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Name

As of 11/21/2024

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

Payden California Municipal Social Impact Fund

PYCRX | Fund

$9.92

$162 M

3.52%

$0.35

0.63%

Vitals

YTD Return

2.7%

1 yr return

5.8%

3 Yr Avg Return

0.8%

5 Yr Avg Return

1.7%

Net Assets

$162 M

Holdings in Top 10

31.7%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.63%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 140.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$5,000

IRA

$2,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

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

Payden California Municipal Social Impact Fund

PYCRX | Fund

$9.92

$162 M

3.52%

$0.35

0.63%

PYCRX - Profile

Distributions

  • YTD Total Return 2.7%
  • 3 Yr Annualized Total Return 0.8%
  • 5 Yr Annualized Total Return 1.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.50%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Payden California Municipal Social Impact Fund
  • Fund Family Name
    Paydenfunds
  • Inception Date
    Apr 20, 1999
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Salvay

Fund Description

ª
Under normal market circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in “California Municipal Securities,” which are defined as debt obligations issued by the State of California, local governments and other authorities in California, and their agencies and instrumentalities, or by other issuers, all of which pay interest income exempt from Federal and California personal income tax. The policy of the Fund to invest at least 80% of its net assets in California Municipal Securities is fundamental, which means that it may be changed only with shareholder approval.
ª
The Fund may invest up to 20% of its net assets 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
However, the interest income which may be paid by either the California Municipal Securities or the Municipal Securities, may in each case be subject to the Federal alternative minimum tax.
ª
Social Impact Investing. Under normal market circumstances, the Fund invests at least 80% of its total assets in California Municipal Securities or other Municipal Securities, each as defined above, with respect to which, in the opinion of the Adviser the proceeds raised are used consistent with positive social impact practices and outcomes. While the fundamental credit research process utilized by the Adviser already includes consideration of material environmental, social, and governance (ESG) risks, the Adviser applies additional screening metrics when selecting suitable investments for the Fund. Investment opportunities are evaluated for project and issuer alignment with the Green and Social Bond Principles of the International Capital Markets Association (ICMA), which serves as the primary inclusionary screening tool for securities with qualifying impact attributes. The impact assessment framework is further enhanced by key indicators that help identify issuers with strong governance and risk management practices, as well as a deliberative approach to the management and mitigation of material environmental and social risks through sound sustainability policies and practices. These indicators include, but are not limited to, clarity in the application of the use of proceeds, prudent stewardship of bond proceeds and other financial resources, prioritization of projects and initiatives with positive social and environmental outcomes, timely disclosure and transparency, and other governance practices that signal strong commitment to accountability and stakeholder engagement. Although investment opportunities can come from any municipal market sector or issuer, regional and socioeconomic relevance of the deployment of capital resources will also be taken into consideration. To that end, the Adviser focuses on what it believes to be the principal impact sectors, such as essential services and utilities, primary and community college education, healthcare and social services, affordable housing, renewable energy and resource recovery and economic development and connectivity.
ª
Under normal market circumstances, the Fund invests at least 75% of its total assets in investment grade debt securities, but may invest up to 25% of its total assets in debt securities rated below investment grade. The overall average credit quality of the Fund will remain 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, determines to be of comparable quality.
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. However, the Fund’s average portfolio maturity (on a dollar-weighted basis) is generally three to ten years. In calculating the Fund’s average portfolio maturity, the Fund uses a security’s stated maturity, or if applicable, an earlier date based on the Adviser’s belief that the security may be subject, for example, to a call, a put, a refunding, a prepayment, a redemption provision, an adjustable coupon rate, or the like, that will cause the security to be repaid earlier.
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 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.
Read More

PYCRX - Performance

Return Ranking - Trailing

Period PYCRX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -4.6% 33.0% 34.91%
1 Yr 5.8% -0.1% 38.0% 54.10%
3 Yr 0.8%* -10.8% 3.4% 9.36%
5 Yr 1.7%* -6.7% 1104.0% 6.56%
10 Yr 2.4%* -0.9% 248.8% 13.30%

* Annualized

Return Ranking - Calendar

Period PYCRX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -1.4% 41.0% 33.87%
2022 -8.1% -39.7% 0.3% 20.66%
2021 -0.5% -5.6% 6.9% 49.18%
2020 1.7% -2.6% 310.0% 48.23%
2019 3.1% 0.0% 26.0% 76.71%

Total Return Ranking - Trailing

Period PYCRX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -4.6% 33.0% 34.91%
1 Yr 5.8% -0.1% 38.0% 54.10%
3 Yr 0.8%* -10.8% 3.4% 9.36%
5 Yr 1.7%* -6.7% 1104.0% 6.56%
10 Yr 2.4%* -0.9% 248.8% 13.30%

