Loading...
NAV / Daily Prices
NAV ($)
9.26
NAV Change ($)
-0.01
Change %
-0.11%
MTD Return
-1.38%
YTD Return
Statistics
30-Day SEC YieldA
5.45%
30-Day SEC Yield (Unsubsidized)B
5.36%
Average Maturity
4.89 Years
Effective DurationC
2.12 Years
Expenses
Total Fund Operating Expenses
1.03%D
With Expense Cap
0.96%
| Total Returns | Month-End (02/28/2026) | Quarter-End (12/31/2025) |
| YTD | 0.75% | 5.57% |
| 1 Year | 5.50% | 5.57% |
| 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.
Effective duration is a measure of the Fund’s price sensitivity to changes in interest rates.
Total Annual Fund Operating Expenses include all direct operating expenses of the Fund, as well as 0.01% 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 0.25%. Payden & Rygel has contractually agreed to limit Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement to 0.70%. This agreement has a one-year term ending February 28, 2027. Please note that the 0.96% Expense Cap includes the 0.70% expense, the 0.25% 12b-1 Distribution Fees, and the 0.01% Acquired Fund Fees and Expenses.
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.
Credit
Percent of Portfolio
AAA
22%
AA
6%
A
7%
BBB
24%
BB and Below
31%
Unrated
Sector
Percent of Portfolio
Emerging Markets
25%
Mortgage-Backed Securities
21%
Asset-Backed Securities
14%
CMBS
14%
High Yield
13%
10%
Bank Loans
9%
Other
4%
| - |
| - |
| 5 Year | - | - |
| 10 Year | - | - |
| Since Inception | 6.37% | 6.49% |
*From inception 11/30/2023 through 31/12/2023.
DividendsG
Dividend
$0.0337
Dividend Reinvest NAV
$9.40
Record Date
02/25/2026
Ex Date
02/26/2026
Payable Date
02/26/2026
Dividends Paid
Monthly
Capital GainsG
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Investor Class - Regular Account
$100,000
Adviser Class - Regular Account
$5,000
SI Class
$10,000,000
Investor Class - IRA Account
$100,000
Adviser Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Fund Inception Date
11/06/2014
Share Class Inception Date
11/30/2023
Share Class
Adviser Class
Ticker
PYABX
CUSIP
70432T792
Fund Total Net Assets
As of 02/28/2026
$665.8 Million
Sales Charge
None
Benchmark
ICE BofA U.S. 1-Month Treasury Bill Index
Absolute Return – appropriate for investors seeking steady returns, limited downside and reduced correlations with traditional asset classes. Not intended to outperform stocks and bonds during strong market rallies.
The Payden Absolute Return Bond Fund's strategy seeks to have positive absolute returns over the long term, regardless of different market environments. To achieve this goal, the Fund seeks to provide total return, whether through price appreciation, or income, or a combination of both. It seeks opportunities by employing a flexible approach that evaluates security attractiveness globally, both inside and outside the U.S. A special emphasis is placed on risk management seeking to mitigate potential downside.
Seeks to have positive absolute returns over the long term, regardless of different market environments.
Utilizes all sectors of the fixed-income market.
Portfolio is structured with relatively low interest rate sensitivity.
The Fund may not achieve its goals if the economy weakens.
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.
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. If a security is unrated by Moody’s, S&P, and Fitch, then we use the rating from other nationally recognized statistical ratings organizations (NRSROs).
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.
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.
-0.64%
70432T792
Fund Total Net Assets
As of 02/28/2026
$665.8 Million
Sales Charge
None
Benchmark
ICE BofA U.S. 1-Month Treasury Bill Index
Absolute Return – appropriate for investors seeking steady returns, limited downside and reduced correlations with traditional asset classes. Not intended to outperform stocks and bonds during strong market rallies.
The Payden Absolute Return Bond Fund's strategy seeks to have positive absolute returns over the long term, regardless of different market environments. To achieve this goal, the Fund seeks to provide total return, whether through price appreciation, or income, or a combination of both. It seeks opportunities by employing a flexible approach that evaluates security attractiveness globally, both inside and outside the U.S. A special emphasis is placed on risk management seeking to mitigate potential downside.
Seeks to have positive absolute returns over the long term, regardless of different market environments.
Utilizes all sectors of the fixed-income market.
Portfolio is structured with relatively low interest rate sensitivity.
The Fund may not achieve its goals if the economy weakens.
| YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|
| Month-End (02/28/2026) | 0.75% | 5.50% | - | - | - | 6.37% |
| Quarter-End (12/31/2025) | 5.57% | 5.57% | - | - | - | 6.49% |
Investment MinimumH
Investor Class - Regular Account
$100,000
Adviser Class - Regular Account
$5,000
SI Class
$10,000,000
Investor Class - IRA Account
$100,000
Adviser Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Duration
Percent of Portfolio
0-1 yr
1%
1-3 yrs
80%
3-5 yrs
14%
5-7 yrs
12%
7+ yrs
-7%
Credit
Percent of Portfolio
AAA
22%
AA
6%
A
7%
BBB
24%
BB and Below
31%
Unrated
10%
Sector
Percent of Portfolio
Emerging Markets
25%
Mortgage-Backed Securities
21%
Asset-Backed Securities
14%
CMBS
14%
High Yield
13%
Bank Loans
9%
Other
4%