Payden & Rygel provides a full range of investment strategies and solutions to investors around the globe.

40 YEARS OF INSPIRING CONFIDENCE WITH AN UNWAVERING COMMITMENT TO OUR CLIENTS' NEEDS.

Updates

Jeffrey Cleveland, Chief Economist, speaks to Bloomberg's Paul Sweeney and Alix Steel on CPI, Is this uptick a trend?
April 10, 2024

Jeffrey Cleveland, Chief Economist, demystifies the latest job report for Bloomberg.
April 5, 2024

Who we are
We are one of the largest privately-owned global investment advisers. Founded in 1983, we manage fixed income and equity portfolios through domestic and international solutions. Advising the world's leading institutions and individual investors, we provide customized solutions and real-world strategies on the global economy and capital markets.
Payden & Rygel at a Glance
  • $161.7 billion in AUM
  • Founded in 1983
  • 387 client relationships
  • Headquartered in Los Angeles
  • Offices in Boston, London, and Milan
  • 239 employees

For four decades, our independence has enabled us to manage portfolios focused on our clients' objectives. We build lasting relationships by providing an unparalleled level of service and problem solving.

Our Firm

Payden In Focus

Kristin Ceva provides insights into emerging market debt.
Kristin Ceva provides insights
into emerging market debt.
Our Leadership
Our executive management team has been working together, on average, for nearly 25 years. Independently-owned, we provide customized solutions and allow clients complete access to our resources.
<p><b>President and CEO - Joined 1983</b></p><p> Joan Payden is the President and Chief Executive Officer of Payden & Rygel, the global investment management firm that she founded in 1983 and has overseen the firm's international expansion. In 1992 the firm launched Payden & Rygel Investment Group, a family of mutual funds, of which she is chief executive officer. Subsequently many of these strategies were duplicated in UCITS funds domiciled in Ireland. In 1998 Payden & Rygel Global Ltd. was founded in London. At the same time, the firm established Metzler/Payden LLC, its joint venture with Metzler Bank, Germany's oldest private bank. In addition to the London office, in 2010 a Boston office was opened and more recently we opened the Milan, Italy office last year. Joan serves on the UCLA Anderson School board of advisors and is a trustee of Loyola Marymount University and a trustee emeritas of the University of Southern California. She is also a member of the board of the Town Hall of Los Angeles, the Los Angeles Sports Council, the California Chamber of Commerce, and the Natural History Museum of Los Angeles. She is past chairman of the Investment Counsel Association of America.<br /><br /> Joan is a graduate of the Advanced Management Program at Harvard Business School and earned a BA from Trinity Washington University in Mathematics and Physics. <br /><br />
Joan A. Payden, CFA®
President & CEO
<p><b>Managing Director and CFO - Joined 1986</b></p> <p>Brian Matthews is a Managing Director and the Chief Financial Officer at Payden & Rygel, and is a member of the board of directors. Brian is a member of the firm's Investment Policy Committee and serves as a Senior Portfolio Manager advising institutional clients, including corporations, pension funds, insurance companies and foundations and endowments. He is a director of Metzler/Payden LLC, the firm's joint venture with Metzler Bank of Frankfurt, Germany. Brian is also co-chairman of Payden/Kravitz LLC, a joint venture specializing in cash balance retirement plans.</p> <p>Prior to joining Payden & Rygel, Brian was an investment officer at Brown Brothers Harriman & Company in New York, where he was responsible for managing fixed-income portfolios and asset/liability management.</p> <p>Brian is a member of the CFA Society of Los Angeles, the CFA Institute and the Investment Counsel Association of America, Inc. He is past chairman and on the executive board of directors for the Boy Scouts of America Los Angeles Area Council and serves on the board of directors for Oaks Christian School, St. Anne's, Salvation Army, and is a board member of the Patron of the Arts in the Vatican Museums.</p> <p>Brian earned a BS in Economics at the University of Notre Dame.</p>
Brian W. Matthews, CFA®
Managing Director & CFO
<p><b>Managing Director - Joined 1991 </b></p> <p>James Sarni is a Managing Director at Payden & Rygel. James serves as a Senior Portfolio Manager advising pension funds, insurance companies, corporations, health care organizations, Taft-Hartley plans, universities and endowments. </p> <p>Prior to joining Payden & Rygel, James was a Vice President and senior portfolio manager at First Interstate Bank where he managed the trust department's commingled bond funds as well as institutional client portfolios.</p> <p>James is a member of the University of Southern California's Marshall School of Business Board of Leaders, the Board of Directors of USC's Center for Investment Studies, Mount Saint Mary's University Board of Trustees, the Pasadena City College Foundation and Legatus International. He is past president of the Washington, DC-based Investment Adviser Association, Pasadena City College Foundation, CFA Society of Los Angeles and St. Philip the Apostle School board of trustees. </p> <p>James earned an MBA with an emphasis in finance and a BS from the University of Southern California.</p>
James P. Sarni, CFA®
Managing Director
<p><b>Managing Director - Joined 1991</b></p> <p>Mary Beth Syal is a Managing Director at Payden & Rygel. Mary Beth is a member of the firm's Investment Policy Committee. She oversees the firm's low duration strategies and serves as a Senior Portfolio Manager advising corporations, insurance companies and family offices. She is a director of Payden & Rygel Global Ltd., Payden Global Funds plc. and Payden AIF ICAV.</p> <p>Prior to joining Payden & Rygel, Mary Beth was a Portfolio Manager and strategist at Amervest Company, Inc., where she was the co-chair of the Investment Strategy Committee. </p> <p>Mary Beth is a member of the CFA Society of Los Angeles and the CFA Institute. In addition, she serves on the Investment Committee of the Western Province of the Religious of the Sacred Heart of Mary. </p> <p>Mary Beth earned an AB degree in Government from Smith College in Northampton, Massachusetts. </p>
Mary Beth Syal, CFA®
Managing Director
<p><b>Managing Director - Joined 1994</b></p> <p>Asha Joshi is a Managing Director at Payden & Rygel. She is a Senior Portfolio Manager serving institutional clients including public plans, corporations, universities and endowments. She also chairs the firm's Best Execution Committee.</p> <p>Prior to joining Payden & Rygel, Asha was vice president, Global Capital Markets at CIBC/Wood Gundy and previously, vice president at First Interstate Bank, Ltd where she was responsible for risk management of the Bank's derivatives portfolio.</p> <p>Asha recently served as Chair on the board of the California Council on Economic Education. She also serves on the Advisory Board of UCLA Anderson's Social Impact Center. Asha is a past president of the CFA Society of Los Angeles and a member of the CFA Institute. </p> <p>Asha earned an MBA, with an emphasis in finance, and an MA degree from UCLA the year that she was a Rotary Foundation Ambassadorial Fellow. She received an undergraduate degree with the highest honors from Bangalore University in India.</p>
Asha B. Joshi, CFA®
Managing Director
<p><b>Managing Director - Joined 1995</b></p> <p>James Wong is a Managing Director, a member of the Investment Policy Committee and Co-Manager of Payden & Rygel's domestic and global equity strategies. He has worked with the firm's equity products since their inception. James has more than 20 years of equity portfolio management experience, during which he has managed the breadth of equity styles and market capitalizations. He has extensive experience managing long/short portfolios, creating hedging strategies using derivatives and developing customized investment solutions for client specific needs.</p> <p>James also has oversight responsibilities for the firm's investment grade corporate and high yield strategies, and the corporate research area. </p> <p>Before joining Payden & Rygel, James was a bond trader at the Union Bank of Switzerland. Previously, he was in the corporate finance group at Salomon Brothers Inc. James earned an MBA degree from The UCLA Anderson School of Management with an emphasis in finance. James received a BS degree in Economics from The Wharton School, University of Pennsylvania with a concentration in finance.</p>
James T. Wong, CFA®
Managing Director
<p><b>Managing Director - Joined 1997</b></p> <p>Michael Salvay is a Managing Director at Payden & Rygel. He is a member of the firm's Investment Policy Committee and serves as Senior Portfolio Manager advising public pension plans, endowments and universities and corporations. He directs the core bond architecture group and has extensive experience in developing customized mandates for active and passive index replication portfolios as well as hedging programs. </p> <p>Prior to joining Payden & Rygel, Michael was a Senior Portfolio Manager at Dewey Square Investors in Boston, where he specialized in mortgage-backed securities and duration immunization strategies.</p> <p>Michael is a member of the CFA Institute. He earned an MBA from the Amos Tuck School at Dartmouth College and a BA in Economics from the University of California, San Diego</p>
