Payden Managed Income Fund SI Class (PKBIX)
$10.28
NAV ($)
$0.00
NAV change ($) as of 5/10/2024
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
The Payden Managed Income Fund primarily invests in corporate, mortgage, and emerging-market debt along with other cash-flow-oriented securities. These holdings are complemented by securities positioned to take advantage of broader industry, interest rate, and currency views. The fund seeks to manage interest rate duration with the use of futures contracts, which seek to limit exposure to yield curve fluctuations. The value of an investment may fall if interest rates rise.
Role In Portfolio
Payden & Rygel has served the needs of institutional and individual investors for over a quarter century. We offer a full array of investment strategies and products, including equity, fixed-income, and balanced portfolios as well as open-end mutual funds and offshore funds, to a varied client base around the world. While we have grown and expanded considerably since our inception, we remain committed to our mission of providing customized investment management services that focus on each client’s specific needs and objectives.
Fund Highlights
Fund Snapshot - 04/30/2024
| Fund Inception Date | Sep 22, 2008 |
| Share Class Inception Date | Sep 22, 2008 |
| Ticker | PKBIX |
| CUSIP | 70432R200 |
| Fund Total Net Assets | $117.0 million |
| Benchmark | 30-YEAR US TREASURY BOND YIELD |
| Net Expense Ratio | 0.65% |
| Sales Charge | None |
| Investment Minimum | |
| Investment Minimum | $25,000 |
A Low Cost leader
| Payden Managed Income Fund SI Class (PKBIX) | Morningstar average: Multisector Bond |
|
|---|---|---|
| Net Expense Ratio | 0.65% | 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.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
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 - 04/30/2024
| Fund Inception Date | Sep 22, 2008 |
| Total Net Assets | $117.0 million |
| Average Duration | 1.4 years |
| Average Maturity | 3.9 years |
| 30-Day SEC Yield (05/03/24) | 5.74% |
| 30-Day SEC Yield (unsubsidized) | 4.80% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 34% |
| 1-3 | 56% |
| 3-5 | 11% |
| 5-7 | 6% |
| 7+ | -7% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 27% |
| AA | 5% |
| A | 7% |
| BBB | 24% |
| BB | 18% |
| B | 6% |
| CCC | 1% |
| Unrated | 12% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| Asset-Backed Securities | 28% |
| Emerging Markets | 16% |
| Investment Grade Corporates | 15% |
| Mortgage-Backed Securities | 13% |
| Gov't Related | 9% |
| CMBS | 9% |
| High Yield | 8% |
| Bank Loans | 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.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
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 |  |
313 |
| 3 Year | |
313 | |
| Category: Multisector Bond | 5 Year | |
263 |
| Criterion: | 10 Year | |
173 |
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (3/31/2024) | 2.52% | 6.61% | 2.35% | 2.76% | 2.39% | 2.59% |
| Month-end (4/30/2024) | 2.92% | 6.08% | 2.13% | 2.67% | 2.39% | 2.61% |
Yearly Returns
| 2023 | 6.20% |
| 2022 | -3.89% |
| 2021 | 3.97% |
| 2020 | 1.89% |
| 2019 | 6.36% |
| 2018 | 0.79% |
| 2017 | 3.19% |
| 2016 | 2.69% |
| 2015 | 0.72% |
| 2014 | 0.95% |
Expenses
| Total Annual Operating Expense | 1.71% |
| Net or Actual Operating Expense | 0.65% |
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.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
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 - 04/30/2024
| MARKET | |
| Fixed-income total returns were negative for the month, given interest rates increased 30 to 40 basis points across the U.S. Treasury yield curve due to stickier inflation, which surprised to the upside once again in March. With inflation trending above expectations, this led to losses across fixed-income and equities sectors. Consequently, the 10-year U.S. Treasury yield ended the month at 4.68%, the highest since November 2023, implying a “higher for longer” rate environment and resulting in a repricing of risk assets. Globally, inflation trends appear to be diverging from the U.S. with Canada and Europe enjoying below-trend inflation with key inflation metrics such as the core Harmonized Index of Consumer Prices in Canada and core CPI (Consumer Price Index) in Europe below 3% for both regions. | |
| OUTLOOK | |
| Correlations between risk assets and rates turned more positive in April as 10-year yields moved above 4.5% and risk assets began to suffer. Attractive all-in yields in high-quality fixed income allow for portfolio construction solutions that are resilient in various macro-outcomes, minimizing price risk while not overly mitigating running yield in our view. Going forward, the team is very focused on the ordering between data, interest rates, and asset prices, particularly in areas where market consensus has coalesced around an outcome inconsistent with the trajectory of data. | |
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.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
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.