Payden Strategic Income Fund SI Class (PYSIX)
$9.46
NAV ($)
$0.02
NAV change ($) as of 1/31/2023
- 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 | PYSIX |
| CUSIP | 704329143 |
| Fund Total Net Assets | $175.1 million |
| Benchmark | BLOOMBERG US AGGREGATE BOND INDEX |
| Net Expense Ratio | 0.55% |
| 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 SI Class (PYSIX) | Morningstar average: Short-Term Bond |
|
|---|---|---|
| Net Expense Ratio | 0.55% | 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 | $175.1 million |
| Average Duration | 2.6 years |
| Average Maturity | 5.0 years |
| 30-Day SEC Yield (01/27/23) | 4.96% |
| 30-Day SEC Yield (unsubsidized) | 4.71% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 40% |
| 1-3 | 18% |
| 3-5 | 20% |
| 5-7 | 10% |
| 7-10 | 9% |
| 10+ | 3% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 37% |
| AA | 5% |
| A | 10% |
| BBB | 24% |
| BB | 9% |
| B | 7% |
| CCC | 1% |
| Unrated | 7% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| U.S. Government | 33% |
| Investment Grade Corporates | 23% |
| Securitized | 18% |
| High Yield | 13% |
| Muni | 5% |
| Emerging Market Debt | 4% |
| Agency MBS | 4% |
| 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 |  |
539 |
| 3 Year | |
539 | |
| Category: Short-Term Bond | 5 Year | |
479 |
| Criterion: | |||
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2022) | -6.52% | -6.52% | 0.41% | 1.82% | N/A | 2.29% |
| Month-end (12/31/2022) | -6.52% | -6.52% | 0.41% | 1.82% | N/A | 2.29% |
Yearly Returns
| 2022 | -6.52% |
| 2021 | 1.82% |
| 2020 | 6.36% |
| 2019 | 8.61% |
| 2018 | -0.47% |
| 2017 | 4.25% |
| 2016 | 3.89% |
| 2015 | 2.13% |
| 2014 | 0.51% |
Expenses
| Total Annual Operating Expense | 0.85% |
| Net or Actual Operating Expense | 0.55% |
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 | |
| Despite early signs of inflation cooling, market sentiment weakened, with risk assets generally selling off in December. Much of the sell-off can be attributed to hawkish central bank rhetoric, the Bank of Japan's change in yield control limits, and a resurgence in COVID cases in China. Equities decreased over the month while global government bond yields rose. | |
| In the U.S., the month began with economic prints that continued to illustrate a robust economy and left investors fearing persistently high inflation. The Nonfarm Payroll report showed that the U.S. economy added 263,000 jobs in November; additionally, the report showed sharp revisions upward of October's figures. This print left the market questioning if the Federal Reserve (Fed) would slow rate hikes anytime soon. Soon after, the Producers Purchasing Index printed higher than expected at 7.40% (estimated: 7.20%). | |
| Despite this, the Consumer Price Index (CPI) report surprised to the downside for the second month in a row, which briefly increased market resiliency mid-month as markets hoped "peak inflation" was behind us. Soon after the CPI report as released, the Fed raised interest rates by 0.50% as expected, downshifting from four consecutive 0.75% hikes. | |
| However, the optimism brought on by lower-than-expected CPI and the downshift in rate hikes were quickly quelled by hawkish comments made by Jerome Powell and other officials following the rate announcement. The S&P 500 lost 5.90% in December while 10-year U.S. Treasury yields closed the month up by 0.27%. | |
| OUTLOOK | |
| While the probability of some extreme risk events has arguably lessened recently, we believe 2023 will be a challenging balancing act for policymakers and the global economy. We see the global economy entering a phase of slower growth and still elevated inflation with risks biased to the downside for growth and to the upside for inflation. Central to our expectations is the questions of how rapidly inflation is going to slow and at what level inflation will settle. As we enter 2023, the direction of travel of inflation is expected to be lower, as some aspects of inflation normalize (energy and food-related). However stickier parts of inflation are still posing a threat to a timely return of inflation toward central banks’ targets. | |
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.