectors were broadly unchanged while U.S. Treasuries rallied. | |
| Rate cut expectations were driven by hawkish signals in the Fed October meeting minutes and a lack of official data during the government shutdown. Private surveys indicated softer momentum, with manufacturing still in contraction and job cuts on the rise, although service activity remained resilient. As the shutdown ended, delayed data releases revealed weaker consumer confidence and a rise in the unemployment rate, but jobless claims and nonfarm payrolls signaled underlying labor market stability. | |
| OUTLOOK | |
| Our outlook for 2026 can be characterized as cautiously optimistic with risks tilted to the downside. The U.S. economy remains central to our global outlook, as we view the current divergence between strong GDP growth and weakening labor markets in the U.S. as unusual and unlikely to persist in 2026. In our view, the U.S. economy sits on a binary path: either re-accelerating through tech-driven productivity gains or slipping into recession as labor market softness feeds through to broader activity. Regardless of the outcome, U.S. inflation is on track to moderate, and this disinflationary trajectory combined with labor market weakness should allow the Fed to continue easing at least to neutral, if not further. Outside the U.S., most developed economies are expected to remain resilient, with benign economic growth, declining inflation, and monetary conditions staying loose or even loosening further, except in Japan, where gradual tightening is likely to continue. | |
| Moderating inflation and range-bound inflation expectations typically align with negative correlations between interest rates and risk assets. With risks to 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 uncertainty across the economy, credit valuations remain on the most expensive end of the historical range, with corporate fundamentals looking relatively healthy. | |
| Moderating inflation and range-bound inflation expectations typically align with negative correlations between interest rates and risk assets. With risks to 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 uncertainty across the economy, credit valuations remain on the most expensive end of the historical range, with corporate fundamentals looking relatively healthy. | |
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.