Payden Strategic Income Fund (PYSGX)
$9.41
NAV ($)
$-0.02
NAV change ($) as of 4/18/2024
- Overview
- Portfolio Statistics
- Performance & Expenses
- Fund Commentary
Investment Strategy
The Payden Strategic Income Fund invests in a customized mix of fixed-income sectors, across the entire bond universe and maturity curve. This strategy invests in a diverse mix of securities across a multitude of sectors including: emerging-markets, high-yield and investment-grade corporates, and mortgage-backed and asset-backed securities, investing with a long-term outlook.
Role In Portfolio
Strategic Income – Appropriate for investors with a long-term investment horizon who seek higher income and diversification across the full bond universe.
Fund Highlights
| Seeks income with a custom mix of investments across the yield curve. | |
| Focuses on “best ideas” to uncover relative value opportunities globally, with the ability to invest anywhere. | |
| Strategic investment horizon encourages a flexible and creative approach to structuring the portfolio. | |
| The value of an investment will generally fall when interest rates rise. |
Fund Snapshot - 03/31/2024
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Ticker | PYSGX |
| CUSIP | 704329168 |
| Fund Total Net Assets | $183.4 million |
| Benchmark | BLOOMBERG US AGGREGATE BOND INDEX |
| Net Expense Ratio | 0.66% |
| Sales Charge | None |
| Investment Minimum | |
| Investor Class - Regular Account | $100,000 |
| Investor Class - IRA Account | $100,000 |
| Adviser Class - Regular Account | $5,000 |
| Adviser Class - IRA Account | $2,000 |
| SI Class | $10,000,000 |
| Additional Investment - All Classes | $250 |
A Low Cost leader
| Payden Strategic Income Fund (PYSGX) | Morningstar average: Short-Term Bond |
|
|---|---|---|
| Net Expense Ratio | 0.66% | 0.84% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
Portfolio Characteristics - 03/31/2024
| Fund Inception Date | May 8, 2014 |
| Share Class Inception Date | May 8, 2014 |
| Total Net Assets | $183.4 million |
| Average Duration | 3.7 years |
| Average Maturity | 5.5 years |
| 30-Day SEC Yield (04/12/24) | 5.13% |
| 30-Day SEC Yield (unsubsidized) | 4.76% |
Duration Breakdown
| Years | Percent of Portfolio |
|---|---|
| 0-1 | 30% |
| 1-3 | 24% |
| 3-5 | 20% |
| 5-7 | 13% |
| 7-10 | 9% |
| 10+ | 4% |
| Total | 100% |
Credit Breakdown
| Credit Quality | Percent of Portfolio |
|---|---|
| AAA | 42% |
| AA | 4% |
| A | 9% |
| BBB | 24% |
| BB | 10% |
| B | 3% |
| CCC | 1% |
| Unrated | 7% |
| Total | 100% |
Sector Breakdown
| Sector | Percent of Portfolio |
|---|---|
| U.S. Government | 26% |
| Investment Grade Corporates | 26% |
| Securitized | 19% |
| High Yield | 10% |
| Agency MBS | 8% |
| Emerging Market Debt | 6% |
| Muni | 5% |
| Total | 100% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
| Number of funds | |||
|---|---|---|---|
 |
Overall |  |
534 |
| 3 Year | |
534 | |
| Category: Short-Term Bond | 5 Year | |
494 |
| Criterion: | |||
Total Returns
| YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-end (3/31/2024) | 0.99% | 5.90% | 1.12% | 2.74% | N/A | 2.72% |
| Month-end (3/31/2024) | 0.99% | 5.90% | 1.12% | 2.74% | N/A | 2.72% |
Yearly Returns
| 2023 | 7.42% |
| 2022 | -6.62% |
| 2021 | 1.72% |
| 2020 | 6.19% |
| 2019 | 8.33% |
| 2018 | -0.51% |
| 2017 | 4.24% |
| 2016 | 3.65% |
| 2015 | 1.78% |
| 2014 | 0.61% |
Expenses
| Total Annual Operating Expense | 0.87% |
| Net or Actual Operating Expense | 0.66% |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.
(A) An overall rating is based on a weighted average of the fund’s ratings for the three-, five- and ten-year periods, if applicable. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars and the next 22.5% receive four stars. Highly rated funds are defined as those that have a four or five star Morningstar rating. Data provided by Morningstar, Inc. Although gathered from reliable sources, data completeness and accuracy cannot be guaranteed. Morningstar is a registered trademark of Morningstar, Inc. and is not affiliated with Paydenfunds
Fund Commentary - 03/31/2024
| MARKET | |
| In March, a prevailing risk-on sentiment persisted, propelling several equity indices to record highs, and sustaining the rally in credit markets. | |
| The U.S. Federal Reserve (Fed) Chair Jerome Powell affirmed expectations of future rate cuts, pending closer alignment of inflation with targets. February's Non-Farm Payroll report exceeded forecasts with 275,000 new jobs added, yet unemployment rose to 3.9%. This led to lower front-end yields and a weaker U.S. dollar. Additionally, the Consumer Price Index (CPI) came in at 3.2% year-on-year, slightly beating the expectations of 3.1%. Despite this, the Fed left interest rates unchanged at the recent Federal Open Market Committee (FOMC) meeting, with the dot plot indicating anticipation of three rate cuts by year-end, amidst a resilient macroeconomic landscape. U.S. Treasury yields tightened slightly, with the 10-year moving 0.05% lower to end the month at 4.20%. | |
| OUTLOOK | |
| The narrative around the landing of the U.S. economy has been a key driver of financial markets this year. Investors have coalesced around the view that the Fed has averted inflation from becoming entrenched and that the U.S. economy should experience a “soft-landing.” We too agree that a soft-landing scenario is the most likely outcome. Against this backdrop, we believe risk assets should generate returns in excess of cash and outperform underlying government bonds, with yields being a significant component of returns. | |
| While this view is shared by many market participants, there are a few areas where our expectations differ from current market prospects. First, we expect the Fed to start cutting interest rates in 2024, although as a central case we believe the Fed may start cutting later and by less than what markets are currently discounting. Second, we anticipate other major central banks (European Central Bank, Bank of England) will also start cutting this year, but we don’t expect that cutting cycles will move directly in tandem with one another as currently priced in across central banks, given the rise of macro divergences should lead to different monetary policies. Third, we see a high level of complacency across most risk assets as indicated by current levels of valuations, investor positioning, and volatility indicators. We believe macro and asset volatilities are unlikely to stay at such low levels in 2024. | |
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
To obtain a prospectus or summary prospectus, click on the Prospectuses & Reports link on the right side of this page, or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses and other important information, which are contained in these documents; read the prospectus carefully before investing. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, and differences in reporting standards, and for emerging-market securities, higher volatility. The Paydenfunds are distributed through Payden & Rygel Distributors, member FINRA.
Please note that by your use of this website and/or sending Payden & Rygel any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Notice set forth in Prospectus Appendix B here.
The investment strategy and investment management information presented on this website should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative website designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this website, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our website your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.