PYVAX: Payden Equity Income Adviser

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PYVAX Payden Equity Income Adviser


Profile

PYVAX - Profile

Vitals

  • YTD Return -15.1%
  • 3 Yr Annualized Return -0.7%
  • 5 Yr Annualized Return 1.8%
  • Net Assets $1.3 B
  • Holdings in Top 10 25.7%

52 WEEK LOW AND HIGH

$15.51
$12.51
$18.85

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.99%

SALES FEES

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

BROKERAGE FEES

  • Turnover 49.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $5,000
  • IRA $2,000

Fund Classification


Distributions

  • YTD Total Return -15.1%
  • 3 Yr Annualized Total Return -0.7%
  • 5 Yr Annualized Total Return 1.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.11%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Payden Equity Income Fund
  • Fund Family Name
    Paydenfunds
  • Inception Date
    Dec 01, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    James Wong

Fund Description

The fund invests primarily in large capitalization value stocks, defined as stocks with above average dividend yields and large market capitalizations, and other income producing equity securities, including by way of example, preferred stocks, real estate investment trusts and master limited partnerships. It invests principally in U.S. securities, but may invest up to 30% of its total assets in foreign securities, including companies organized or headquartered in emerging markets.


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Categories

Performance

PYVAX - Performance

Return Ranking - Trailing

Period PYVAX Return Category Return Low Category Return High Rank in Category (%)
YTD -15.1% -51.5% 4.9% 11.55%
1 Yr -9.3% -48.2% 21.3% 21.09%
3 Yr -0.7%* -25.7% 12.8% 10.52%
5 Yr 1.8%* -23.7% 9.7% 6.46%
10 Yr N/A* -14.5% 17.6% N/A

* Annualized

Return Ranking - Calendar

Period PYVAX Return Category Return Low Category Return High Rank in Category (%)
2019 21.7% -32.1% 48.5% 30.39%
2018 -9.4% -62.4% 16.7% 6.43%
2017 8.0% -16.4% 22.0% 55.81%
2016 11.0% -27.9% 31.0% 42.34%
2015 -0.8% -43.1% 1.3% 0.49%

Total Return Ranking - Trailing

Period PYVAX Return Category Return Low Category Return High Rank in Category (%)
YTD -15.1% -51.5% 4.9% 11.55%
1 Yr -9.3% -48.2% 21.3% 21.09%
3 Yr -0.7%* -25.1% 12.8% 30.52%
5 Yr 1.8%* -16.1% 9.7% 29.67%
10 Yr N/A* -5.6% 17.6% N/A

* Annualized

Total Return Ranking - Calendar

Period PYVAX Return Category Return Low Category Return High Rank in Category (%)
2019 21.7% -32.1% 48.5% 30.88%
2018 -9.4% -37.1% 17.4% 33.63%
2017 8.0% -9.5% 25.7% 87.31%
2016 11.0% -27.9% 32.2% 71.28%
2015 -0.8% -28.9% 3.9% 9.01%

NAV & Total Return History


Holdings

PYVAX - Holdings

Concentration Analysis

PYVAX Category Low Category High PYVAX % Rank
Net Assets 1.3 B 938 K 77.4 B 30.13%
Number of Holdings 85 1 1138 42.00%
Net Assets in Top 10 294 M 68.1 K 18.6 B 38.89%
Weighting of Top 10 25.72% 6.1% 186.4% 66.48%

Top 10 Holdings

Asset Allocation

Weighting Return Low Return High PYVAX % Rank
Stocks
93.16% 80.21% 141.55% 96.52%
Bonds
2.85% -0.79% 71.79% 0.94%
Cash
2.02% -104.41% 15.39% 44.16%
Preferred Stocks
1.98% 0.00% 10.14% 1.22%
Other
0.00% -2.50% 30.06% 38.98%
Convertible Bonds
0.00% -0.02% 7.45% 36.44%

