Payden High Income Fund
Name
As of 05/02/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.7%
1 yr return
11.7%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$747 M
Holdings in Top 10
13.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.60%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 74.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/02/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PYCHX - Profile
Distributions
- YTD Total Return 1.7%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 7.1%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NamePayden High Income Fund
-
Fund Family NamePaydenfunds
-
Inception DateFeb 28, 2022
-
Shares OutstandingN/A
-
Share ClassS
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJordan Lopez
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) 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 (4) convertible bonds and preferred stock. |
ª | Under normal market conditions, the Fund invests at least 80% of its total assets in corporate debt securities rated below investment grade (commonly called “high yield”). Below investment grade debt securities are rated below 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 emphasizes investments in debt securities of (1) issuers with credit ratings at the mid to high quality end of the high yield bond spectrum, which Payden believes have stable to improving business prospects; (2) issuers Payden believes have reasonable prospects for improved operating results and improved credit ratings. |
ª | The Fund may invest up to 30% 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. |
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 primarily invests in debt securities payable in U.S. dollars and may invest 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. |
PYCHX - Performance
Return Ranking - Trailing
Period | PYCHX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.7% | -7.6% | 4.6% | 41.71% |
1 Yr | 11.7% | -7.8% | 16.0% | 6.16% |
3 Yr | N/A* | -16.8% | 20.0% | 8.35% |
5 Yr | N/A* | -12.2% | 36.5% | 7.73% |
10 Yr | N/A* | -5.1% | 19.4% | 24.68% |
* Annualized
Return Ranking - Calendar
Period | PYCHX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.0% | -4.7% | 14.3% | 7.74% |
2022 | N/A | -33.4% | 3.6% | N/A |
2021 | N/A | -8.4% | 8.2% | N/A |
2020 | N/A | -13.2% | 302.7% | N/A |
2019 | N/A | -4.4% | 13.3% | N/A |
Total Return Ranking - Trailing
Period | PYCHX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.7% | -7.6% | 4.6% | 41.71% |
1 Yr | 11.7% | -7.8% | 16.0% | 6.16% |
3 Yr | N/A* | -16.8% | 20.0% | 9.70% |
5 Yr | N/A* | -12.2% | 36.5% | 9.77% |
10 Yr | N/A* | -5.1% | 19.4% | 23.20% |
* Annualized
Total Return Ranking - Calendar
Period | PYCHX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 14.8% | -4.7% | 17.8% | 4.27% |
2022 | N/A | -33.4% | 47.8% | N/A |
2021 | N/A | -8.4% | 12.4% | N/A |
2020 | N/A | -9.6% | 325.6% | N/A |
2019 | N/A | 0.9% | 19.4% | N/A |
NAV & Total Return History
PYCHX - Holdings
Concentration Analysis
PYCHX | Category Low | Category High | PYCHX % Rank | |
---|---|---|---|---|
Net Assets | 747 M | 1.45 M | 23.6 B | 43.29% |
Number of Holdings | 370 | 2 | 2736 | 46.35% |
Net Assets in Top 10 | 93.9 M | -492 M | 4.55 B | 47.14% |
Weighting of Top 10 | 13.13% | 4.2% | 146.9% | 51.27% |
Top 10 Holdings
- Payden Cash Reserves Money Market Fund 7.48%
- Talos Production Inc 0.71%
- Connecticut Avenue Securities Trust 2019-HRP1 0.65%
- Global Marine Inc 0.64%
- NextEra Energy Operating Partners LP 0.63%
- Valaris Ltd 0.62%
- Altice France SA/France 0.61%
- Verde Purchaser LLC 0.60%
- IHO Verwaltungs GmbH 0.59%
- MIC Glen LLC 0.58%
Asset Allocation
Weighting | Return Low | Return High | PYCHX % Rank | |
---|---|---|---|---|
Bonds | 92.98% | -3.13% | 154.38% | 68.88% |
Cash | 7.48% | -52.00% | 48.07% | 16.67% |
Other | 1.99% | -63.70% | 102.57% | 9.68% |
Convertible Bonds | 1.79% | 0.00% | 17.89% | 27.78% |
Stocks | 0.46% | 0.00% | 99.54% | 47.55% |
Preferred Stocks | 0.00% | 0.00% | 7.88% | 52.70% |
Stock Sector Breakdown
Weighting | Return Low | Return High | PYCHX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | N/A |
Technology | 0.00% | 0.00% | 33.17% | N/A |
Real Estate | 0.00% | 0.00% | 86.71% | N/A |
Industrials | 0.00% | 0.00% | 93.12% | N/A |
Healthcare | 0.00% | 0.00% | 22.17% | N/A |
Financial Services | 0.00% | 0.00% | 100.00% | N/A |
Energy | 0.00% | 0.00% | 100.00% | N/A |
Communication Services | 0.00% | 0.00% | 99.99% | N/A |
Consumer Defense | 0.00% | 0.00% | 100.00% | N/A |
Consumer Cyclical | 0.00% | 0.00% | 100.00% | N/A |
Basic Materials | 0.00% | 0.00% | 100.00% | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | PYCHX % Rank | |
---|---|---|---|---|
US | 0.46% | 0.00% | 99.54% | 45.87% |
Non US | 0.00% | -0.01% | 0.83% | 44.92% |
Bond Sector Breakdown
Weighting | Return Low | Return High | PYCHX % Rank | |
---|---|---|---|---|
Corporate | 91.47% | 0.00% | 100.00% | 76.98% |
Cash & Equivalents | 7.48% | 0.00% | 48.07% | 14.13% |
Securitized | 3.23% | 0.00% | 97.24% | 14.60% |
Government | 0.06% | 0.00% | 99.07% | 28.57% |
Municipal | 0.00% | 0.00% | 1.17% | 26.35% |
Derivative | -0.02% | -15.04% | 42.26% | 90.16% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | PYCHX % Rank | |
---|---|---|---|---|
US | 90.87% | -3.13% | 129.21% | 66.67% |
Non US | 2.11% | 0.00% | 98.19% | 27.94% |
PYCHX - Expenses
Operational Fees
PYCHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.60% | 0.02% | 38.33% | 85.58% |
Management Fee | 0.35% | 0.00% | 1.84% | 8.70% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
PYCHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
PYCHX 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.
PYCHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 74.00% | 1.00% | 255.00% | 69.20% |
PYCHX - Distributions
Dividend Yield Analysis
PYCHX | Category Low | Category High | PYCHX % Rank | |
---|---|---|---|---|
Dividend Yield | 7.08% | 0.00% | 11.71% | 18.93% |
Dividend Distribution Analysis
PYCHX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
PYCHX | Category Low | Category High | PYCHX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -2.39% | 14.30% | N/A |
Capital Gain Distribution Analysis
PYCHX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 29, 2024 | $0.037 | OrdinaryDividend |
Mar 27, 2024 | $0.038 | OrdinaryDividend |
Feb 28, 2024 | $0.033 | OrdinaryDividend |
Jan 30, 2024 | $0.038 | OrdinaryDividend |
Dec 28, 2023 | $0.033 | OrdinaryDividend |
Nov 29, 2023 | $0.035 | OrdinaryDividend |
Oct 30, 2023 | $0.039 | OrdinaryDividend |
Sep 28, 2023 | $0.035 | OrdinaryDividend |
Aug 30, 2023 | $0.039 | OrdinaryDividend |
Jul 28, 2023 | $0.036 | OrdinaryDividend |
Jun 29, 2023 | $0.034 | OrdinaryDividend |
May 30, 2023 | $0.036 | OrdinaryDividend |
Apr 27, 2023 | $0.034 | OrdinaryDividend |
Mar 30, 2023 | $0.036 | OrdinaryDividend |
Feb 27, 2023 | $0.032 | OrdinaryDividend |
Jan 30, 2023 | $0.033 | OrdinaryDividend |
Dec 29, 2022 | $0.034 | OrdinaryDividend |
Nov 29, 2022 | $0.031 | OrdinaryDividend |
Oct 28, 2022 | $0.032 | OrdinaryDividend |
Sep 29, 2022 | $0.030 | OrdinaryDividend |
Aug 30, 2022 | $0.032 | OrdinaryDividend |
Jul 28, 2022 | $0.029 | OrdinaryDividend |
Jun 29, 2022 | $0.030 | OrdinaryDividend |
May 27, 2022 | $0.031 | OrdinaryDividend |
Apr 28, 2022 | $0.031 | OrdinaryDividend |
Mar 30, 2022 | $0.030 | OrdinaryDividend |
PYCHX - Fund Manager Analysis
Managers
Jordan Lopez
Start Date
Tenure
Tenure Rank
Aug 14, 2012
9.8
9.8%
Jordan Lopez, Chartered Financial Analyst (“CFA”), a Senior Vice President and portfolio manager, deal with portfolio construction, broad security selection and risk assessment. Jordan has been with Payden and in the investment management business since 2004.
James Wong
Start Date
Tenure
Tenure Rank
Feb 28, 2017
5.25
5.3%
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.
Timothy Crawmer
Start Date
Tenure
Tenure Rank
Feb 28, 2020
2.25
2.3%
Tim Crawmer is a Senior Investment Manager on the North American Fixed Income team, specifically the Global High Yield Team. Tim joined Aberdeen Asset Management Inc. in May 2013 following the acquisition of Artio Global Management. From 2009-2013, Tim held a similar role with Artio Global Management’s Fixed Income Group. Prior to Artio, he was a Corporate Bond / Credit Default Swap Trader with Bank of America and Merrill Lynch. Before his career in finance, Tim served as an E-6B Mercury Naval Flight Officer in the United States Navy. Tim graduated with a BS in Mechanical Engineering from the United States Naval Academy and an MBA and Masters from the University of California Los Angeles (UCLA) Anderson School of Management.
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.
Nicholas Burns
Start Date
Tenure
Tenure Rank
Feb 28, 2022
0.25
0.3%
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.21 | 8.17 |