Payden U.S. Government Fund (PYUSX)
$10.34
NAV ($)
$0.01
NAV change ($) as of 11/20/2019
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
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.
Role In Portfolio
Short-Term Government Bond – Appropriate for investors who seek exposure to short-term securities issued by the U.S. Government and its agencies.
Fund Highlights
| 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 Snapshot
| Fund Inception Date | Jan 1, 1995 |
| Share Class Inception Date | Jan 1, 1995 |
| Ticker | PYUSX |
| CUSIP | 704329796 |
| Fund Total Net Assets | $39.2 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 |
A Low Cost leader
| 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.
Portfolio Characteristics
| Fund Inception Date | Jan 1, 1995 |
| Share Class Inception Date | Jan 1, 1995 |
| Total Net Assets | $39.2 million |
| Average Duration | 2.6 years |
| Average Maturity | 3.4 years |
| 30-Day SEC Yield (11/15/19) | 2.23% |
| 30-Day SEC Yield (unsubsidized) | 2.09% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 24% |
| 1-3 | 52% |
| 3-5 | 21% |
| 5+ | 3% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Mortgage-Backed | 98% |
| U.S. Treasuries | 2% |
| 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.
| Number of funds | |||
|---|---|---|---|
 |
Overall |  |
96 |
| 3 Year | |
96 | |
| Category: Short Government | 5 Year | |
93 |
| Criterion: Risk-Adjusted Return | 10 Year | |
70 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (9/30/2019) | 3.83% | 4.92% | 1.28% | 1.41% | 1.50% | 3.96% |
| Month-end (10/31/2019) | 4.07% | 5.36% | 1.41% | 1.34% | 1.51% | 3.95% |
Yearly Returns
| 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% |
Expenses
| 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.
Fund Commentary
| MARKET | |
| Interest rates continued their mid cycle adjustment as the Federal Reserve (Fed) cut rates once again. The targeted federal funds rate is 1.75%. Weak global growth and an uncertain trade outlook continue to weigh on the economy. | |
| The Fed has moved into a wait and see mode, poised to ease monetary policy further if economic data reflects weakness but likely to pause at the next meeting to reassess how the economy is responding to the three cuts in rates in 2019. | |
| Over the past quarter, the fund added agency commercial mortgage-backed securities (MBS) to diversify away from increasing prepayment risk of the residential mortgage-backed sector. | |
| Adjustable-rate mortgages (ARM), which have been experiencing fast prepayments earlier in the year due to rates resetting higher are seeing some relief. The drop in rates over the quarter has started to moderate prepayment speeds as consumers see their ARM rates resetting lower for the first time in years. | |
| OUTLOOK | |
| The Fund is structured neutral to its benchmark. We expect interest rates to remain range bound over the next three to six months while the Fed reviews the effects of its mid cycle interest rate cuts. | |
| Agency MBS, which the Fund is overweight, are at attractive valuation versus their U.S. Treasury brethren. The extras yield from Agency MBS should contribute positively to shareholder returns over the next quarter. | |
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.