Stock Sector Breakdown

Weighting Return Low Return High PYVAX % Rank
Healthcare
18.43% 0.00% 37.21% 27.61%
Technology
15.32% 0.00% 31.17% 18.03%
Consumer Defense
12.59% 0.00% 32.31% 19.35%
Real Estate
11.22% 0.00% 15.11% 1.23%
Financial Services
9.72% 0.00% 60.26% 96.58%
Utilities
8.93% 0.00% 47.04% 8.73%
Industrials
8.70% 0.00% 43.05% 69.07%
Communication Services
6.09% 0.00% 20.78% 64.71%
Consumer Cyclical
4.14% 0.00% 28.45% 76.47%
Energy
3.96% 0.00% 18.54% 76.85%
Basic Materials
0.90% 0.00% 16.83% 86.62%

Stock Geographic Breakdown

Weighting Return Low Return High PYVAX % Rank
US
89.80% 80.02% 139.76% 69.02%
Non US
3.36% 0.00% 18.58% 52.92%

Bond Sector Breakdown

Weighting Return Low Return High PYVAX % Rank
Corporate
42.44% 0.00% 100.00% 6.70%
Derivative
40.84% 0.00% 68.95% 1.24%
Cash & Equivalents
16.72% 0.00% 100.00% 93.97%
Securitized
0.00% 0.00% 22.84% 35.02%
Municipal
0.00% 0.00% 0.25% 35.02%
Government
0.00% 0.00% 100.00% 37.22%

Bond Geographic Breakdown

Weighting Return Low Return High PYVAX % Rank
US
2.85% -0.79% 57.11% 0.94%
Non US
0.00% 0.00% 17.56% 35.31%

Expenses

PYVAX - Expenses

Operational Fees

PYVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.99% 0.00% 19.26% 53.22%
Management Fee 0.50% 0.00% 1.50% 30.41%
12b-1 Fee 0.25% 0.00% 1.00% 33.50%
Administrative Fee 0.15% 0.01% 0.50% 59.74%

Sales Fees

PYVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

PYVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 3.85%

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.

PYVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 49.00% 0.00% 431.00% 58.37%

Distributions

PYVAX - Distributions

Dividend Yield Analysis

PYVAX Category Low Category High PYVAX % Rank
Dividend Yield 0.00% 0.00% 9.50% 38.23%

Dividend Distribution Analysis

PYVAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annually

Net Income Ratio Analysis

PYVAX Category Low Category High PYVAX % Rank
Net Income Ratio 2.11% -0.36% 4.13% 25.65%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

PYVAX - Fund Manager Analysis

Managers

James Wong


Start Date

Tenure

Tenure Rank

Feb 27, 2009

11.18

11.2%

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.

Scott Weiner


Start Date

Tenure

Tenure Rank

Feb 28, 2020

0.17

0.2%

Scott Weiner, PhD, is a managing principal at Payden & Rygel and a member of the Executive Committee that manages the firm. Weiner is also a member of the firm’s Investment Policy Committee which directs investment strategy and monitors the risk controls for the firm and its clients. As a frequent speaker at industry forums, he specializes in topics relating to asset allocation, risk management and international investing. Prior to joining Payden & Rygel, Weiner was a senior strategy member of the investment arm of First Interstate. More previously, he was with Goldman Sachs in New York as one of the strategists in the 1980s developing expertise in the mortgage market. Scott Weiner earned a PhD in Pharmaceutical Chemistry from the University of California, San Francisco focusing on theoretical macromolecular biophysical chemistry. He received an AB degree in Mathematics from Occidental College in Los Angeles.

Michael Salvay


Start Date

Tenure

Tenure Rank

Feb 28, 2020

0.17

0.2%

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.

Alfred Giles


Start Date

Tenure

Tenure Rank

Feb 28, 2020

0.17

0.2%

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.

Micheal Huynh


Start Date

Tenure

Tenure Rank

Feb 28, 2020

0.17

0.2%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 84.51 7.02 1.23