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Trending ETFs

Name

As of 06/17/2024

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

$4.65

$79.9 M

6.30%

$0.29

1.30%

Vitals

YTD Return

-4.8%

1 yr return

-1.0%

3 Yr Avg Return

-3.0%

5 Yr Avg Return

-1.0%

Net Assets

$79.9 M

Holdings in Top 10

26.7%

52 WEEK LOW AND HIGH

$4.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.30%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 39.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

$2,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/17/2024

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

$4.65

$79.9 M

6.30%

$0.29

1.30%

PYELX - Profile

Distributions

  • YTD Total Return -4.8%
  • 3 Yr Annualized Total Return -3.0%
  • 5 Yr Annualized Total Return -1.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.61%
DIVIDENDS
  • Dividend Yield 6.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Payden Emerging Markets Local Bond Fund
  • Fund Family Name
    Paydenfunds
  • Inception Date
    Feb 28, 2022
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kristin Ceva

Fund Description

ª
Under normal market conditions, 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.
ª
Under normal market conditions, the Fund invests at least 80% of its total assets in Emerging Market Investments. “Emerging Market Investments” include Bonds and other debt instruments and income-producing securities that are issued by governments, agencies and instrumentalities of emerging market countries and other issuers organized, headquartered or principally located in emerging market countries, or that are denominated in the local currency of an emerging market country (“Emerging Market Currency”), or whose performance is linked to an emerging market country’s currency, markets, economy or ability to repay loans. Generally, an “emerging market country” is any country which the International Monetary Fund, the World Bank, the International Finance Corporation, the United Nations or another third party organization defines as having an emerging or developing economy.
ª
Emerging Market Investments also include Emerging Market Currencies and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps) used to hedge or gain exposure to the securities markets of emerging market countries or Emerging Market Currencies. The Fund may use derivatives to a significant extent, including in particular, currency contracts, futures, interest rate swaps and credit-linked notes.
ª
Under normal market conditions, a significant portion of the Fund’s investments will be denominated in Emerging Market Currencies. However, Emerging Market Investments may be denominated in non-Emerging Market Currencies, including the U.S. dollar.
ª
The Fund may invest up to 20% of its total assets in debt instruments and income-producing securities that are not Bonds, including for example, loans made by U.S. and foreign companies, the Payden Emerging Markets Bond Fund and the Payden Emerging Markets Corporate Bond Fund.
ª
The Fund may invest up to 20% of its total assets in bonds and other debt instruments and income-producing securities other than Emerging Market Investments, including those of issuers located in countries with developed securities markets.
ª
Under normal market conditions, the Fund may invest a substantial portion of its total assets in debt securities of issuers whose securities are rated below 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
Permitted investments also include currencies and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps) used to hedge or gain exposure to the securities markets of emerging market countries or currencies.
ª
Under normal market conditions, the average portfolio duration of the Fund varies within two years (plus or minus) of the duration of the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), which as of February 12, 2024 was 4.97 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. For example, the impact of either an increase or a decrease in interest rates will be greater for a fund that has a longer duration than for a fund that has a shorter duration.
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 is “non-diversified,” which means that Payden may from time to time invest a larger percentage of the Fund’s assets in securities of a limited number of issuers.
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PYELX - Performance

Return Ranking - Trailing

Period PYELX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.8% -5.9% 9.1% 90.94%
1 Yr -1.0% -6.3% 21.2% 91.61%
3 Yr -3.0%* -14.5% 4.0% 87.11%
5 Yr -1.0%* -9.2% 6.2% 82.35%
10 Yr -1.0%* -6.2% 4.9% 83.82%

* Annualized

Return Ranking - Calendar

Period PYELX Return Category Return Low Category Return High Rank in Category (%)
2023 7.1% -10.6% 17.8% 23.92%
2022 -16.3% -29.1% -2.4% 35.40%
2021 -12.4% -24.0% 2.7% 86.27%
2020 -3.2% -14.0% 9.7% 93.45%
2019 7.7% -6.4% 13.0% 63.47%

Total Return Ranking - Trailing

Period PYELX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.8% -5.9% 9.1% 90.94%
1 Yr -1.0% -6.3% 21.2% 91.61%
3 Yr -3.0%* -14.5% 4.0% 87.11%
5 Yr -1.0%* -9.2% 6.2% 82.35%
10 Yr -1.0%* -6.2% 4.9% 83.82%

* Annualized

Total Return Ranking - Calendar

Period PYELX Return Category Return Low Category Return High Rank in Category (%)
2023 13.2% -0.6% 20.0% 30.90%
2022 -11.3% -27.6% -1.7% 31.62%
2021 -7.8% -18.5% 7.4% 83.80%
2020 1.8% -7.8% 18.0% 93.82%
2019 13.9% -3.0% 23.0% 40.22%

NAV & Total Return History


PYELX - Holdings

Concentration Analysis

PYELX Category Low Category High PYELX % Rank
Net Assets 79.9 M 565 K 14.8 B 66.11%
Number of Holdings 147 4 1779 80.40%
Net Assets in Top 10 21.3 M -134 M 1.25 B 61.46%
Weighting of Top 10 26.67% 5.1% 102.0% 28.19%

