NAV ($)
NAV change ($) as of 9/17/2019
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 | $36.4 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 | $5,000 |
| Investor Class - IRA Account | $2,000 |
| 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 | $36.4 million |
| Average Duration | 2.5 years |
| Average Maturity | 3.4 years |
| 30-Day SEC Yield (09/06/19) | 2.23% |
| 30-Day SEC Yield (unsubsidized) | 2.09% |
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 28% |
| 1-3 | 42% |
| 3-5 | 27% |
| 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 (6/30/2019) | 2.80% | 3.92% | 0.99% | 1.20% | 1.53% | 3.96% |
| Month-end (8/31/2019) | 3.89% | 4.77% | 1.37% | 1.37% | 1.55% | 3.97% |
| 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 | 0.62% |
| 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 | |
| The market is now pricing in 2 to 3 rates cuts in 2019, a vast difference than the expected 2 to 3 rate increases that were projected at the end of 2018. The change in rate outlook is due to the global growth slowdown, trade war and sluggish inflation that has yet to reach the Federal Reserve's (Fed's) 2% objective. | |
| The inverted yield curve has investors looking for signs of economic weakness due to the perception of an inverted curve being a precursor to a recession. | |
| Agency mortgages posted mixed results versus U.S. Treasuries. Longer-reset agency adjustable-rate mortgages (ARMs) and 30-year agency mortgage-backed securities (MBS) have slightly outperformed while 15-year and short-reset agency ARMs have slightly underperformed. The flat yield curve continues to provide incentive for adjustable-rate borrowers to refinance their loans at reset into lower rate 30-year mortgages. | |
| OUTLOOK | |
| Prepayments are expected to increase over the next two months given the drop in mortgage rates through 4%. | |
| The fund is structured neutral to its benchmark. We believe the bond market to be slightly ahead of itself given the strength in the domestic economy. However, it remains to be seen how the economy evolves with additional tariffs placed on China by the administration. | |
| We are optimistic that agency MBS will do well versus their U.S. Treasury brethren. Valuations are attractively priced even given the potential for additional supply as borrowers refinance their mortgages. | |
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.