Payden Strategic Income Fund SI Class (PYSIX)
$9.37
NAV ($)
$-0.02
NAV change ($) as of 6/2/2023
- 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 - 04/30/2023
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Ticker | PYSIX |
| CUSIP | 704329143 |
| Fund Total Net Assets | $191.1 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 - 04/30/2023
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Total Net Assets | $191.1 million |
| Average Duration | 2.6 years |
| Average Maturity | 5.3 years |
| 30-Day SEC Yield (05/31/23) | 5.07% |
| 30-Day SEC Yield (unsubsidized) | 4.77% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 45% |
| 1-3 | 18% |
| 3-5 | 16% |
| 5-7 | 10% |
| 7-10 | 7% |
| 10+ | 4% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 46% |
| AA | 5% |
| A | 10% |
| BBB | 24% |
| BB | 6% |
| B | 3% |
| Unrated | 6% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| U.S. Government | 35% |
| Investment Grade Corporates | 25% |
| Securitized | 15% |
| Muni | 7% |
| Agency MBS | 5% |
| High Yield | 5% |
| Emerging Market Debt | 3% |
| 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 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 |  |
532 |
| 3 Year | |
532 | |
| Category: Short-Term Bond | 5 Year | |
476 |
| Criterion: | |||
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (3/31/2023) | 2.47% | -1.01% | 3.75% | 2.46% | N/A | 2.51% |
| Month-end (5/31/2023) | 2.68% | 1.29% | 1.89% | 2.49% | N/A | 2.48% |
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 | 0.87% |
| 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 - 04/30/2023
| MARKET | |
| After an eventful March, market order was restored in April as fears surrounding financial stability receded. During this recovery period, equities gained; meanwhile, sovereign bond performance was heterogenous across countries, with yields in the U.S. moving lower and European yields moving broadly higher. | |
| Data prints in the U.S. during April presented a murky picture. While some key growth metrics suggested a possible economic contraction, such as the Institute for Supply Management (ISM) manufacturing index reaching its lowest level since March 2020 and first-quarter gross domestic product (GDP) falling to 1.1% (annualized), the labor market continued to show strength. | |
| April non-farm payrolls grew by 253,000, bringing the unemployment rate down to 3.4%. The looming U.S. debt ceiling also impacted the market in April, and the one-month U.S. Treasury yield fell by 0.32% over the month to 4.09% as investors shied away from summer maturities. Despite these mixed economic developments, the S&P gained 1.5% over the month, and the 10-year U.S. Treasury yield fell by 0.05%. | |
| OUTLOOK | |
| Recent economic data has led markets to revise their probabilities of seeing a recession in the very near future. While we agree with this near-term repricing, we expect the global economy to enter a phase of slower growth but still elevated inflation as we progress into 2023 with risks biased to the downside for growth and to the upside for inflation. While some inflation measures have started to move lower, the pace of deceleration has been slower than expected and uncertainty around a timely return of inflation toward central banks’ targets is high. | |
| We expect policy rate increases to slow going forward but see a need for monetary policy settings to stay in restrictive territory for some time. As major central banks maintain their focus on returning inflation to target and guarding inflation expectations against becoming unanchored, we see risks biased toward an overtightening of monetary conditions, the magnitude of which should influence the depth and length of the upcoming slowdown. | |
| Underlying government bond yields already reflect a large degree of tightening of financial conditions. Against this backdrop of increasing government bond yields, credit yield premiums have performed relatively well in 2023, moving tighter year-to-date. Given these tighter credit valuation levels, our expectations of volatile macroeconomics, and as we approach the end of the economic cycle, we favor a relatively conservative risk posture with a preference toward the higher quality and most liquid part of the fixed-income market. | |
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.