Payden Global Fixed Income Fund
Name
As of 05/02/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.3%
1 yr return
2.0%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$170 M
Holdings in Top 10
17.8%
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 60.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000,000
IRA
$10,000,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/02/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PYGIX - Profile
Distributions
- YTD Total Return -1.3%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.35%
- Dividend Yield 3.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NamePayden Global Fixed Income Fund
-
Fund Family NamePaydenfunds
-
Inception DateJun 30, 2021
-
Shares OutstandingN/A
-
Share ClassS
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerNigel Jenkins
Fund Description
ª | Under normal market conditions, the Fund invests at least 80% of its total assets in a wide variety of debt instruments and income-producing securities. These 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); (2) debt securities, loans and commercial paper issued by U.S. and foreign companies; (3) U.S. and foreign mortgage-backed and asset-backed debt 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 | The Fund invests at least 65% of its total assets in investment grade debt securities. However, the Fund may invest up to 35% 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 & Rygel (“Payden”), determines to be of comparable quality. |
ª | Under normal market conditions, the Fund invests at least 65% of its total assets in debt securities of issuers organized or headquartered in at least three countries, one of which may be the United States. The Fund may invest in debt securities of issuers organized or headquartered in emerging market countries. |
ª | The Fund invests in debt securities payable in U.S. dollars and in foreign currencies, and the Fund generally hedges most of its foreign currency exposure to the U.S. dollar. |
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 | 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, under normal market conditions, the Fund’s average portfolio maturity (on a dollar-weighted basis) will not exceed 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 | The Fund may invest up to 10% of its total assets in equity securities of U.S. or foreign issuers. |
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). |
PYGIX - Performance
Return Ranking - Trailing
Period | PYGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.3% | -15.2% | -2.4% | 46.15% |
1 Yr | 2.0% | -10.4% | -2.5% | 20.61% |
3 Yr | N/A* | -1.2% | 4.2% | 45.76% |
5 Yr | N/A* | -0.1% | 3.7% | 43.30% |
10 Yr | N/A* | 0.0% | 4.6% | 34.72% |
* Annualized
Return Ranking - Calendar
Period | PYGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.3% | -9.4% | -0.6% | N/A |
2022 | -19.0% | -1.3% | 7.0% | N/A |
2021 | N/A | 0.5% | 200.9% | N/A |
2020 | N/A | -15.5% | 3.1% | N/A |
2019 | N/A | -0.6% | 30.6% | N/A |
Total Return Ranking - Trailing
Period | PYGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.3% | -15.2% | -2.4% | 44.62% |
1 Yr | 2.0% | -12.6% | -2.5% | 18.32% |
3 Yr | N/A* | -1.6% | 4.2% | 38.98% |
5 Yr | N/A* | -0.1% | 3.7% | 40.21% |
10 Yr | N/A* | 0.0% | 4.6% | 33.33% |
* Annualized
Total Return Ranking - Calendar
Period | PYGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.4% | -9.4% | -0.6% | N/A |
2022 | -12.3% | -1.3% | 7.0% | N/A |
2021 | N/A | 0.5% | 200.9% | N/A |
2020 | N/A | -15.5% | 3.3% | N/A |
2019 | N/A | 0.1% | 30.6% | N/A |
NAV & Total Return History
PYGIX - Holdings
Concentration Analysis
PYGIX | Category Low | Category High | PYGIX % Rank | |
---|---|---|---|---|
Net Assets | 170 M | 21.8 M | 93.5 B | 67.94% |
Number of Holdings | 297 | 5 | 7040 | 56.82% |
Net Assets in Top 10 | 30.6 M | -839 M | 6.06 B | 50.76% |
Weighting of Top 10 | 17.77% | 6.1% | 100.0% | 40.15% |
Top 10 Holdings
- Japan Government Ten Year Bond 3.12%
- Payden Cash Reserves Money Market Fund 2.04%
- Spain Government Bond 1.90%
- Japan Treasury Discount Bill 1.82%
- Japan Government Twenty Year Bond 1.79%
- Italy Buoni Poliennali Del Tesoro 1.77%
- French Republic Government Bond OAT 1.77%
- Payden Emerging Markets Local Bond Fund 1.38%
- Peru Government Bond 1.12%
- United States Treasury Note/Bond 1.06%
Asset Allocation
Weighting | Return Low | Return High | PYGIX % Rank | |
---|---|---|---|---|
Bonds | 88.20% | 36.86% | 100.73% | 1.52% |
Cash | 5.19% | -2.75% | 67.17% | 99.24% |
Other | 3.66% | -8.93% | 0.72% | 40.15% |
Stocks | 2.95% | 0.00% | 0.70% | 61.36% |
Convertible Bonds | 2.06% | 0.00% | 14.16% | 52.27% |
Preferred Stocks | 0.00% | 0.00% | 0.73% | 56.82% |
Stock Sector Breakdown
Weighting | Return Low | Return High | PYGIX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | N/A |
Technology | 0.00% | 0.00% | 48.29% | N/A |
Real Estate | 0.00% | 0.00% | 0.00% | N/A |
Industrials | 0.00% | 0.00% | 3.92% | N/A |
Healthcare | 0.00% | 0.00% | 6.16% | N/A |
Financial Services | 0.00% | 0.00% | 100.00% | N/A |
Energy | 0.00% | 0.00% | 0.00% | N/A |
Communication Services | 0.00% | 0.00% | 17.03% | N/A |
Consumer Defense | 0.00% | 0.00% | 5.49% | N/A |
Consumer Cyclical | 0.00% | 0.00% | 17.00% | N/A |
Basic Materials | 0.00% | 0.00% | 0.00% | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | PYGIX % Rank | |
---|---|---|---|---|
US | 2.95% | 0.00% | 0.70% | 45.45% |
Non US | 0.00% | 0.00% | 0.08% | 52.27% |
Bond Sector Breakdown
Weighting | Return Low | Return High | PYGIX % Rank | |
---|---|---|---|---|
Government | 29.56% | 1.71% | 97.31% | 71.97% |
Corporate | 14.89% | 0.00% | 70.79% | 60.61% |
Securitized | 12.09% | 0.00% | 29.11% | 21.21% |
Cash & Equivalents | 2.04% | 0.00% | 51.02% | 71.21% |
Derivative | 0.99% | 0.00% | 50.79% | 25.76% |
Municipal | 0.00% | 0.00% | 3.10% | 65.15% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | PYGIX % Rank | |
---|---|---|---|---|
Non US | 45.43% | 26.05% | 98.85% | 34.85% |
US | 42.77% | -11.86% | 53.57% | 16.67% |
PYGIX - Expenses
Operational Fees
PYGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.60% | 0.02% | 1.81% | 71.88% |
Management Fee | 0.30% | 0.00% | 0.83% | 18.18% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
PYGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 4.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
PYGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | 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.
PYGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 60.00% | 2.00% | 402.00% | 53.15% |
PYGIX - Distributions
Dividend Yield Analysis
PYGIX | Category Low | Category High | PYGIX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.26% | 0.00% | 2.20% | 41.67% |
Dividend Distribution Analysis
PYGIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
PYGIX | Category Low | Category High | PYGIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.35% | -0.30% | 3.10% | 51.15% |
Capital Gain Distribution Analysis
PYGIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 29, 2024 | $0.020 | OrdinaryDividend |
Mar 27, 2024 | $0.020 | OrdinaryDividend |
Feb 28, 2024 | $0.017 | OrdinaryDividend |
Jan 30, 2024 | $0.016 | OrdinaryDividend |
Dec 28, 2023 | $0.018 | OrdinaryDividend |
Nov 29, 2023 | $0.021 | OrdinaryDividend |
Oct 30, 2023 | $0.021 | OrdinaryDividend |
Sep 28, 2023 | $0.019 | OrdinaryDividend |
Aug 30, 2023 | $0.020 | OrdinaryDividend |
Jul 28, 2023 | $0.018 | OrdinaryDividend |
Jun 29, 2023 | $0.020 | OrdinaryDividend |
May 30, 2023 | $0.019 | OrdinaryDividend |
Apr 27, 2023 | $0.016 | OrdinaryDividend |
Mar 30, 2023 | $0.017 | OrdinaryDividend |
Feb 27, 2023 | $0.015 | OrdinaryDividend |
Jan 30, 2023 | $0.015 | OrdinaryDividend |
Dec 29, 2022 | $0.470 | OrdinaryDividend |
Nov 29, 2022 | $0.016 | OrdinaryDividend |
Oct 28, 2022 | $0.015 | OrdinaryDividend |
Sep 29, 2022 | $0.013 | OrdinaryDividend |
Aug 30, 2022 | $0.014 | OrdinaryDividend |
Jul 28, 2022 | $0.014 | OrdinaryDividend |
Jun 29, 2022 | $0.012 | OrdinaryDividend |
May 27, 2022 | $0.013 | OrdinaryDividend |
Apr 28, 2022 | $0.012 | OrdinaryDividend |
Mar 30, 2022 | $0.012 | OrdinaryDividend |
Feb 25, 2022 | $0.011 | OrdinaryDividend |
Jan 28, 2022 | $0.011 | OrdinaryDividend |
Dec 30, 2021 | $0.120 | OrdinaryDividend |
Nov 29, 2021 | $0.011 | OrdinaryDividend |
Oct 28, 2021 | $0.013 | OrdinaryDividend |
Sep 29, 2021 | $0.011 | OrdinaryDividend |
Aug 30, 2021 | $0.014 | OrdinaryDividend |
Jul 29, 2021 | $0.010 | OrdinaryDividend |
PYGIX - Fund Manager Analysis
Managers
Nigel Jenkins
Start Date
Tenure
Tenure Rank
Feb 28, 2008
14.26
14.3%
Nigel Jenkins is a Managing Principal and portfolio manager who has been with Payden & Rygel since 2006. who is responsible for the management of UK and European benchmarked fixed-income and money market portfolios. Prior to joining Payden & Rygel, Jenkins was a founding partner of Centric Capital LLP, a fixed-income and currency hedge fund focusing on quantitative methodologies. Previously he was head of global fixed-income at WestLB, and a director of the fixed income & currency group at Rothschild Asset Management, both in London. Jenkins holds the ASIP designation of the UK Society of Investment Professionals, a member society of the CFA Institute. He earned a MA degree in Economics from the University of Cambridge.
Michael Salvay
Start Date
Tenure
Tenure Rank
Feb 28, 2017
5.25
5.3%
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.
James Wong
Start Date
Tenure
Tenure Rank
Feb 28, 2020
2.25
2.3%
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.
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.
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.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.12 | 31.42 | 5.43 | 0.92 |