Michael E. Salvay, CFA®
Managing Director
<p><b>Managing Director - Joined 1998</b></p> <p>Kristin Ceva is a Managing Director at Payden & Rygel. Kristin is a member of the firm's Investment Policy Committee and is a Senior Portfolio Manager directing the firm's emerging market debt strategies. She also is a frequent speaker at industry forums and in the media, focusing on topics related to international investing and emerging markets.</p> <p>Prior to joining Payden & Rygel, Kristin worked as a consultant for Deloitte & Touche, and with a number of international policy institutes including: the Pacific Council on International Policy, the Center for U.S.-Mexican Studies and the North America Forum at Stanford University.</p> <p>Kristin serves on the boards of EMpower (a non-profit organization founded by emerging markets financial professionals to support at-risk youth), California Community Foundation and Polytechnic School, and is on the California Committee of Human Rights Watch.</p> <p>Kristin earned a PhD from Stanford University in Political Science with an emphasis on international political economy. She was a Fulbright Scholar based in Mexico City. Kristin has completed extensive economic and political research on emerging markets and is fluent in Spanish. She received a BBA in Finance from Texas A&M University.</p>
Kristin J. Ceva, PhD, CFA®
Managing Director
<p><b>Managing Director - Joined 1998 </b></p> <p>Greg Morrison is a Managing Director at Payden & Rygel and a member of the firm's Managing Committee. He leads the firm's global technology strategy and development, including application and data provider selection, systems integration, oversight of data center operations, information security, and business resiliency. He also oversees the firm's SOC 1 audit reporting process and adherence with the GIPS Standards.</p> <p>Prior to joining Payden & Rygel, Greg was a member of the assurance and advisory services practice of Deloitte, where he specialized in audits of global investment managers and securities brokers and dealers. </p> <p>Greg serves on the board of directors of Executive Service Corps of Southern California, where he is Vice Chair of the board and a member of the Investment and Audit Committees. He is past Chair of Washington University's Eliot Society, and a member of the CFA Institute, the CFA Society of Los Angeles, and the American Institute of Certified Public Accountants. </p> <p>Greg Morrison is a Certified Public Accountant (inactive) and Chartered Financial Analyst. He earned a B.S. in Accounting and Management from Washington University in St. Louis. </p>
Gregory T. Morrison, CPA, CFA®
Managing Director
<p><b>Managing Director - Joined 1998</b></p> <p>Robin Creswell is a Managing Director at Payden & Rygel. He is responsible for the firm's London office; Payden & Rygel Global Ltd.</p> <p>Creswell's 38-year career in the financial industry began in banking. He was then a leading figure in the development of the global hedge fund and derivatives industry in the 1990s. He was responsible for launching the first publicly offered hedge funds in a number of jurisdictions, including Japan, Australia and Hong Kong. </p> <p>Prior to joining Payden & Rygel, Creswell was responsible for global distribution at ED&F Man. Subsequently he established the fund management company, Greystone International Ltd., for Chicago-based futures broker Gelderman, Inc. later acquired by the Man Group.</p> <p>Robin Creswell was a Trustee of the Charities Aid Foundation until 2018 where he Chaired the Investment Advisory Committee, and is also a Trustee of a number of other non-profit organisations. He is a Fellow of the Securities & Investment Institute and a member of the CFA Society of the UK. </p>
Robin B.B. Creswell, FCSI
Managing Director-London
<p><b>Managing Director - Joined 2006</b></p> <p>Nigel Jenkins is a Managing Director at Payden & Rygel. He is a member of the firm's Investment Policy Committee and oversees the Global Fixed Income strategy team, which manages all Euro and Sterling base currnecy and global benchmarked fixed income portfolios. Nigel is also part of the three strong leadership team of our unconstrained fixed income team, with a focus on absolute return and multi asset credit portfolios. He is a director of Payden Global Funds plc. and Chairman of Payden AIF ICAV, which houses Payden Multi Asset Credit Fund. Nigel serves on the board of Payden & Rygel Global Limited.</p> <p>Prior to joining Payden & Rygel, Jenkins was a founding partner of Centric Capital LLP, a fixed income and currency hedge fund. Previously he was head of global fixed-income at WestLB, and a director of the fixed income & currency group at Rothschild Asset Management, both in London. <p>Nigel also serves on the board of a Cambridgeshire Community Land Trust, focussed on providing affordable housing to enable people with local connections to live locally.</p> <p>Nigel Jenkins holds the ASIP designation of the UK Society of Investment Professionals, a member society of the CFA Institute. He earned an MA degree in Economics from the University of Cambridge. </p>
Nigel Jenkins, ASIP
Managing Director-London
<p><b>Managing Director - Joined 2013</b></p> <p>Alfred Giles is a Managing Director and the head of Corporate Research at Payden & Rygel. He is responsible for managing the firm's research process across investment grade, high yield, emerging markets, and equities. He is a member of the firm's Investment Policy Committee. Giles is also responsible for evaluating and recommending investment opportunities throughout the capital structure across various strategies. Al is a co-leader of Payden & Rygel's Diversity & Inclusion initiative and represents Payden & Rygel on the CEO Advisory Council for the NICSA Diversity Project North America.</p> <p>Prior to joining Payden & Rygel, Alfred worked as a Credit Analyst at UBS Investment Bank where he was responsible for providing investment recommendations to institutional investors. Previously, he was an investment banker at Credit Suisse and served in the US Army as a Captain.</p> <p>Alfred holds the Financial Industry Regulatory Authority series 7 and series 63 licenses. He earned an MBA with an emphasis in Finance and Business & Law from New York University's Stern School of Business and a BS in Systems Engineering from the United States Military Academy in West Point, NY.</p>
Alfred Giles III, CFA®
Managing Director
<p><b>Joined 2021 </b></p> <p>Antonella Manganelli is the Chief Executive Officer and member of the Board of Directors of Payden Global SIM SpA, the EU entity of Payden & Rygel, based in Milan. Prior to joining Payden & Rygel, Antonella was responsible for the European Multi-Sector Credit Platform at Apollo Global Management. Antonella previously worked at Goldman Sachs Asset Management as a High Yield and Investment Grade Portfolio Manager within GSAM's Global Fixed Income Team. Antonella started her career at Morgan Stanley, where she worked in the Private Wealth and Investment Management Divisions.</p> <p>Antonella is a CFA charter holder and holds a M.Sc. in Economics from "Universita Commerciale Luigi Bocconi" in Milan.</p>
Antonella Manganelli, CFA®
CEO, Payden Global SIM SpA
<p><b>Director - Joined 1991 </b></p> <p>David Ballantine, is a Director and a member of the Low Duration Strategy leadership team at Payden & Rygel. He oversees the firm's trading operations and is a key member of the portfolio management team responsible for developing strategies for short- and intermediate-term fixed-income portfolios. Prior to joining Payden & Rygel, David traded corporate, asset-backed and mortgage securities at The Capital Group and worked in the fixed-income department at Fidelity Investments. </p> <p>David is a member of the CFA Institute, Investment Counsel Association of America, Inc. and the Financial Planning Association. He is also a member of the Leadership of Southern California and the L.A. Works Organization.</p> <p>David is a certified financial planner. He earned a BS in Business Administration from the University of New Hampshire.</p>
David P. Ballantine, CFA®, CFP
Director
<p><b>Director - Joined 1997</b></p> <p>Bradley Hersh is a Director and Treasurer of Payden & Rygel. He is a member of the board of directors. As a Senior Financial Officer, he is responsible for accounting, budgeting and financial reporting. He also manages mutual fund accounting, regulatory issues and management reporting for Paydenfunds, the firm's family of no-load, low-expense mutual funds.</p> <p>Prior to joining Payden & Rygel, Bradley was the assistant controller responsible for accounting and financial functions at Sierra Capital Management. He was the assistant treasurer for the Sierra Trust Funds where he managed mutual fund accounting, regulatory issues and management reporting.</p> <p>Bradley earned an MBA with an emphasis in finance from the University of Southern California. He received a BBA with an emphasis in accounting from Baylor University.</p>