Top 10 Holdings

  1. Brazil Notas do Tesouro Nacional Serie F 3.54%
  2. Indonesia Treasury Bond 3.15%
  3. China Government Bond 2.86%
  4. Brazil Letras do Tesouro Nacional 2.61%
  5. China Government Bond 2.58%
  6. Brazil Notas do Tesouro Nacional Serie F 2.58%
  7. Peru Government Bond 2.46%
  8. Republic of Poland Government Bond 2.33%
  9. Republic of South Africa Government Bond 2.30%
  10. Czech Republic Government Bond 2.27%

Asset Allocation

Weighting Return Low Return High PYELX % Rank
Bonds
97.58% 0.00% 105.14% 20.93%
Cash
2.56% 0.00% 23.05% 74.42%
Stocks
0.00% -0.01% 95.82% 86.05%
Preferred Stocks
0.00% 0.00% 3.04% 81.40%
Convertible Bonds
0.00% 0.00% 8.47% 90.60%
Other
-0.14% -10.19% 87.32% 90.70%

Bond Sector Breakdown

Weighting Return Low Return High PYELX % Rank
Government
43.64% 0.00% 99.79% 77.52%
Corporate
10.58% 0.00% 93.26% 72.48%
Cash & Equivalents
0.08% 0.00% 23.23% 72.76%
Securitized
0.00% 0.00% 2.41% 85.23%
Municipal
0.00% 0.00% 0.00% 80.54%
Derivative
-0.14% -5.25% 8.09% 90.37%

Bond Geographic Breakdown

Weighting Return Low Return High PYELX % Rank
Non US
96.34% 0.00% 132.49% 1.99%
US
1.24% -42.31% 100.14% 90.03%

PYELX - Expenses

Operational Fees

PYELX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.30% 0.02% 32.92% 47.00%
Management Fee 0.60% 0.00% 1.10% 24.92%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.02% 0.65% 67.62%

Sales Fees

PYELX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

PYELX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 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 39.00% 0.00% 218.00% 28.74%

PYELX - Distributions

Dividend Yield Analysis

PYELX Category Low Category High PYELX % Rank
Dividend Yield 6.30% 0.00% 22.22% 36.54%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PYELX Category Low Category High PYELX % Rank
Net Income Ratio 4.61% -2.28% 8.00% 25.85%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PYELX - Fund Manager Analysis

Managers

Kristin Ceva


Start Date

Tenure

Tenure Rank

Nov 02, 2011

10.58

10.6%

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

10.58

10.6%

Arthur Hovsepian, CFA, is a Principal and portfolio manager at Payden & Rygel. He is responsible for implementing investment strategies and executing trades in emerging markets. Arthur analyzes sovereign yield curves to identify relative value opportunities. He also monitors firm-wide emerging-market local debt and currency exposure. Arthur has been with Payden since 2004.

Brian Matthews


Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

Brian Matthews, CFA, is a managing principal and the chief financial officer at Payden & Rygel, and is a member of the Executive Committee of the board of directors. Matthews is a member of the firm’s Investment Policy Committee and serves as a senior portfolio manager advising institutional clients, including corporations, pension funds, insurance companies and foundations and endowments. He is a director of Metzler/Payden LLC, the firm’s joint venture with Metzler Bank of Frankfurt, Germany. Matthews is also co-chairman of Payden/Kravitz LLC, a joint venture specializing in cash balance retirement plans. Prior to joining Payden & Rygel, Matthews was an investment officer at Brown Brothers Harriman & Company in New York, where he was responsible for managing fixed-income portfolios and asset/liability management. Matthews is a member of the CFA Society of Los Angeles, the CFA Institute and the Investment Counsel Association of America, Inc. He is past chairman of the board of directors for the Boy Scouts of America Los Angeles Area Council and serves on the board of directors for Oaks Christian School, St. Anne’s, Kids in Sports, and the board of visitors for Pepperdine University and is a board member of the Patron of the Arts in the Vatican Museums. Brian Matthews holds the Chartered Financial Analyst designation. He earned a BS in Economics at the University of Notre Dame.

Nigel Jenkins


Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

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.

Asha Joshi


Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

Asha Joshi is a Managing Principal, Senior Portfolio Manager and director of Enhanced Equity Index Strategies. She is responsible for a number of domestic and international clients, including public plans, corporations, universities, and endowments. Previously, Joshi was Vice President, Capital Markets, at Canadian Imperial Bank of Commerce where she advised clients on managing interest rate and currency risk. Prior to that, she was a Vice President, Global Trading, at First Interstate Bank, Ltd. where she managed and traded the bank’s portfolio of derivative products. Joshi also serves on the board of Crystal Stairs, a non-profit organization dedicated to assisting welfare families while the mother transitions into the workforce. She is Chairman of the Scholarship Committee of the Los Angeles Society of Financial Analysts and is a member of the Association of Investment Management and Research (AIMR).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.39 6.11