* Annualized

Total Return Ranking - Calendar

Period PYCRX Return Category Return Low Category Return High Rank in Category (%)
2023 7.0% -1.3% 41.0% 18.57%
2022 -6.2% -39.7% 1.1% 20.66%
2021 1.2% -4.8% 23761504.0% 60.30%
2020 5.2% -1.5% 17057.9% 12.65%
2019 8.1% 0.2% 3514.6% 14.07%

NAV & Total Return History

PYCRX - Holdings

Concentration Analysis

PYCRX Category Low Category High PYCRX % Rank
Net Assets 162 M 3.22 M 71.9 B 76.87%
Number of Holdings 104 4 13418 83.28%
Net Assets in Top 10 51.2 M -317 M 3.09 B 65.62%
Weighting of Top 10 31.68% 1.8% 100.3% 10.67%

Top 10 Holdings

  1. United States Treasury Note/Bond 7.01%
  2. Los Angeles County Public Works Financing Authority 5.64%
  3. Payden Cash Reserves Money Market Fund 3.21%
  4. Sacramento Area Flood Control Agency 2.98%
  5. San Diego County Regional Transportation Commission 2.91%
  6. State of California 2.35%
  7. San Bernardino Community College District 2.11%
  8. Irvine Ranch Water District Water Service Corp 1.86%
  9. California Housing Finance Agency 1.83%
  10. City of Modesto CA Water Revenue 1.79%

Asset Allocation

Weighting Return Low Return High PYCRX % Rank
Bonds 		97.26% 0.00% 150.86% 78.10%
Cash 		3.21% -50.86% 44.62% 16.32%
Stocks 		0.00% 0.00% 99.78% 48.67%
Preferred Stocks 		0.00% 0.00% 0.07% 38.71%
Other 		0.00% -3.69% 51.88% 47.04%
Convertible Bonds 		0.00% 0.00% 0.93% 38.19%

Bond Sector Breakdown

Weighting Return Low Return High PYCRX % Rank
Municipal 		83.80% 44.39% 100.00% 98.13%
Government 		3.23% 0.00% 52.02% 0.80%
Cash & Equivalents 		3.21% 0.00% 44.41% 11.13%
Corporate 		0.87% 0.00% 9.41% 3.55%
Derivative 		0.00% -3.69% 51.88% 43.97%
Securitized 		0.00% 0.00% 5.93% 39.33%

Bond Geographic Breakdown

Weighting Return Low Return High PYCRX % Rank
US 		97.26% 0.00% 142.23% 75.48%
Non US 		0.00% 0.00% 23.89% 40.57%

PYCRX - Expenses

Operational Fees

PYCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.63% 0.01% 8.02% 62.73%
Management Fee 0.32% 0.00% 1.20% 19.84%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.01% 0.44% 65.70%

Sales Fees

PYCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

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

PYCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 140.00% 0.00% 283.00% 99.49%

PYCRX - Distributions

Dividend Yield Analysis

PYCRX Category Low Category High PYCRX % Rank
Dividend Yield 3.52% 0.00% 14.51% 8.85%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PYCRX Category Low Category High PYCRX % Rank
Net Income Ratio 1.50% -0.53% 5.33% 71.88%

Capital Gain Distribution Analysis

PYCRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

PYCRX - Fund Manager Analysis

Managers

Michael Salvay

Start Date

Tenure

Tenure Rank

Feb 26, 2010

12.27

12.3%

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.

Mary Syal

Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

Mary Beth Syal, CFA, is a managing principal at Payden & Rygel and a member of the Executive Committee of the board of directors. Syal is a member of the firm's Investment Policy Committee. She directs the firm‟s low duration strategies and also serves as a senior portfolio manager advising corporations, insurance companies and family offices. She is a trustee of The Payden & Rygel Investment Group, the sponsor of the Paydenfunds, for which Payden & Rygel is the investment adviser. Prior to joining Payden & Rygel, Syal was a portfolio manager and strategist at Amervest Company, Inc., where she was the co-chair of the Investment Strategy Committee. Mary Beth Syal is a member of the CFA Society of Los Angeles and the CFA Institute, the Los Angeles Association of Investment Women. In addition, she serves on the Investment Committee of the Western Province of the Religious of the Sacred Heart of Mary and is a member of the Investment Review Committee for St. Joseph Health System. Syal holds the Chartered Financial Analyst designation. She earned a BA degree in Government from Smith College in Northampton, Massachusetts.

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.

Adam Congdon

Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

Adam Congdon, CFA, is a Vice President and portfolio manager. He has been with Payden since 2014.

Christian Leveque

Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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