Bradley F. Hersh
Director - Treasurer
<p><b>Director - Joined 1998</b></p> <p>Bill Kalra is a Director and Portfolio Manager at Payden & Rygel. Bill is responsible for client relationships domestically and abroad. He advises clients, including corporations, foundations and endowments, on asset allocation issues and risk management techniques. Bill has significant expertise in helping clients formulate and implement investment policies and strategies within portfolios.</p> <p>Prior to joining Payden & Rygel, Bill was an Investment Consultant at JB Oxford & Co. </p> <p>Bill holds the Financial Industry Regulatory Authority series 7 and 63 licenses. He earned an MA in Economics from Claremont Graduate University and a BS in Economics from the University of Southern California.</p>
Bill A. Kalra
Director
<p><b>Director - Joined 2004</b></p> <p>Arthur Hovsepian, is a Director and Emerging Market Debt Strategist at Payden & Rygel. He heads up Asia sovereign research and is also the lead local market strategist with a focus on Asia and Africa.</p> <p>Prior to joining Payden & Rygel, Hovsepian was a Portfolio Associate with Pacific Investment Management Company in the global fixed income group, where he was responsible for the currency risk management process for global portfolios.</p> <p>Arthur Hovsepian holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Los Angeles. He received an MBA from The UCLA Anderson School of Management and a BS in Economics and Statistics from University College London.</p>
Arthur Hovsepian, CFA®
Director
<p><b>Director - Joined 2004</b></p> <p>Damon Eastman is a Director and Head of Portfolio Risk Management at Payden & Rygel focused on the appropriate alignment of portfolio risk with investment objectives and risk tolerance. Damon previously served as a Senior Portfolio Analyst where he headed the portfolio architecture function for emerging market debt portfolios, including risk monitoring and performance attribution. </p> <p>Damon is fluent in Spanish and has experience with global clients having lived and worked in several countries.</p> <p>Damon is a member of the CFA Society of Los Angeles. He earned an MS in Management and a Graduate Diploma in Finance from Boston University - Brussels International Graduate Center. Damon also received a BA in International Relations with a focus on international economics from Tufts University in Medford, Massachusetts.</p>
Damon C. Eastman, CFA®
Director
<p><b>Director - Joined 2006</b></p> <p>Jeffrey Cleveland is a Director and the Chief Economist at Payden & Rygel. He is a member of the Investment Policy Committee. He is responsible for developing views on the US and global economy and the capital market implications. Jeffrey is a frequent speaker at industry forums and often appears on CNBC, Bloomberg Television, Fox Business News, Bloomberg Radio, and National Public Radio to discuss financial markets and the economy.</p> <p>Jeffrey is a member of the National Association for Business Economics (NABE). Jeffrey earned a MA in International Political Economy with an emphasis in international money and finance from Claremont Graduate University and a BA in Economics/Global Political Economy from Whittier College through the Whittier Scholars Program.</p> <p>As an avid open-water swimmer, Jeffrey swam across the English Channel in September 2008, across the Catalina Channel in 2009, and around Manhattan in 2010, becoming the 36th person to have completed this "triple crown" of open water swimming. </p>
Jeffrey C. Cleveland
Director - Chief Economist
<p><b>Director - Joined 2011</b></p> <p>Elizabeth M. Westvold is a Director at Payden & Rygel. Based in the Boston office, she serves as a Senior Client Portfolio Manager for U.S. institutional clients including public plans, corporations, universities and endowments and insurance companies.</p> <p>Prior to joining Payden & Rygel, Beth was a managing director in BlackRock's global client group for seven years, responsible for developing and maintaining relationships with institutional clients. Prior to 2005, she was a managing director and fixed income portfolio manager with State Street Research & Management Co. and earlier worked in fixed income strategies for Harvard Management Company.</p> <p>Elizabeth is a member of the CFA Boston Society. She is president and an investment committee member of the Trustees of Donations to the Episcopal Church. Elizabeth earned an MBA from the Tuck School of Business at Dartmouth College and a BA, cum laude, in economics and biology from Middlebury College. </p>
Elizabeth M. Westvold, CFA®
Director
<p><b>Director - Joined 2011</b></p> <p>Jared Boneno is a Director and head of corporate bond trading at Payden & Rygel. His responsibilities include relative value trading, developing and implementing corporate bond investment programs, corporate market analysis, surveillance related to portfolio positioning as well as managing the firm's corporate trading operations.</p> <p>Prior to joining Payden & Rygel, Jared was a Senior Analyst at Income Research & Management in Boston, where he held trading, portfolio research and analysis and client service responsibilities. Before working at Income Research & Management, he worked for Bear, Stearns & Co. Inc. in various roles. He also served as an Officer in the United States Navy. </p> <p>Jared is a member of the CFA Society of Los Angeles and the CFA Institute. He earned a BSM in Finance at Tulane University in New Orleans, LA where he was also participated in the Navy Reserve Officer Training Corps.</p>
Jared L. Boneno, CFA®
Director
<p><b>Director - Joined 2013</b></p> <p>Mark Stanley is a Director at Payden & Rygel Global Ltd and a member of the firm's board. He is responsible for business development and client relationship management in the United Kingdom, focusing on institutional clients including wealth managers, insurers, pension funds and consultants. Mark is a member of Payden & Rygel's ESG Committee.</p> <p>Mark brings 38 years of experience in the institutional investment management industry to the firm. Prior to joining Payden & Rygel, he was a partner at Mercer where he focused on fiduciary management. Before joining Mercer, he held senior positions at asset management firms including Wellington Management and Threadneedle Asset Management.</p> <p>Mark has been a volunteer presenter on local commercial radio for over 15 years, currently presenting weekday mornings on Wey Valley Radio.</p> <p>Mark earned a BA in Economics with honours from The University of Kent at Canterbury in the United Kingdom. He is a Fellow of the Pensions Management Institute and a past member of the council of the Pensions Lifetime and Savings Association, PLSA (previously the National Association of Pension Fund, NAPF). </p>
Mark H Stanley, FPMI
Director
<p><b>Director - Joined 2012</b></p> <p>Natalie Trevithick is a Director and the Head of Investment-Grade Corporates at Payden & Rygel and a member of the firm's Investment Policy Committee. Natalie is responsible for managing corporate bond portfolios across a breadth of fixed-income strategies, including low duration, core and core plus, global, emerging markets and absolute return. Her experience also encompasses the use of derivatives such as interest rate and credit default swaps to manage risk and to develop customized investment solutions for corporate bond portfolios.</p> <p>Prior to joining Payden & Rygel, Natalie spent six years at PIMCO in a similar capacity as a Senior Vice President and Portfolio Manager. Prior to that, she worked at Barclays Capital as a sell-side trader in New York.</p> <p>Natalie earned an MBA from the McCombs School of Business at the University of Texas, Austin. She earned a Bachelor of Commerce degree at Queen's University in Kingston, Ontario. </p>
Natalie N. Trevithick, CFA®
Director
<p><b>Director - Joined 2017</b></p> <p>Eric Souders is a Director and Lead Strategist on the global unconstrained fixed income team with a focus on absolute return and multi-asset credit solutions. In this capacity he is responsible for oversight of idea generation, strategy implementation and risk management. Souders is also a senior member of the ESG Committee.</p> <p>Prior to joining Payden & Rygel, Eric worked as a Portfolio Manager at Guggenheim Partners, focusing on multi-asset and structured product dedicated strategies. He also worked at Blackrock, serving as a lead Portfolio Manager within investment-grade corporate credit solutions. Previously, he worked at BNY Mellon in their Wealth Management division.</p> <p>Eric is a member of the CFA Institute and CFA Society of Los Angeles, where he served as a member of the Board and instructor in their fixed income review program. He earned a BA in Business-Finance at California State University, Fullerton. </p>
Eric Souders, CFA®
Director
