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Trending ETFs

Name

As of 04/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.50

$366 M

4.51%

$0.43

0.66%

Vitals

YTD Return

-2.1%

1 yr return

1.5%

3 Yr Avg Return

-3.0%

5 Yr Avg Return

0.8%

Net Assets

$366 M

Holdings in Top 10

11.0%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 49.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

$2,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 04/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.50

$366 M

4.51%

$0.43

0.66%

PYACX - Profile

Distributions

  • YTD Total Return -2.1%
  • 3 Yr Annualized Total Return -3.0%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.47%
DIVIDENDS
  • Dividend Yield 4.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Payden Corporate Bond Fund
  • Fund Family Name
    Paydenfunds
  • Inception Date
    Feb 28, 2022
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Natalie Trevithick

Fund Description

ª
The Fund invests in a wide variety of debt instruments and income-producing securities. These include (1) debt securities, loans and commercial paper issued by U.S. and foreign companies; (2) debt securities issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities, political subdivisions of foreign governments (such as provinces and municipalities), and supranational organizations (such as the World Bank); (3) U.S. and foreign mortgage-backed and asset-backed securities; (4) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax; and (5) convertible bonds and preferred stock.
ª
Under normal market conditions, the Fund invests at least 80% of its total assets in corporate bonds or similar corporate debt instruments. In addition, in order to gain exposure to corporate debt markets, the Fund may use derivatives to a significant extent, including in particular, credit default swaps with respect to individual corporate names and with respect to various credit indices.
ª
Under normal market conditions, the Fund invests at least 65% of its total assets in securities rated investment grade at the time of purchase, and may invest up to 35% of its total assets in securities rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund’s adviser, Payden & Rygel (“Payden”), determines to be of comparable quality.
ª
The Fund may invest up to 25% of its total assets in securities of issuers organized or headquartered in emerging market countries.
ª
The Fund may invest up to 20% of its total assets in equity securities of U.S. or foreign issuers, and may use derivatives to gain exposure to such equity markets.
ª
The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging currency exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds or to take an active position in a currency, both long or short.
ª
To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds (“ETFs”) and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).
ª
The Fund invests in debt securities payable in U.S. dollars and in foreign currencies. The Fund may hedge this foreign currency exposure to the U.S. dollar.
ª
The Fund invests in debt securities of any maturity and there is no limit on the Fund’s minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal.
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PYACX - Performance

Return Ranking - Trailing

Period PYACX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.1% -6.8% 3.3% 28.41%
1 Yr 1.5% -4.4% 8.9% 39.77%
3 Yr -3.0%* -10.0% 38.9% 40.46%
5 Yr 0.8%* -4.4% 25.8% 61.64%
10 Yr 2.7%* -0.6% 13.9% 10.00%

* Annualized

Return Ranking - Calendar

Period PYACX Return Category Return Low Category Return High Rank in Category (%)
2023 4.3% -5.6% 6.3% 49.43%
2022 -18.9% -28.7% 142.1% 52.57%
2021 -5.1% -12.3% 4.9% 73.26%
2020 4.4% -8.0% 10.6% 75.00%
2019 10.6% 4.3% 13.4% 37.97%

Total Return Ranking - Trailing

Period PYACX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.1% -6.8% 3.3% 28.41%
1 Yr 1.5% -4.4% 8.9% 39.77%
3 Yr -3.0%* -10.0% 38.9% 40.46%
5 Yr 0.8%* -4.4% 25.8% 61.64%
10 Yr 2.7%* -0.6% 13.9% 10.00%

* Annualized

Total Return Ranking - Calendar

Period PYACX Return Category Return Low Category Return High Rank in Category (%)
2023 8.5% -5.6% 12.9% 54.55%
2022 -16.3% -25.6% 151.8% 61.14%
2021 -0.1% -5.1% 7.5% 27.33%
2020 8.6% -8.0% 116.0% 75.60%
2019 14.5% 6.7% 17.4% 41.77%

NAV & Total Return History


PYACX - Holdings

Concentration Analysis

PYACX Category Low Category High PYACX % Rank
Net Assets 366 M 5.45 M 47.3 B 66.48%
Number of Holdings 296 4 10179 76.70%
Net Assets in Top 10 40.7 M -29.6 M 3.67 B 67.61%
Weighting of Top 10 10.99% 1.6% 143.5% 66.48%

Top 10 Holdings

  1. Payden Cash Reserves Money Market Fund 3.20%
  2. Payden Emerging Market Corporate Bond Fund 1.37%
  3. FS KKR Capital Corp 1.00%
  4. Nissan Motor Co Ltd 0.85%
  5. Ford Motor Credit Co LLC 0.85%
  6. HSBC Holdings PLC 0.83%
  7. State Street Corp 0.77%
  8. ATT Inc 0.72%
  9. Williams Cos Inc/The 0.72%
  10. Boeing Co/The 0.69%

Asset Allocation

Weighting Return Low Return High PYACX % Rank
Bonds
95.39% 0.00% 136.47% 66.48%
Convertible Bonds
4.15% 0.00% 78.47% 57.95%
Cash
3.20% -43.80% 45.81% 40.34%
Other
1.71% -1.14% 13.53% 25.00%
Stocks
1.37% 0.00% 99.96% 5.68%
Preferred Stocks
0.00% 0.00% 9.18% 76.70%

