Payden Equity Income Fund (PYVLX)
$16.89
NAV ($)
$-0.02
NAV change ($) as of 3/19/2019
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
The fund invests primarily in large-capitalization common stocks with above-average dividend yields and other income-producing securities such as preferred stocks, master limited partnerships and real estate investment trusts. The fund focuses on companies that have strong fundamentals and are expected to achieve positive earnings and dividend growth.
Role In Portfolio
Large-Capitalization Value – Appropriate for conservative equity investors who seek current income and moderate exposure to equity markets.
Fund Highlights
| Seeks to provide current income and equity market participation through a variety of stocks, sectors and security types such as common and preferred stocks, master limited partnerships (MLPs) and real estate investment trusts (REITs) | |
| Expects a large component of the total return to come from dividends | |
| Seeks to achieve lower volatility and better risk-adjusted returns than competitors and the broad market | |
| Fund price may fall when the U.S. stock market declines |
Fund Snapshot
| Fund Inception Date | Nov 1, 1996 |
| Share Class Inception Date | Nov 1, 1996 |
| Ticker | PYVLX |
| CUSIP | 704329739 |
| Fund Total Net Assets | $1,261.5 million |
| Benchmark | Russell 1000 Value Index |
| Net Expense Ratio | 0.74% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $100,000 |
| Investor Class - IRA Account | $100,000 |
| Adviser Class - Regular Account | $5,000 |
| Adviser Class - IRA Account | $2,000 |
| SI Class | $50,000,000 |
| Additional Investment - All Classes | $250 |
A Low Cost leader
| Payden Equity Income Fund (PYVLX) | Morningstar average: Large Value |
|
|---|---|---|
| Net Expense Ratio | 0.74% | 1.12% |
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 | Nov 1, 1996 |
| Share Class Inception Date | Nov 1, 1996 |
| Total Net Assets | $1,261.5 million |
| Average Duration | N/A |
| Average Maturity | N/A |
| 30-Day SEC Yield (03/15/19) | 2.43% |
| 30-Day SEC Yield (unsubsidized) | 2.42% |
Top Holdings
| Top Holdings | Sector |
|---|---|
| JPMorgan Chase | Financials |
| Merck & Co | Health Care |
| Microsoft | Information Technology |
| Verizon Communications | Communication Services |
| Enterprise Products Partners | Energy |
| Pfizer | Health Care |
| Lockheed Martin | Industrials |
| Cisco Systems | Information Technology |
| Philip Morris | Consumer Staples |
| Eli Lilly & Co | Health Care |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Financials | 19% |
| Energy | 14% |
| Technology | 13% |
| Health Care | 12% |
| Consumer Staples | 9% |
| Industrials | 8% |
| Utilities | 7% |
| Real Estate | 6% |
| Consumer Discretionary | 5% |
| Communication Services | 4% |
| Total | 97% |
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 |  |
1095 |
| 3 Year | |
1095 | |
| Category: Large Value | 5 Year | |
935 |
| Criterion: Risk-Adjusted Return | 10 Year | |
688 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (12/31/2018) | -6.69% | -6.69% | 7.45% | 7.70% | 11.52% | 6.23% |
| Month-end (2/28/2019) | 10.85% | 3.38% | 11.78% | 9.33% | 15.44% | 6.68% |
Yearly Returns
| 2018 | -6.69% |
| 2017 | 15.70% |
| 2016 | 14.92% |
| 2015 | 1.75% |
| 2014 | 14.79% |
| 2013 | 22.25% |
| 2012 | 10.04% |
| 2011 | 14.36% |
| 2010 | 12.50% |
| 2009 | 18.70% |
Expenses
| Total Annual Operating Expense | 0.74% |
| Net or Actual Operating Expense | 0.74% |
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.
(A) An overall rating is based on a weighted average of the fund’s ratings for the three-, five- and ten-year periods, if applicable. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars and the next 22.5% receive four stars. Highly rated funds are defined as those that have a four or five star Morningstar rating. Data provided by Morningstar, Inc. Although gathered from reliable sources, data completeness and accuracy cannot be guaranteed. Morningstar is a registered trademark of Morningstar, Inc. and is not affiliated with Paydenfunds
Fund Commentary
| MARKET | |
| The broad equity market (S&P 500) posted a strong return (+11.5%) for the first two months of the year, sharply recovering from the recent sell-off. | |
| The risk-on sentiment was driven by optimism surrounding a U.S.-China trade deal, better-than-expected corporate quarterly earnings results, and the Federal Reserve signaling a pause in further interest rate hikes. | |
| All sectors posted positive year-to-date returns with industrials (+18.6%) and info tech (+14.3%) leading markets higher. Conversely, health care (+6.1%) and consumer staples (+7.6%) were the market laggards. | |
| Dividend stocks have also participated in the rally with master limited partnerships (+12.9%) and real estate investment trusts (+12.6%) outperforming the broad equity market. | |
| OUTLOOK | |
| We maintain a positive outlook on equities for the next twelve months as corporate earnings are expected grow +8% for 2019 and valuation multiples remain reasonable. | |
| Volatility is likely to remain elevated as macro factors such as US-China trade concerns, Brexit, Federal Reserve policy, and lower oil prices continue to weigh on investor sentiment. | |
| Positive corporate earnings growth and record amounts of cash on balance sheets support higher dividend payouts. | |
| Financials and technology stocks with above-average dividend yields and dividend growth should perform well. | |
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.