<p><b>Director - Joined 2004</b></p> <p>Jordan Lopez is a Director at Payden & Rygel and is the head of the high yield strategy group. He co-manages the firm's high yield bond and loan strategies and is actively involved in all aspects of portfolio management including bond selection, portfolio positioning, and risk control. </p> <p>Jordan is an internal trustee on the board of directors for The Payden & Rygel Investment Group, the sponsor of the Paydenfunds, for which Payden & Rygel is the investment advisor. Jordan is also a co-leader of Payden & Rygel's Diversity & Inclusion initiative. </p> <p>Prior to joining Payden & Rygel, Jordan worked for Deloitte & Touche in the Audit and Assurance Group. </p> <p>Jordan currently serves as a trustee on the board the Gooden School and is a member of the CFA Society of Los Angeles. He earned a BA from Claremont McKenna College in Politics, Philosophy, and Economics. </p>
Jordan H. Lopez, CFA®
Director
<p><b>Director - Joined 2017</b></p> <p>Tim Crawmer is a Director and Global Credit Strategist at Payden & Rygel. He is a member of the firm's Investment Policy Committee. Working with the firm's other investment strategists, Tim is responsible for development, oversight, and implementation of the firm's global credit strategy, with an emphasis on corporate credit across multiple sectors and strategies.</p> <p>Prior to joining Payden & Rygel, Tim was at the Ohio Public Employees Retirement System where he started an internally-managed high yield strategy for the pension fund. He also previously served as a Global High Yield Portfolio Manager at Aberdeen Asset Management and Artio Global Investors in New York City and a Corporate Bond and Credit Default Swap Trader with Bank of America and Merrill Lynch. In these roles, he developed expertise within US and European High Yield, Investment Grade Corporates, Loans, and Emerging Markets. </p> <p>Before his career in finance, Tim served as an E-6B Mercury Naval Flight Officer in the United States Navy. He graduated with a BS in Mechanical Engineering from the United States Naval Academy and an MBA from The UCLA Anderson School of Management. </p>
Timothy J. Crawmer, CFA®
Director
<p><b>Director - Joined 2016</b></p> <p>Darren Marco is a Director at Payden & Rygel. He is responsible for the implementation and monitoring of investment policies and strategies for a variety of institutional clients, including corporations, endowments, foundations, insurance companies, pension funds and private clients.</p> <p>Prior to joining Payden & Rygel, Darren was at Toyota Financial Services, where he was a Treasury Manager responsible for short-term debt issuance and oversight of the company's internally and externally-managed investments. Previously, Darren held various fixed income sales and analyst roles with a focus on mortgage-backed securities at large US banks and primary Wall Street dealers.</p> <p>Darren earned an MBA from the University of Texas at Austin and received his BA in political science from Princeton University. He holds the Financial Regulatory Authority series 7, 63, and 24 licenses. </p> <p>He is a member of the CFA Society Los Angeles and the CFA institute.</p> <p>Darren is a member of the Board for the Boys & Girls Club of Pasadena. He also is a member of the Pasadena Tournament of Roses. </p>
Darren Marco, CFA®
Director
<p><b>Director - Joined 2001</b></p> <p>Alejandra Murphy is a Director and Head of Portfolio and Fund Operations at Payden & Rygel. She leads the firm's Registered Investment Company operations, SMA client reporting and reconciliation group, and asset set-up and support teams. Previously, she was a project manager in the firm's technology team, responsible for the development and support of applications for clients and internal teams, including the delivery of regulatory reporting solutions for European insurance clients and pension funds. Alejandra is a member of the Board of Directors of Payden Global SIM S.p.A. </p> <p>Prior to joining Payden & Rygel, Alejandra was a Product Consultant for SS&C in Boston where she worked with clients to optimize their use of PORTIA accounting software.</p> <p>Alejandra Murphy earned a BA in Economics and French from Wheaton College in Boston, Massachusetts. She is fluent in Spanish and proficient in French. </p>
Alejandra Murphy
Director
<p><b>Director - Joined 2002</b></p> <p>Kerry Gawne Rapanot is a Director and a member of the Low Duration Strategy leadership team at Payden & Rygel. She is responsible for the development and implementation of investment strategies within the firm's liquidity-oriented portfolios. Additionally, she oversees the liquidity trading desk and has responsibility for trading and evaluating relative value within the US and Canadian dollar-denominated Agency and Supranational investment universe.</p> <p>Before joining Payden & Rygel, Kerry was part of the Institutional Fixed-Income Group at Salomon Smith Barney where she sold bonds to institutional clients such as local governments and bank trust departments. Previously, she was with TD Waterhouse assisting retail clients with financial planning. </p> <p>Kerry holds the FINRA series 7 and 63 licenses. Kerry is chair of the investment committee at the California Council on Economic Education, a 501c3 organization. She is past President of the CFA Society of Los Angeles and a member of the CFA Institute. </p> <p>She earned a BBA degree from Wilfrid Laurier University, Ontario, Canada, with an emphasis in finance and a minor in economics. </p>
Kerry Rapanot, CFA®
Director
<p><b>Director - Joined 1995</b></p> <p>Gary Greenberg is a Director and Senior Strategist at Payden & Rygel. As a member of the firm's Securitized Products Group, Gary is responsible for the management of our U.S. Government mortgage portfolios and strategies. He is also a member of the team's securitized credit committee and involved in the analysis, risk management and trading in the residential mortgage market.</p> <p>Prior to joining Payden & Rygel, Gary worked as an Investment Planner in the trust services department of Banker's Trust.</p> <p>He is a member of the CFA Institute and the CFA Society of Los Angeles and earned a BS in Finance from Arizona State University. </p>
Gary Greenberg, CFA®
Director
<p><b>Director - Joined 2004</b></p> <p>Akiko Hayata is a Director and Head of Trading Operations at Payden & Rygel. She leads the derivative operations, domestic and global trade settlements, and corporate actions teams. Additionally, she oversees the management of the Foreign Exchange trading desk. </p> <p>Prior to her current role in Operations, Akiko headed the FX Trading team and was the senior trader responsible for implementing FX investment strategies across portfolios in developed and emerging market currencies. </p> <p>Akiko is a member of the NY Federal Reserve Banks' Foreign Exchange Committee. Akiko is a past President of the CFA Society of Los Angeles and a member of the CFA Institute. She received her BA in biochemistry from Occidental College in Los Angeles, California. Originally from Costa Rica, she is fluent in Spanish</p>
Akiko Hayata, CFA®
Director
<p><b>Director - Joined 2008</b></p> <p>Paul Saint-Pasteur, is a Director at Payden & Rygel Global Ltd and a strategist in the Global Fixed Income team. He is responsible for developing and managing multi-currency, multi-sector strategies including global government and global aggregate portfolios as well as euro and sterling benchmarked mandates.</p> <p>Prior to joining Payden & Rygel, Paul was a trading desk analyst at the French investment bank Natixis, covering a broad range of structured credit products.</p> <p>Paul is a member of the CFA Society of the UK and the CFA Institute. He earned an MSc in Finance from the London School of Economics and Political Sciences and holds a Master's Degree in Management and Finance from Groupe Ecole Supérieure de Commerce et de Management Tours-Poitiers (ESCEM) in France. </p>
Paul Saint-Pasteur, CFA®
Director
<p><b>Director - Joined 2006</b></p> <p>Eric Hovey is a Director and Senior Portfolio Manager at Payden & Rygel. He works with insurance companies, corporations and other institutions to address their unique investment circumstances. His time at the firm has included positions as a Senior Fixed-Income Strategist, Trader and Sector Analyst.</p> <p>Prior to joining Payden & Rygel, Eric worked at Merrill Lynch in Clayton, Missouri, where he was a member of an institutional fixed-income team.</p> <p>Eric holds the Financial Industry Regulatory Authority series 7 and 66 licenses. He is a member of the CFA Society of North Carolina and the CFA Institute.</p> <p>He earned a BSBA in Finance and Accounting at Washington University in St. Louis and was awarded the 2002 Skandalaris Center of Entrepreneurial Studies Olin Cup.</p>
Eric Hovey, CFA®
Director
<p><b>Director - Joined 2014</b></p> <p>Adam Congdon is a Director and a member of the Low Duration Strategy leadership team at Payden & Rygel. He is responsible for developing and implementing investment strategies in short maturity portfolios with an emphasis on tax-sensitive clients.</p> <p>Prior to joining the Payden & Rygel, Adam was a fixed-income trader at Performance Trust Capital Partners in Chicago where he was responsible for managing a portfolio of tax-exempt and taxable municipal securities.</p> <p>Adam is a member of the CFA Society of Los Angeles and the CFA Institute. He holds the Financial Industry Regulatory Authority series 7, 24, 53, and 66 licenses. He earned a BBA in accounting and finance from the University of Wisconsin-Milwaukee. </p>
Adam Congdon, CFA®
Director

