NAV ($)
NAV change ($) as of 1/18/2019
The Payden U.S. Government Fund seeks to provide income while avoiding the volatility of longer-maturity bond funds and the credit risk involved in non-government issuers. The fund is comprised of U.S. Treasuries, government agency debentures and agency mortgage-backed securities. Average portfolio maturity is less than five years.
Short-Term Government Bond – Appropriate for investors who seek exposure to short-term securities issued by the U.S. Government and its agencies.
| No corporate credit risk | |
| The average maturity ranges between 3-5 years. Shorter average maturities generally provide less price sensitivity to changes in rates. | |
| Ideal for investors with a short-to-intermediate horizon who seek the safety of government securities | |
| The value of an investment will generally fall when interest rates rise |
| Fund Inception Date | Jan 1, 1995 |
| Share Class Inception Date | Jan 1, 1995 |
| Ticker | PYUSX |
| CUSIP | 704329796 |
| Fund Total Net Assets | $37.7 million |
| Benchmark | ICE BofA ML 1-5 Year US Treasury Index |
| Net Expense Ratio | 0.43% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $100,000 |
| Investor Class - IRA Account | $100,000 |
| Additional Investment - All Classes | $250 |
| Payden U.S. Government Fund (PYUSX) | Morningstar average: Short Government |
|
|---|---|---|
| Net Expense Ratio | 0.43% | 0.82% |
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.
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.
| Fund Inception Date | Jan 1, 1995 |
| Share Class Inception Date | Jan 1, 1995 |
| Total Net Assets | $37.7 million |
| Average Duration | 2.5 years |
| Average Maturity | 3.7 years |
| 30-Day SEC Yield (01/11/19) | 2.26% |
| 30-Day SEC Yield (unsubsidized) | 2.10% |
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 25% |
| 1-3 | 42% |
| 3-5 | 30% |
| 5+ | 3% |
| Total | 100% |
| Sector | Percent of Portfolio |
|---|---|
| Mortgage-Backed | 99% |
| U.S. Treasuries | 1% |
| 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.
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.
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2018) | 0.48% | 0.48% | 0.69% | 0.88% | 1.39% | 3.92% |
| Month-end (12/31/2018) | 0.48% | 0.48% | 0.69% | 0.88% | 1.39% | 3.92% |
| 2018 | 0.48% |
| 2017 | 0.81% |
| 2016 | 0.78% |
| 2015 | 0.46% |
| 2014 | 1.89% |
| 2013 | -0.97% |
| 2012 | 2.02% |
| 2011 | 2.70% |
| 2010 | 2.91% |
| 2009 | 2.89% |
| Total Annual Operating Expense | 0.57% |
| Net or Actual Operating Expense | 0.43% |
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.
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.
| MARKET | |
| Short-term interest rates continued their move higher with the Federal Reserve (Fed) raising the upper bound to 2.5% in the fourth quarter. The yield curve continued its flattening as long-term rates moved only slightly higher during the quarter. | |
| The mortgage market has underperformed U.S. Treasuries over the most recent quarter as well as over the calendar year. The Fed's exit from reinvesting its mortgage paydowns, along with increased volatility across all financial assets has provided a flight-to-quality bid to the U.S. Treasury market as the year comes to a close. | |
| Adjustable-rate mortgages (ARMs), approaching their reset triggers, have had high prepayments as borrowers are able to refinance into lower rate fixed-rate mortgages. ARMs with longer resets have had a modest outperformance due to their extra yield over U.S. Treasuries. | |
| OUTLOOK | |
| An uncertain view for rates marks the start of 2019. The Fed's view is for up to two more interest rate increases in 2019 due to a strong domestic economy but also to be patient and "listen" to the economy. However, markets are at odds with that view as interest rate futures contracts reflect no chance of an increase in 2019. Recent volatile markets are potentially pricing-in risks that are not yet visible. | |
| With the Fed no longer reinvesting pay-downs from their portfolio, the direction of yields on MBS relative to U.S. Treasuries will be determined by investors. Asset managers and banks will have outsized influence in determining the path for mortgage spreads in the coming year. | |
| The fund remains positioned for an increase in short-term rates while intermediate- and longer-term rates are expected to remain range-bound. The fund is positioned neutral to its benchmark as the likelihood of a breakout to higher rates seems unlikely, given the volatility that has afflicted the markets over the last three months. | |
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.
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.