OVER 30 YEARS OF INSPIRING CONFIDENCE WITH AN UNWAVERING COMMITMENT TO OUR CLIENTS' NEEDS.
With professionals in offices located in the United States, Europe, and the United Kingdom, Payden & Rygel provides a full range of investment strategies and services to investors around the globe.

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June 30, 2016) Disclosure

Who we are

For over three 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.
Payden & Rygel at a Glance (as of June 30, 2016)
  • $100 billion in AUM
  • Founded in 1983
  • 370 client relationships
  • Headquartered in Los Angeles
  • Offices in Boston, London, and Paris
  • 181 employees

We are one of the largest privately-owned global investment advisers. Founded in 1983, we are a leader in the active management of fixed income and equity portfolios, through domestic and international solutions. Advising the world's leading institutions and individual investors, we provide strong performance and real-world strategy on the global economy and capital markets.

  • Independence
    Payden & Rygel is one of the largest independent asset managers. 100% of the company is owned by senior portfolio managers and executives involved in the day-to-day direction of the firm. This "true" independence provides our clients with a high level of customization and access to our resources.
  • Tenure and Stability
    Our company is only 34 years "young", yet the senior management team has been working together, on average, for nearly 25 years! The firm's independence has contributed to stability in management and staff uncommon in our industry. Our investment professionals have extensive capital markets experience, which our clients draw upon daily.
  • Global Presence
    We provide a full range of investment strategies to clients around the globe. With investment professionals in the United Kingdom, Europe, Asia and the United States, we are well-positioned to collaboratively manage portfolios across a breadth of mandates. Payden & Rygel Global Limited, our London-based subsidiary, provides a wide variety of investment services to clients in Europe, the United Kingdom, and the Middle East, in separately-managed accounts and Dublin-domiciled UCITS funds.
  • Size
    With assets under management of $100 billion, Payden & Rygel is large enough to assure the most competitive bond prices - yet small enough that we can invest exclusively in cash instruments. We are not forced to use derivatives to gain exposure.
  • Top Down Approach
    Portfolios are constructed with a top down, macro focus. The duration decision, sector over and under-weights, country decisions, industry positions and out of index investments will be the predominant drivers of performance relative to a benchmark. Effectively, each of our portfolio managers are "part time economists" as they assemble client portfolios.
  • Customization
    Our independent culture allows us to customize portfolios based on each client's special objectives. Managing unique mandates is a hallmark of our firm.
  • Risk Management
    Our process has always focused on a very basic principle - an investment portfolio should behave in a manner consistent with the client's objectives. As simple as this sounds, disasters in stock and bond portfolios over the past 20 years have occurred when investment managers have taken aggressive positions that were allowed under the letter of the client's guidelines, but were not consistent with the spirit of the client's objectives.

Payden In Focus

Our clients and partners

With $100 billion in assets under management, we advise the world's leading institutional and individual investors with real-world strategy on the global economy and capital markets. Investment management is our only business, and every client is important to us. Our clients include:

  • Corporations
  • Insurance companies
  • Public Funds
  • Endowments, Foundations and Non-Profits
  • Health Care
  • High Net Worth Individuals
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.

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

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 Barclays Capital US Intermediate Government/Credit Index, Barclays Capital 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 Barclays Capital 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 Barclays Capital 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 Barclays Capital 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 Barclays Capital 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 Barclays Capital 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 Barclays Capital 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.

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 50-70 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 than 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 over more than 7 years 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 with a performance hurdle of LIBOR + 2–3% over a rolling 3-year period.
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 30 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
Return ObjectiveLIBOR + 2-3%
RatingInvestment Grade
CurrencyClient specified ($, €, £, ¥, A$ etc)
Track Record Length> 7 years

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

Today

Our #economics editors preview the exciting topics in the Summer edition of the Point of View. youtube.com/watch?v=I6KuTZ…

Today

For a full recap of the week's market activity, have a look at our payden.com/weekly/wmu0826… #weeklymarketupdate

About 7 days ago

Guess who's back? Crude oil! For 1st time in 2 yrs, the y-o-y % change in oil prices turned positive. Implications: bit.ly/WMU081916

About 10 days ago

Catch our economics team at the @LAAreaChamber this Wed! twitter.com/LAAreaChamber/…
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.

  • Press Room
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    Issues affecting global markets
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    Emerging Markets Weekly

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    Guess Who's Back?

    AUGUST 19, 2016
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    Emerging Markets Weekly

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    Weekly Market Update

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    You Don't Need Gas to Go Shop Online

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    Emerging Markets Weekly

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    Making History

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    Emerging Markets Weekly

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    Emerging Markets Weekly

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    Emerging Markets Weekly

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    Emerging Markets Weekly

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    Weekly Market Update

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    Guess Who's Back?

    AUGUST 19, 2016
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    You Don't Need Gas to Go Shop Online

    AUGUST 12, 2016
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    Making History

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    The Real Story Behind US Q2 GDP

    JULY 29, 2016
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    Not Much Bang for the Buck

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    How To Think About the US Labor Market in One Picture

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    Non-Farm Payroll Monthly Change and Accompanying News Headlines

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    Economic Update
    Data Dependence – Like a Cat Chasing its Tail?

    JUNE 21, 2016
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    Why Fret Over Low Inflation?

    JUNE 17, 2016
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    ECB on a Shopping Spree

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    To Brexit or Not To Brexit, That Is the Question

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    Problems With Petroleum Prognosticators

    MAY 27, 2016
    Contact us

    Payden & Rygel
    Los Angeles

    333 South Grand Avenue
    32nd Floor
    Los Angeles, CA 90071


    E-mail and telephone

    welcome@payden.com
    213 625-1900


    Payden & Rygel
    Boston

    265 Franklin Street
    16th Floor
    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 & Rygel
    Paris

    54/56 Avenue Hoche
    75008 Paris
    France


    E-mail and telephone

    welcome@payden.com
    +33 156 605 400