Our clients

With over $161.7 billion in assets under management, we advise the world's leading institutional and individual investors with real-world strategies on the global economy and capital markets. Investment management is our only business, and every client is important to us. Our clients include:

Corporations
·  Balance Sheets
·  Pensions
·  LDI
·  Cash Sweep Management
·  DB/DC
 Endowments, Foundations & Non-Profits
·  Higher Ed
·  Public and Private
·  Eleemosynary
·  Operating and Long-term Pools
 Health Care
·  Health Systems
·  Hospitals
·  Operating, Endowment, Project Funding
Insurance Companies
·  Global Presence
·  Book Yield
·  Total Return
·  ALM
·  Primary/Reinsurers/Captives
·  Solvency II, NAIC, et al.
 Public Entities
·  State/Local Government Authorities
·  Sovereign Wealth Funds
·  Central Banks
·  NGOs
 High Net Worth Individuals
·  Wealth Managers
·  Family Offices
·  Charitable Trusts
 
Our strategies
We provide a number of strategies across global markets. Strategies are customized based on each client's objectives, but fall into four broad categories: fixed income, equity, absolute return, and balanced. Strategies can be employed using customized separate accounts, our US mutual funds, or Dublin-based UCITS funds and AIF.

Payden & Rygel has been managing portfolios globally with an emphasis on customized investment solutions since inception. We believe that a one-size-fits-all or product-based approach to investing sacrifices the single most important aspect of our client relationships: each client's unique circumstances.

  • Fixed Income
  • Equity
  • Absolute Return
  • Balanced
Cash Management Low Duration & Enhanced Cash US Govt Bonds Tax-Exempt Core & Core Plus Investment Grade Corporates Strategic Income Global Fixed Income
Emerging Market Bond High Yield Long-Duration Investing (LDI)

Emerging Market Bond

Some of the fastest growing regions in the world are labeled "emerging markets". For many years, investors treated emerging markets as an alternative investment. Today, emerging markets—and in particular, emerging market bonds—are an exciting asset class all their own. They offer the opportunity to invest in almost seventy countries that represent close to half of global output. Payden & Rygel's Emerging Market Bond strategies can be used as stand-alone investment vehicles or they can used in a broader portfolio to provide diversification and potentially enhance returns.

The firm's investment process starts with a top-down assessment of country risk, accompanied by research trips to countries in Latin America, Europe, Asia, Africa and the Middle East. We assess country trajectories through a screening of their macroeconomic variables, business environment, political stability, and the quality of their environmental, social and government institutions. Our robust relative value and risk management tools help to ensure diversification and minimize volatility.

Payden & Rygel's emerging market bond effort dates back to the late 1990s, making us a pioneer in the asset class. The stability of our team and consistency of our approach has delivered strong absolute and risk-adjusted returns for our clients. Beyond the firm's capabilities in sovereign US dollar and euro-denominated bonds, we have been at the forefront of the evolution of local currency and corporate bond markets. We offer both dedicated and blended strategies across the full range of emerging market debt opportunities.


