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NAV / Daily Prices
NAV ($)
8.78
NAV Change ($)
-0.02
Change %
-0.23%
MTD Return
-1.35%
YTD Return
Statistics
30-Day SEC YieldA
5.51%
30-Day SEC Yield (Unsubsidized)B
4.51%
Interest Rate DurationC
2.37 Years
Credit Spread DurationD
3.21 Years
Expenses
Total Fund Operating Expenses
2.19%
With Expense Cap
1.17%E
| Total Returns | Month-End (02/28/2026) | Quarter-End (12/31/2025) |
| YTD | 0.91% | 6.27% |
| 1 Year | 6.05% | 6.27% |
| 3 Year |
The 30-day SEC yield represents the dividends and interest earned for a 30-day period, annualized, and divided by the net asset values per share at the end of the period. The SEC yield is computed under a standardized formula which assumes all portfolio securities are held to maturity. This value may differ from the actual distribution rate of the fund.
Represents a 30-day SEC yield without adjusting for fee waivers or expense reimbursements.
Interest rate duration is a measure of the Fund’s price sensitivity to changes in interest rates.
Credit spread duration is a measure of the Fund’s price sensitivity to changes in yield differences between non-government bonds and U.S. Treasuries.
Total Annual Fund Operating Expenses include all direct operating expenses of the Fund, as well as 0.02% Acquired Fund Fees and Expenses incurred indirectly by the Fund through its investment in other mutual funds and a Rule 12b-1 Distribution Fee of 0.00%. Payden & Rygel ("Payden") has contractually agreed that, for so long as it is the investment adviser to the Fund, Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement will not exceed 1.25%. Please note that the 1.25% expense level does not include 12b-1 Distribution Fees, Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses.
Payden has contractually agreed to further waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Further One-Year Fee Waiver or Expense Reimbursement exceed 0.65%. This agreement has a one-year term ending February 28, 2027. Please note that the 1.17% Expense Cap includes the 0.65% expense, the 0.00% 12b-1 Distribution Fee, and the 0.02% Acquired Fund Fees and Expenses.
Credit
Percent of Portfolio
AA
4%
A
8%
BBB
26%
BB
29%
B
18%
CCC
Sector
Percent of Portfolio
Emerging Markets
31%
High Yield
18%
CMBS
16%
Mortgage-Backed Securities
15%
Bank Loans
14%
2%
Unrated
13%
Asset-Backed Securities
7%
Other
-1%
Payden Exclusion Statement
| 6.19% |
| 6.50% |
| 5 Year | 3.60% | 3.61% |
| 10 Year | 3.28% | 3.04% |
| Since Inception | 2.46% | 2.43% |
DividendsI
Dividend
None
Dividend Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Dividends Paid
Annually
Capital GainsI
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Adviser Class - Regular Account
$25,000
SI Class
$25,000
Adviser Class - IRA Account
$25,000
Retirement Class
$25,000
Institutional Classes
$5,000,000
Fund Inception Date
09/22/2008
Share Class Inception Date
04/06/2009
Share Class
Retirement Class
Ticker
PKCRX
CUSIP
704329358
Fund Total Net Assets
As of 02/28/2026
$121.8 Million
Sales Charge
None
Benchmark
ICE BofA U.S. 1-Month Treasury Bill Index
Designed for investors seeking greater yield opportunity given credit focus with less interest rate sensitivity and reduced correlations to traditional asset classes. The Fund is diversified across a wide menu of public fixed-income sectors with periodic equity exposure and is not intended to outperform stocks and bonds during strong market rallies.
The Payden Managed Income Fund primarily invests in corporate, mortgage, and emerging-market debt along with other cash-flow-oriented securities. These holdings are complemented by securities positioned to take advantage of broader industry, interest rate, and currency views. The Fund seeks to manage interest rate duration with the use of futures contracts, which seek to limit exposure to yield curve fluctuations.
Seeks to provide total return, whether through price appreciation, or income, or a combination of both.
Utilizes all sectors of the fixed-income market with opportunistic equity usage.
Portfolio is structured with relatively low interest rate sensitivity.
Moderate use of hedging and defensive strategies.
Data as of 02/28/2026
Data as of 02/28/2026
Markets adopted a more defensive tone in February as volatility increased across both equity and credit markets. Interest rates rallied across the U.S. Treasury curve, largely ignoring robust economic data that continued to surprise to the upside. Instead, the move reflected rising geopolitical uncertainty and growing debate around the potential disinflationary implications of rapid artificial intelligence (AI) adoption. As sentiment shifted, risk assets began to reprice. In contrast to January’s tightening trend, credit risk premiums increased across most sectors. The adjustment was most pronounced in leveraged loans, particularly among issuers perceived as vulnerable to AI-driven disruption. Lower-quality corporate credit broadly underperformed, while investment-grade credit and higher-quality structured assets proved comparatively resilient, though not immune to increasing credit risk premiums. Altogether, February marked a recalibration of risk appetite following an extended period of tight valuations, with greater dispersion across asset classes and markets demanding increased compensation for credit and cyclical exposure.
