PYELX: Payden Emerging Markets Local Bond Inv

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PYELX Payden Emerging Markets Local Bond Inv


Profile

PYELX - Profile

Vitals

  • YTD Return -2.6%
  • 3 Yr Annualized Return -2.1%
  • 5 Yr Annualized Return -3.6%
  • Net Assets $217 M
  • Holdings in Top 10 29.4%

52 WEEK LOW AND HIGH

$6.42
$6.13
$6.65

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.91%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 62.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $100,000
  • IRA $100,000

Fund Classification

  • Primary Caregory
  • Fund Type Open End Mutual Fund
  • Investment Style Emerging-Markets Local-Currency Bond

Distributions

  • YTD Total Return -2.6%
  • 3 Yr Annualized Total Return -2.1%
  • 5 Yr Annualized Total Return -3.6%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 5.71%
DIVIDENDS
  • Dividend Yield 0.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Payden Emerging Markets Local Bond Fund
  • Fund Family Name
    Paydenfunds
  • Inception Date
    Nov 02, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Kristin Ceva

Fund Description

The fund invests at least 80% of its total assets in a wide variety of Bonds. "Bonds" include (1) 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), or credit-linked notes issued with respect to such securities and (2) debt securities and commercial paper issued by U.S. and foreign companies, or credit-linked notes issued with respect to such securities. The fund is non-diversified.


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Categories

Performance

PYELX - Performance

Return Ranking - Trailing

Period PYELX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.6% -2.8% 3.5% 93.26%
1 Yr 0.2% -3.5% 9.1% 82.35%
3 Yr -2.1%* -5.3% 5.4% 93.65%
5 Yr -3.6%* -6.2% 1.5% 88.89%
10 Yr N/A* -4.1% 0.6% N/A

* Annualized

Return Ranking - Calendar

Period PYELX Return Category Return Low Category Return High Rank in Category (%)
2019 7.7% -4.7% 9.4% 23.53%
2018 -13.7% -15.9% 3.1% 90.28%
2017 8.4% 0.1% 10.8% 20.63%
2016 3.5% -1.7% 8.7% 23.53%
2015 -18.8% -21.1% 6.0% 91.11%

Total Return Ranking - Trailing

Period PYELX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.6% -2.8% 3.5% 93.26%
1 Yr 0.2% -3.5% 9.1% 82.35%
3 Yr -2.1%* -5.3% 5.4% 96.83%
5 Yr -3.6%* -6.2% 3.8% 88.89%
10 Yr N/A* -4.0% 4.1% N/A

* Annualized

Total Return Ranking - Calendar

Period PYELX Return Category Return Low Category Return High Rank in Category (%)
2019 7.7% -4.7% 9.4% 27.06%
2018 -13.7% -15.9% 3.1% 90.28%
2017 8.4% 0.1% 11.5% 36.51%
2016 3.5% -1.6% 8.9% 27.45%
2015 -18.8% -21.1% 10.2% 91.11%

NAV & Total Return History


Holdings

PYELX - Holdings

Concentration Analysis

PYELX Category Low Category High PYELX % Rank
Net Assets 217 M 7.48 M 151 B 55.06%
Number of Holdings 166 5 5663 71.91%
Net Assets in Top 10 64.7 M 2.4 M 10.3 B 47.19%
Weighting of Top 10 29.40% 6.9% 152.9% 47.30%

Top 10 Holdings

  1. Brazil (Federative Republic) 10% 3.99%
  2. Russian Federation 8.15% 3.73%
  3. Secretaria Tesouro Nacional 10% 3.70%
  4. Poland (Republic of) 2.75% 3.33%
  5. Thailand (Kingdom Of) 4.88% 2.72%
  6. Russian Federation 7.05% 2.68%
  7. Republic of South Africa 8.5% 2.49%
  8. Mexico (United Mexican States) 8.5% 2.32%
  9. Republic of Colombia 7% 2.25%
  10. Poland (Republic of) 4% 2.20%

Asset Allocation

Weighting Return Low Return High PYELX % Rank
Bonds
95.78% 80.77% 1889.70% 32.58%
Cash
3.45% -1814.13% 19.17% 57.30%
Convertible Bonds
0.77% 0.00% 42.54% 16.85%
Stocks
0.00% 0.00% 101.23% 94.38%
Preferred Stocks
0.00% 0.00% 0.09% 94.38%
Other
0.00% -1.21% 42.34% 92.13%

Bond Sector Breakdown

Weighting Return Low Return High PYELX % Rank
Government
67.23% 6.55% 79.39% 38.20%
Derivative
19.37% 0.00% 67.53% 25.84%
Corporate
10.66% 0.00% 88.66% 66.29%
Cash & Equivalents
2.73% 0.44% 30.89% 86.52%
Securitized
0.00% 0.00% 6.20% 94.38%
Municipal
0.00% 0.00% 0.22% 94.38%

Bond Geographic Breakdown

Weighting Return Low Return High PYELX % Rank
Non US
89.70% 0.00% 1786.94% 38.20%
US
6.08% 0.00% 717.21% 48.31%

Expenses

PYELX - Expenses

Operational Fees

PYELX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.91% 0.01% 43.49% 75.61%
Management Fee 0.60% 0.00% 1.60% 46.07%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.03% 0.45% 60.00%

Sales Fees

PYELX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.50% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

PYELX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% 100.00%

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.

PYELX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 62.00% 0.00% 129.00% 59.21%

Distributions

PYELX - Distributions

Dividend Yield Analysis

PYELX Category Low Category High PYELX % Rank
Dividend Yield 0.92% 0.00% 1.97% 19.10%

Dividend Distribution Analysis

PYELX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Annually

Net Income Ratio Analysis

PYELX Category Low Category High PYELX % Rank
Net Income Ratio 5.71% -0.95% 6.33% 19.51%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

PYELX - Fund Manager Analysis

Managers

Kristin Ceva


Start Date

Tenure

Tenure Rank

Nov 02, 2011

8.25

8.3%

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.

Arthur Hovsepian


Start Date

Tenure

Tenure Rank

Nov 02, 2011

8.25

8.3%

Arthur Hovsepian is the emerging-market local bond and currency strategist in the global fixed-income group at Payden & Rygel. He is responsible for implementing investment strategies and executing trades in emerging markets. Hovsepian analyzes sovereign yield curves to identify relative value opportunities. He also monitors firm-wide emerging-market local debt and currency exposure. Mr. Hovsepian has been with Payden since 2004 and in the investment management business for 20 years.

Darren Capeloto


Start Date

Tenure

Tenure Rank

Feb 28, 2013

6.93

6.9%

Darren Capeloto, a Vice President and portfolio manager of Payden & Ryge, deal with portfolio construction, broad security selection and risk assessment. Mr. Capeloto has been with Payden since 2001

Tenure Analysis

Category Low Category High Category Average Category Mode
0.31 26.15 6.33 26.15