Benchmark EMBI Global Diversified Index
Securities Employed Sovereign and corporate bonds of emerging market countries
Maturity Range 1 - 30 years
Duration Range 5.0 - 7.0 years
Average Credit Quality BBB-


The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Cash Management

Payden & Rygel is a pioneer in developing cash management strategies for institutions, which we began more than a quarter-century ago. Since then, this strategy, which focuses on liquidity management of operating funds or sweep funds, has been refined and enhanced. Our strategy helps institutions maximize the return on short-term resources by deploying funds in the short-term money markets—where they maintain a high degree of security and liquidity. The money markets include short-term debt securities like commercial paper, negotiable certificates of deposit and Treasury Bills—all with maturities of less than a year, but usually less than 90 days. Expert navigation of the vast money markets is essential to successfully managing short-term cash.



The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Enhanced Cash/Low duration/low duration plus

Payden & Rygel pioneered cash management strategies for institutions nearly three decades ago. Since that time, our short-term bond strategies, which initially focused on liquidity management of operating funds or sweep funds, have expanded to meet the dynamic needs of our clients and the ever-changing investment landscape.

Our short-term bond strategies are designed for investors who seek higher yields than those provided by money market funds but can withstand varying amounts of incremental price volatility. Customized to meet the unique investment objectives of each client, the firm's short-term bond strategies offer a high quality, diversified alternative to money market funds and other short-term investments.

Today, Payden & Rygel's short-term bond strategies generally fall into three broad categories: enhanced cash, low duration and low duration plus.

Enhanced Cash

The enhanced cash strategy offers a higher yielding alternative to short-term investments such as money market funds and bank certificates of deposit. Short-maturity government securities and non-government securities such as corporate bonds, asset-backed and mortgage-backed securities are utilized to provide potentially higher yields than money market funds while seeking to achieve a comparable level of principal stability.

Benchmark 3-month, 6-Month and 1-year U.S. Treasury-Bill, Money Market Funds
Securities Employed Governments, mortgage-backed securities, asset-backed securities, corporates, commercial paper
Maturity Range 0 - 5 years
Duration Range 0.25 - 1.5 years
Average Credit Quality AA

Low Duration

The low duration strategy is an alternative to cash and short-term bank deposits, designed for investors seeking higher yields than generally available from money market funds, and who are slightly more tolerant of principal fluctuation. The portfolio structure is based upon a client's liquidity requirements. Typical clients include corporate operating funds, construction funds, hedge funds, university operating funds, pension funds, central banks, foundations/endowments, public funds and individuals.

Low duration investments range from money markets, asset- and mortgage-backed securities, corporate bonds, US and international securities.

Benchmark Merrill Lynch 1-3 and 1-5 year Treasury Indices or Merrill Lynch 1-3 and 1-5 year Government/Corporate Indices
Securities Employed Governments, mortgage-backed securities, asset-backed securities, corporates
Maturity Range 0 - 5 years
Duration Range 1.5 - 2.5 years
Average Credit Quality AA

Low Duration Plus

The low duration plus strategy is designed for investors who seek a potentially higher return than that available from a pure low duration strategy and who can withstand a moderate amount of principal fluctuation. While this strategy employs the same type of securities as the low duration strategy (e.g., short maturity government and non-government securities, including corporate bonds, asset-backed and mortgage-backed securities), it may also include investments with a slightly longer maturity and a lower credit quality. The overall portfolio maintains a similar credit quality to the low duration strategy.

Benchmark Merrill Lynch 1-3 and 1-5 year Treasury Indices or Merrill Lynch 1-3 and 1-5 year Government/Corporate Indices
Securities Employed Governments, mortgage-backed securities, asset-backed securities, corporates
Maturity Range 0 - 7 years
Duration Range 1.5 - 3.5 years
Average Credit Quality AA


The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Intermediate/Core/Core Plus

Payden & Rygel believes that bonds play a special and important role in an overall asset allocation by generating reliable current income and by providing a diversification benefit to other higher volatility assets in the portfolio. We strive to act as a requisite diversifier in the context of the total pension plan.

With the ever-increasing blurring between asset classes, we expect to deliver return and volatility characteristics in keeping with the spirit of bond expectations. We believe that bond portfolios should be sufficiently diversified across a broad spectrum of sectors and that individual position sizes in the portfolio should be calibrated to their potential degree of risk.

In addition to the strategies listed below, we offer a complete array of services including index replication strategies and liability-driven investing.

Intermediate

Our Intermediate Core Bond strategy strikes a compromise between yield on the one hand and price volatility on the other. This strategy offers a slightly lower yield than other core bond alternatives due to its shorter average maturity that helps protect against adverse price moves in a rising interest rate environment. The strategy generally invests in securities with maturities in the one to 10-year range, and includes sectors such as Treasuries, Agencies, investment-grade corporate bonds and asset-backed and mortgage-backed securities.

Benchmark Bloomberg Barclays US Intermediate Government/Credit Index, Bloomberg Barclays US Intermediate Aggregate Bond Index
Securities Employed Treasuries, Agencies, mortgages, asset-backed securities, corporates, non-dollar
Maturity Range 4 - 6 years
Duration Range 2.9 - 4.5 years
Average Credit Quality AA-

Core

The Core Bond strategy exploits opportunities across maturities and sectors in the investment grade universe. The strategy generally invests in securities with maturities in the one to 30-year range and includes sectors such as Treasuries, Agencies, investment-grade corporates and asset-backed and mortgage-backed securities.

Benchmark Bloomberg Barclays US Aggregate Bond Index
Securities Employed Treasuries, Agencies, mortgages, asset-backed securities, corporates, non-dollar
Maturity Range 1 - 30 years
Duration Range 3.0 - 5.5 years
Average Credit Quality AA-

Core Plus

Our Core Plus strategy combines sectors used in the core strategy with the extended markets of high-yield, emerging markets and non-dollar bonds. They are used opportunistically as market conditions warrant and may represent as little as zero percent of the portfolio, but a more typical allocation is in the 10-20% range. This strategy has grown steadily over the past several years, spurred by advancements in information technology, which have increased transparency and trading efficiencies in these sectors, and the dramatic increase of debt issuance in local markets around the world.

Benchmark Bloomberg Barclays US Aggregate Bond Index, Custom Benchmarks
Securities Employed Treasuries, Agencies, mortgages, asset-backed securities, corporates, high yield, emerging markets, non-dollar
Maturity Range 1 - 30 years
Duration Range 3.0 - 5.5 years
Average Credit Quality A


The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

US Government Bonds

Our US Government Bond strategy is a high quality, short to intermediate maturity strategy, for risk averse investors. The Fund is comprised of 100% US Government securities. The strategy focuses on US Treasury securities, government agency debentures and agency mortgage securities with a weighted average life of one to five years. The strategy seeks to generate income without credit risk nor the volatility of longer maturity securities.


Benchmark Merrill Lynch 1-5 year Treasury Index
Securities Employed US Treasury securities, US Agency debentures, and US Agency mortgages
Maturity Range 1 - 10 years
Duration Range 1.75 - 3.25 years
Average Credit Quality Agency


The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Global Fixed Income

Payden & Rygel's actively managed Global Fixed Income strategies provide broad access to the world's developed and emerging bond markets, both investment grade and high yield. We offer a wide range of standard and customized strategies designed to meet clients' unique objectives across countries, currencies and sectors.