We see a divided path ahead for the U.S. economy, with early-, mid-, and late-cycle dynamics coexisting. Meaningful upside and downside outcomes remain possible, largely driven by the trajectory of the labor market, growth momentum, and inflation dynamics. In this environment, we remain disciplined with respect to downside risk while emphasizing yield optimization through relative-value positioning and security selection.
Consistent with this framework, U.S. interest rate pricing suggests a "soft landing," with expectations that the federal funds rate will ultimately settle near 3% and that inflation will remain contained. We remain constructive on the short- and intermediate-maturity segments of the U.S. Treasury curve, where yields appear more stable and offer attractive income relative to longer-duration bonds, which remain more exposed to supply dynamics and policy uncertainty.
Within credit, selectivity remains paramount. We continue to favor an elevated allocation to emerging-market debt, where attractive real yields, moderating inflation, and improving policy credibility provide supportive fundamentals. In developed markets, positioning remains measured, with a preference for higher-quality securitized credit. At the margin, we have selectively increased exposure to higher-quality leveraged loans and high-yield bonds that we believe are relatively insulated from AI-driven disruption and positioned to benefit from the ongoing capital expenditure cycle.
Overall, we believe this approach balances income generation, quality, and price risk, while preserving liquidity and portfolio flexibility.
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, select this link or call 800 572-9336.
Returns less than one year are not annualized.
Mutual funds are required by the IRS to distribute substantially all realized profits they earn to shareholders on at least an annual basis. If a fund has net gains from the sale of securities, or if it earns dividends or interest from securities, the fund must distribute those earnings to its shareholders. All distributions are taxable, unless an investor's shares are held in a tax-deferred or tax-exempt account such as an IRA. Payden shareholders have the option to receive their distributions in cash or to automatically reinvest the distribution back into the Fund. This information is not intended to provide tax advice. Please consult a qualified tax professional for advice specific to your circumstances. Dividends shown are historical and not guaranteed. Amounts may vary and do not predict future income.
The minimum initial investment may be modified for certain financial intermediaries that submit trades on behalf of underlying investors. Payden Funds’ distributor may lower or waive the minimum initial investment for certain categories of investors at their discretion.
Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
For more information and to obtain a prospectus or summary prospectus, click on the respective link below the Fund name at the top of this page, or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses, and other important information about the Fund, which is contained in these documents. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
Interest Rate Risk: As with most funds that invest in debt securities, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase.
Foreign Securities Risk: Investment in foreign securities entails certain risks from investing in domestic securities, including changes in exchange rates, political changes, differences in reporting standards, and, for emerging-market securities, higher volatility.
-0.45%
DividendsI
Dividend
None
Dividend Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Dividends Paid
Annually
Capital GainsI
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
704329358
Fund Total Net Assets
As of 02/28/2026
$121.8 Million
Sales Charge
None
Benchmark
ICE BofA U.S. 1-Month Treasury Bill Index
Designed for investors seeking greater yield opportunity given credit focus with less interest rate sensitivity and reduced correlations to traditional asset classes. The Fund is diversified across a wide menu of public fixed-income sectors with periodic equity exposure and is not intended to outperform stocks and bonds during strong market rallies.
The Payden Managed Income Fund primarily invests in corporate, mortgage, and emerging-market debt along with other cash-flow-oriented securities. These holdings are complemented by securities positioned to take advantage of broader industry, interest rate, and currency views. The Fund seeks to manage interest rate duration with the use of futures contracts, which seek to limit exposure to yield curve fluctuations.
Seeks to provide total return, whether through price appreciation, or income, or a combination of both.
Utilizes all sectors of the fixed-income market with opportunistic equity usage.
Portfolio is structured with relatively low interest rate sensitivity.
Moderate use of hedging and defensive strategies.
| YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|
| Month-End (02/28/2026) | 0.91% | 6.05% | 6.19% | 3.60% | 3.28% | 2.46% |
| Quarter-End (12/31/2025) | 6.27% | 6.27% | 6.50% | 3.61% | 3.04% | 2.43% |
Investment MinimumJ
Adviser Class - Regular Account
$25,000
SI Class
$25,000
Adviser Class - IRA Account
$25,000
Retirement Class
$25,000
Institutional Classes
$5,000,000
Duration
Percent of Portfolio
0-1 yr
-13%
1-3 yrs
92%
3-5 yrs
20%
5-7 yrs
8%
7+ yrs
-7%
Credit
Percent of Portfolio
AA
4%
A
8%
BBB
26%
BB
29%
B
18%
CCC
2%
Unrated
13%
Sector
Percent of Portfolio
Emerging Markets
31%
High Yield
18%
CMBS
16%
Mortgage-Backed Securities
15%
Bank Loans
14%
Asset-Backed Securities
7%
Other
-1%