Stock Sector Breakdown

Weighting Return Low Return High PYACX % Rank
Utilities
0.00% 0.00% 100.00% 6.31%
Technology
0.00% 0.00% 24.68% 4.30%
Real Estate
0.00% 0.00% 100.00% 5.91%
Industrials
0.00% 0.00% 8.34% 6.04%
Healthcare
0.00% 0.00% 14.32% 4.30%
Financial Services
0.00% 0.00% 100.00% 9.26%
Energy
0.00% 0.00% 4.21% 11.68%
Communication Services
0.00% 0.00% 8.64% 4.16%
Consumer Defense
0.00% 0.00% 7.33% 4.83%
Consumer Cyclical
0.00% 0.00% 11.22% 5.10%
Basic Materials
0.00% 0.00% 3.60% 4.83%

Stock Geographic Breakdown

Weighting Return Low Return High PYACX % Rank
US
1.37% 0.00% 99.96% 5.68%
Non US
0.00% 0.00% 0.02% 68.18%

Bond Sector Breakdown

Weighting Return Low Return High PYACX % Rank
Corporate
78.99% 41.80% 99.80% 70.45%
Government
13.04% 0.00% 25.63% 21.02%
Securitized
4.85% 0.00% 23.18% 15.34%
Cash & Equivalents
3.20% 0.00% 45.81% 32.39%
Municipal
0.70% 0.00% 3.62% 15.34%
Derivative
0.11% -0.21% 2.35% 34.66%

Bond Geographic Breakdown

Weighting Return Low Return High PYACX % Rank
US
95.39% 0.00% 109.04% 61.93%
Non US
0.00% 0.00% 47.05% 79.55%

PYACX - Expenses

Operational Fees

PYACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.66% 0.02% 46.23% 56.90%
Management Fee 0.35% 0.00% 1.35% 47.16%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.02% 0.45% 82.43%

Sales Fees

PYACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

PYACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PYACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 49.00% 0.00% 259.00% 40.23%

PYACX - Distributions

Dividend Yield Analysis

PYACX Category Low Category High PYACX % Rank
Dividend Yield 4.51% 0.00% 6.07% 48.30%

Dividend Distribution Analysis

PYACX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

PYACX Category Low Category High PYACX % Rank
Net Income Ratio 2.47% 0.38% 5.93% 32.76%

Capital Gain Distribution Analysis

PYACX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

PYACX - Fund Manager Analysis

Managers

Natalie Trevithick


Start Date

Tenure

Tenure Rank

Feb 28, 2013

9.26

9.3%

Natalie Trevithick, a Senior Vice President and portfolio manager of Payden & Rygel. Natalie has been with Payden since 2012

James Wong


Start Date

Tenure

Tenure Rank

Feb 28, 2014

8.26

8.3%

James Wong, CFA, is a Managing Principal and portfolio manager who has been with Payden & Rygel since 1995. He has worked with the two products since their inception. Wong has over 15 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. Wong is also a member of the Investment Policy Committee. Prior to joining Payden & Rygel, Wong was a trader at the Union Bank of Switzerland where he focused on mortgage-backed securities. Previously, he was in the mergers and acquisitions group at Salomon Brothers Inc., focusing on financial institutions. Wong holds the Chartered Financial Analyst designation and the FINRA series 7, 3 and 63 licenses. He earned an MBA degree from The Anderson School at the University of California, Los Angeles with an emphasis in finance. Wong received a BS degree in Finance from The Wharton School at the University of Pennsylvania.

Alfred Giles


Start Date

Tenure

Tenure Rank

Feb 28, 2017

5.25

5.3%

Alfred Giles, CFA, a Senior Vice President and portfolio manager. Mr. Giles has been with Payden since 2013 and with the investment management business since 2005.

Michael Salvay


Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

Michael Salvay, CFA, is a Managing Principal 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. Salvay is also a trustee of The Payden & Rygel Investment Group, the sponsor of the Paydenfunds, for which Payden & Rygel is the investment advisor. Prior to joining Payden & Rygel, Salvay was a Senior Portfolio Manager at Dewey Square Investors in Boston, where he specialized in mortgage-backed securities and duration immunization strategies. Michael Salvay holds the Chartered Financial Analyst designation and 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.

Kristin Ceva


Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

Kristin Ceva, PhD, CFA, is a managing principal and directs the global fixed-income group at Payden & Rygel. She oversees global sovereign debt strategies, including macroeconomic and political risk assessment to determine country allocation. Ceva is a member of the firm’s Investment Policy Committee. She also is a frequent speaker at industry forums, focusing on topics related to international investing and emerging markets. Prior to joining Payden & Rygel, Ceva worked 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. She also worked for several years in strategic management consulting with Deloitte & Touche in Dallas. Kristin Ceva holds the Chartered Financial Analyst designation. She 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 and her dissertation was entitled “Economic Restructuring and Business-Government Relations: Trade and Financial Liberalization in Mexico.” Ceva 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.

James Sarni


Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

James Sarni is a Managing Principal. He joined Payden in 1991 and has 36 years experience in the investment management business. Sarni's primary role, as a member of the GPC and director of the Short Strategies Group, is to develop a portfolio structure that reflects both the macro mandates of the GPC and the securities that are available in the market. Together with the GPC, he has discretion over major decisions such as duration or portfolio sector weights.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 24.76 6.74 4.41