Three pillars drive portfolio success: duration, currency and sector. We combine top-down asset allocation decisions with bottom-up security selection to gauge country selection, interest rate expectations, and currency and sector performance. Diversification across sectors and individual credits is a key component of our risk management philosophy.

Global

Global Fixed Income strategies aim to maximize total return in both rising and falling interest rate environments. Investing across global bond markets provides increased opportunities and additional diversification. Payden & Rygel uses a disciplined team approach to tailor portfolios for both hedged and unhedged mandates.

Benchmark Bloomberg Barclays Global Aggregate Bond Index, JP Morgan Global Government Bond Index, Citigroup World Government Bond Index
Securities Employed Governments, Agencies, collateralized securities, corporates, Yankees
Maturity Range 0 - 30 years
Duration Range 5.0 - 7.0 years
Average Credit Quality AAA / AA

Global Short/Intermediate

A short/intermediate strategy, which utilizes global sovereign bonds and credit instruments to provide a diversified investment portfolio with maturities ranging from one to five years, can be hedged to any local currency.

Benchmark Citigroup World Government Bond Index 1-3 year, Merrill Lynch 1-3 year Treasury Index
Securities Employed Governments, Agencies, collateralized, corporates, Yankees
Maturity Range 0 - 5 years
Duration Range 1.0 - 3.0 years
Average Credit Quality AAA / AA


The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

High Yield

Payden & Rygel's high-yield bond strategy seeks to maximize total return by focusing on the upper tier of the high-yield bond market. High-yield bonds can provide diversification and yield benefits to an investment portfolio due to their low correlation with both Treasuries and investment-grade corporate bonds.

The cornerstone of Payden & Rygel's high-yield strategy is its intensive credit due diligence. With an experienced portfolio manager and a seasoned analyst team, Payden & Rygel successfully navigated the credit market turmoil in both 2007 and 2008. The firm prides itself on its risk controls and risk discipline.

We consider all companies which have bonds above $200 million in issue size. Our investible universe consists of in excess of 620 companies, though 245 of these are between $200-$300 million in issue size. These 245 companies often provide the best value and are "below the radar" of many managers. This allows us to focus on more "undiscovered gems" than the typical high yield manager.

Benchmark Merrill Lynch High Yield Master I Cash Pay Index
Securities Employed High-yield bonds
Maturity Range 1 - 10 years
Duration Range 4.0 - 5.0 years
Average Credit Quality BB-


The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Tax-Exempt Strategies

Tax-exempt bonds (e.g., municipal bonds) should be a significant holding in a fixed-income strategy for taxable investors. Payden & Rygel's tax-sensitive strategies seek to maximize after-tax total return and are customized to meet the unique investment objectives of each client as well as clients' tax status and state of domicile.

We believe that superior performance is derived through the inclusion of both taxable and tax-exempt securities in the portfolio opportunity set. The segmented nature of the municipal (tax-exempt) market leads to inefficiencies that can translate into excess returns for those managers with the experience, sophistication and flexibility to capitalize on these opportunities. We believe municipal investing requires elements of both a top-down, as well as bottom-up, investment style. Market surveillance plays a critical role in the municipal market given the significant influence that supply and demand imbalances exert on performance.

Short Term

Short-term Tax Sensitive strategies seek to earn higher income than money market alternatives while preserving capital. Short-maturity municipal bonds as well as Treasury, Agency, corporate and asset-backed bonds may be used.

Benchmark Bloomberg Barclays 1-Year Municipal Index, Custom indexes
Securities Employed Municipal bonds (revenue, general obligation, etc.), governments, corporate bonds, and asset-backed securities
Maturity Range 0 - 5 years
Duration Range 0.5 - 2.5 years
Average Credit Quality AA+

Intermediate

The Intermediate strategy is a core portfolio strategy. The intermediate maturities along the yield curve provide a large portion of the return of longer securities with a fraction of the price volatility. The portfolios are tailored to meet each client's unique investment goals and tolerance for risk and can be customized to emphasize in-state tax benefits where appropriate.

Benchmark Bloomberg Barclays 1 - 10 Municipal Year Index
Securities Employed Municipal bonds (revenue, general obligation, etc.), governments, mortgages, corporate bonds
Maturity Range 1 - 25 years
Duration Range 3.5 - 5.5 years
Average Credit Quality AA+

Long Term

The Long-term strategy is designed for investors who may have long-term liabilities against which they are managing their assets or those with a more income oriented focus. The strategy generally invests in securities across the entire maturity spectrum, and includes sectors such as government securities and mortgage-backed securities in addition to traditional municipal securities.

Benchmark Bloomberg Barclays 10-Year Municipal Index
Securities Employed Municipal bonds (revenue, general obligation, etc.), governments, mortgages, corporate bonds
Maturity Range 1 - 40 years
Duration Range 5.0 - 7.0 years
Average Credit Quality AA


The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Strategic Income

Strategic Income has its roots in core fixed income but expands from there in a more comprehensive and opportunistic fashion. It is designed as a more "open architecture" approach that is less conforming to traditional fixed income benchmarks.

This approach has gained favor from investors who recognize that there should not be a "one size fits all approach to core style portfolios. Clients have many different degrees of liquidity needs and beta exposure desires and strategic income in the way we manage it at Payden & Rygel offers this degree of customization.

The strategy allocates to major credit sectors globally in a diversified fashion. Short term and/or high-quality government securities will also be used to ensure liquidity and ease of strategy change, as well as potentially providing a "safe haven" in times of major credit stress. Active rotation among the sectors follows Payden's time-tested macro view through its Investment Policy Committee and coordination with our Core fixed income team. The Payden style of "bonds behaving like bonds should" is not lost in Strategic Income portfolios - our focus is on cash bonds and not derivative strategies that can obfuscate risk and return sources.

Importantly, effective (interest rate) duration may be empirically lower than traditional "core" portfolio durations given the strategic allocations to credit sectors and resulting higher income cushion.


Sectors Employed Cash, Governments, Investment-Grade Corporates, High Yield, EMD ($ and Local), Structured Finance (ABS, CMBS, etc.)
Benchmark Targeted and rebalanced allocation to BarCap, BAML, and JPM indices representing sectors listed above
Maturity Range 0 - 30 years
Duration Range 3 - 5 years (client-dependent)
Average Credit Quality Investment Grade


The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Investment Grade Corporates

Payden & Rygel's strategy is to purchase investment-grade corporate bonds of companies that have leading market positions, strong cash flow generation, stable management teams and predictable earnings. The strategy's focus is on bottom-up credit selection with an emphasis placed on adding issues with a near-term catalyst to outperform. Our credit research process looks to capitalise on opportunities in the corporate bond market across sectors and maturities; including the early identification of potential rising stars - companies that we believe will be upgraded to investment grade in the near term. A forward looking approach is taken to credit analysis. A priority is placed on assessing a company's future trajectory and the corresponding risk and opportunities for bondholders under various scenarios.

The strategy primarily invests in USD investment grade corporate securities with flexibility to opportunistically invest in below investment grade securities. The strategy may also utilize futures for duration management.


Benchmark Bloomberg Barclays US Corporate Index
Securities Employed Primarily invests in US IG Corporate bonds
Maturity Range 1-30 years
Duration Range 6-8 years
Average Credit Quality BBB


The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Long-Duration Investing (LDI)

Payden & Rygel's investment philosophy for Long-Duration Investing (LDI) is that active management of fixed-income investments not only should focus on ways to add value relative to a benchmark, but should also focus on managing risk in its many forms (e.g., credit, liquidity, etc.) consistent with the letter and spirit of our clients' unique investment guidelines.

Our investment process is a hybrid - we manage a macro-driven top-down approach combined with a bottom-up fundamental view. The process begins with our Investment Policy Committee's assessment of the global macro-economic environment and formation of our broad-based and long-term view on interest rates (economic growth, inflation, political risk), credit (direction, strength, supply/demand), and risk (primarily focused on downside risk and client portfolio protection). The long duration investment team, based on discussions with the IPC and our sector strategists, will determine sector weightings and then populate these targets with individual issuers to achieve attractive risk-adjusted return expectations.

We maintain diversified portfolios, typically holding 200 bonds, in order to properly manage tracking error and we employ strong risk controls. Our LDI strategy exploits opportunities in the longer end of the maturity curve, ten years and greater, across multiple fixed income. These sectors include U.S. Treasuries, Agencies, global investment-grade corporate bonds, taxable municipal bonds, and investment grade emerging market sovereign and government related bonds. Plain vanilla interest rate swaps and interest rate futures will be used sparingly to manage the duration of the portfolio. Additionally, we invest in sub-investment grade bonds up to 5% to increase income potential and diversify overall credit exposures.


Benchmark Bloomberg Barclays Long Government / Credit Index
Securities Employed US Treasury securities, US Agency debentures, Corporate bonds, Government -Related Debt and US Agency mortgages
Maturity Range 10 years +, select 1-10 holdings
Duration Range 13.0 - 16.5 years
Average Credit Quality AA-


The value of fixed income portfolios will rise and fall due to changes in interest rates and other economic factors. Investment portfolios could lose principal.

Payden & Rygel's Large-Cap Value / Equity Income strategy takes advantage of the firm's strengths in company and industry analysis, focusing on companies which are projected to maintain or increase their dividend payouts while providing above-market-average dividend yields. Our objective is to provide current income and equity market participation through a well-diversified, high-quality, large-cap portfolio by focusing on companies with steady earnings and cash flow growth. Our equity team looks beyond the common stock universe for attractive dividend/distribution yields, and researches other areas such as preferred stock, real estate investment trusts, master limited partnerships and business development companies.

The strategy is well-diversified across sectors and equity security types, and generally invests in 50-80 holdings. With the focus on diversification, income and equity market participation, this strategy is appropriate for both investors focusing on income and those looking for a competitive large-cap value offering with lower volatility and attractive risk-adjusted returns.

Stocks in this strategy will generally appreciate less when the overall market is rising and fall less when the overall market is declining. Investors could lose money during periods of falling stock prices.

The "Absolute Return" investing universe has represented a variety of investment objectives and approaches through time. Even today the term is used by both hedge funds, on one end of the spectrum, as well as ultra-safe, liquidity type funds, on the other. While the space has yet to be concretely defined, the development of our strategy began with a simple client request to manage a portfolio, untethered from traditional benchmarks, that would produce a reasonable level of return and protect their investment principal. With that objective in mind, the Payden Absolute Return Investing (PARI) approach has been refined since 2008, while adhering to the following core objectives:
Produce Positive ReturnsStaying true to the basic definition of "Absolute Return", our strategy aims to produce positive returns over the long term, through different market environments.
Protect Downside RiskBefore we consider the direction of markets or the value opportunities that are presented, our first responsibility is to protect an investor's principal against the potential for loss. Risk management is paramount.
Capture "Smart" YieldBenefitting from more than 40 years in fixed income management, the foundation of our strategy is a low duration fixed income portfolio where risk premia from global interest rate curves and credit markets may provide dependable and repeatable returns.
STRATEGY CHARACTERISTICS
Securities EmployedCash, Governments, Investment-Grade Corporates, High Yield, EMD, Structured Finance (ABS, CMBS, etc.)
Average Credit QualityInvestment Grade
CurrencyClient specified ($, €, £, ¥, A$, etc.)
Track Record LengthSince 2008

Global Balanced

Payden & Rygel's Global Balanced strategy is designed to help investors meet their financial goals and objectives via a strategic allocation of stocks, bonds and cash.

Country and sector allocations are carefully determined via a top-down approach based on fundamental and quantitative analysis. The correlation between countries is critical to measure appropriate levels of diversification. We utilize futures contracts to implement strategic allocation shifts. High liquidity and low transaction costs are added benefits to Payden & Rygel's proven approach.

Us Balanced

Payden & Rygel's US Balanced portfolio is designed to help clients achieve their financial objectives via a diversified list of U.S. stocks, bonds and cash. The firm can manage mandates for a relative return or absolute return objective.

A portfolio of stocks and bonds is determined using a selection process which considers fundamental economic analysis, valuation measures for stocks and bonds, global asset flows, technical analysis, and overall client goals and objectives. While we utilize extensive quantitative analysis, common sense and good judgment are also key components of our selection process. The strategy generally makes one to four shifts per year, usually changing the allocation mix in five to ten percent increments.

@paydenrygel
Our Funds
Library: Publications & Articles

We regularly publish articles and information on timely investment topics, economic and market trends, investment products and issues impacting global financial markets. The firm is dedicated to comprehensive, independent research and analysis. Find proprietary insights, analysis, and the latest on markets trends.

  • Library Overview
  • Week in Review
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  • Chart of the Week
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Issues affecting global markets
Vol. 1 Edition
2024
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Issues affecting global markets
Vol. 2 Edition
2023
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Q1 Edition
2023
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Q4 Edition
2022
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Plausible Path
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Goods News
APRIL 5, 2024
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Still No Rush
MARCH 28, 2024
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Lonesome Dove
MARCH 22, 2024
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APRIL 12, 2024
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Goods News
APRIL 5, 2024
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Still No Rush
MARCH 28, 2024
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Virtuous Validation
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Greater Confidence
FEBRUARY 2, 2024
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Necessary But Insufficient
JANUARY 26, 2024
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Plausible Path
APRIL 12, 2024
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Goods News
APRIL 5, 2024
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Still No Rush
MARCH 28, 2024
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Lonesome Dove
MARCH 22, 2024
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Percolating Prices
MARCH 15, 2024
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Better Balance?
MARCH 8, 2024
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Halting Progress
MARCH 1, 2024
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Real Construction
FEBRUARY 23, 2024
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Blame Game
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Virtuous Validation
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Greater Confidence
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Necessary But Insufficient
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Contact us
Payden & Rygel
Los Angeles
(HEADQUARTERS)

333 South Grand Avenue
39th Floor
Los Angeles, CA 90071

E-mail and telephone

welcome@payden.com
213 625-1900

Payden & Rygel
Boston

265 Franklin Street
Suite 1604
Boston, MA 02110

E-mail and telephone

welcome@payden.com
617 807-1990

Payden & Rygel Global, LTD.
London

1 Bartholomew Lane
London EC2N 2AX
United Kingdom

E-mail and telephone

welcome@payden.com
+44 20 7621 3000

PAYDEN GLOBAL SIM S.p.A.
Milan

Corso Matteotti 1,
20121
Milan, Italy

E-mail and telephone

benvenuto@payden.com
+39 02 76067111