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Trending ETFs

Name

As of 06/21/2024

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

$9.84

$125 M

8.77%

$0.86

0.91%

Vitals

YTD Return

4.2%

1 yr return

11.6%

3 Yr Avg Return

6.2%

5 Yr Avg Return

5.2%

Net Assets

$125 M

Holdings in Top 10

19.5%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.91%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 40.00%

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 06/21/2024

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

$9.84

$125 M

8.77%

$0.86

0.91%

PYFIX - Profile

Distributions

  • YTD Total Return 4.2%
  • 3 Yr Annualized Total Return 6.2%
  • 5 Yr Annualized Total Return 5.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.05%
DIVIDENDS
  • Dividend Yield 8.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Payden Floating Rate Fund
  • Fund Family Name
    Paydenfunds
  • Inception Date
    Nov 11, 2013
  • Shares Outstanding
    N/A
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jordan Lopez

Fund Description

ª
Under normal market conditions the Fund invests at least 80% of its total assets in income producing floating rate loans and other floating rate debt instruments. Floating rate loans are typically debt obligations with interest rates that adjust or “float” periodically, often on a daily, monthly, quarterly, or semiannual basis by reference to a base lending rate plus a premium.
ª
The Fund invests primarily in senior floating rate loans of domestic and foreign borrowers. The reason these loans are called “senior” is because loans are considered senior in a borrower’s capital structure in that no debt is ahead of the loans in terms of priority of payment. Where an instrument ranks in priority of payment is referred to as seniority. Based on this ranking, a corporate issuer in the event of a default will direct payments such that the senior most creditors are paid first, while the most junior equity holders are paid last. In a typical structure, senior secured and unsecured creditors will be first in right of payment, followed by subordinate bond holders, junior bondholders, preferred shareholders and common shareholders. Loans are typically senior, secured debt instruments and rank highest in the capital structure of corporations. Thus, throughout this discussion, the floating rate loans in which the Fund invests are referred to as “Senior Loans.”
ª
The Fund invests in Senior Loans that are syndicated loans. These loans are structured by a syndicator, such as a bank or other lender, which also markets the loans to potential investors, such as the Fund. The Fund may invest in Senior Loans in one of three ways. First, much like an initial public offering of equity securities, the Fund could be one of the initial investors in the Senior Loan and thus would invest directly as a signatory to the original loan agreement. Second, the Fund could also invest directly in the Senior Loan by assignment from an original lender. Third, the Fund may invest indirectly in the Senior Loan through a loan participation agreement.
ª
Under normal market conditions, the Fund invests a substantial portion of its total assets in Senior Loans and other debt instruments that 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
Payden seeks to maintain broad borrower and industry diversification among the Fund’s Senior Loans. When selecting Senior Loans, Payden seeks to implement a systematic risk-weighted approach that utilizes fundamental analysis of risk/return characteristics. Senior Loans may be sold if, in Payden’s opinion, the risk-return profile deteriorates or to pursue more attractive investment opportunities.
ª
The Fund may also invest in secured and unsecured subordinated loans, second lien loans and subordinated bridge loans, other floating rate debt securities, fixed income debt obligations and money market instruments. Money market holdings with a remaining maturity of less than 60 days are deemed floating rate assets.
ª
To the extent the Fund invests in assets that are denominated in a currency other than the U.S. dollar, the Fund may engage in foreign currency exchange contracts and other currency strategies to convert such foreign currencies into U.S. dollars to hedge against fluctuations in currency exchange rates.
ª
To the extent the Fund invests in fixed rate Senior Loans, other fixed rate loans or other fixed rate debt instruments, the Fund may engage in interest rate swaps in which it pays a fixed rate of interest to a counterparty and receives a floating rate of interest from the counterparty to hedge against fluctuations in interest rates. In addition, the notional amount of the Fund’s investments in interest rate swaps will be the amount that is counted toward satisfaction of the Fund’s policy of investing 80% of its total assets in floating rate loans or other floating rate debt instruments.
ª
The Fund may invest up to 20% of its assets in fixed rate fixed income securities in which the Fund has not entered into any interest rate swaps. Such fixed rate fixed income securities include, but are not limited to, corporate bonds, preferred securities, convertible securities, asset-backed securities, mortgage-backed securities and U.S. Government debt securities.
ª
The Fund’s investments in any floating rate and fixed income securities may be of any maturity.
ª
The Fund may invest up to 20% of its total assets in equity securities of U.S. or foreign issuers.
ª
The Fund may invest up to 30% of its total assets in collateralized loan obligations (“CLOs”). CLOs are asset-backed securities that are formed to hold and manage diversified pools of Senior Loans. These asset-backed structures issue several debt tranches that typically include at least an AAA-rated tranche, an AA-rated tranche and a BBB-rated tranche and that have rights to the collateral and payment stream, in descending order. The proceeds from the debt tranches are used to purchase the corporate loans. CLOs are usually rated by two of the three major ratings agencies and impose a series of covenant tests on the respective collateral managers, including minimum rating and industry diversification. The Fund would potentially invest in these rated debt tranches issued by the CLOs.
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).
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PYFIX - Performance

Return Ranking - Trailing

Period PYFIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% -96.4% 6.4% 33.45%
1 Yr 11.6% -96.3% 15.3% 13.14%
3 Yr 6.2%* -67.0% 8.2% 6.11%
5 Yr 5.2%* -47.8% 37.5% 5.24%
10 Yr 4.3%* -2.2% 19.3% 5.41%

* Annualized

Return Ranking - Calendar

Period PYFIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.7% -12.0% 11.1% 28.00%
2022 -4.5% -22.9% 5.1% 2.61%
2021 0.8% -12.2% 11.1% 61.30%
2020 -1.5% -14.1% 289.8% 21.60%
2019 3.6% -8.1% 7.5% 21.07%

Total Return Ranking - Trailing

Period PYFIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% -96.4% 6.4% 33.45%
1 Yr 11.6% -96.3% 15.3% 13.14%
3 Yr 6.2%* -67.0% 8.2% 6.11%
5 Yr 5.2%* -47.8% 37.5% 5.24%
10 Yr 4.3%* -2.2% 19.3% 5.41%

* Annualized

Total Return Ranking - Calendar

Period PYFIX Return Category Return Low Category Return High Rank in Category (%)
2023 13.0% -12.0% 22.1% 33.82%
2022 0.5% -22.9% 5.1% 2.61%
2021 3.9% -10.2% 11.1% 72.41%
2020 1.9% -14.1% 306.9% 45.20%
2019 8.5% -3.6% 10.5% 28.10%

NAV & Total Return History


PYFIX - Holdings

Concentration Analysis

PYFIX Category Low Category High PYFIX % Rank
Net Assets 125 M 29.9 M 13.5 B 89.06%
Number of Holdings 150 2 1848 90.64%
Net Assets in Top 10 24.2 M -191 M 2.48 B 81.27%
Weighting of Top 10 19.46% 5.2% 100.8% 28.57%

Top 10 Holdings

  1. Payden Cash Reserves Money Market Fund 8.93%
  2. Fertitta Entertainment LLC/NV 1.23%
  3. ABG Intermediate Holdings 2 LLC 1.19%
  4. Albion Financing 3 SARL 1.19%
  5. Sotera Health Holdings LLC 1.19%
  6. Flynn Restaurant Group LP 1.18%
  7. Scientific Games Holdings LP 1.18%
  8. Driven Holdings LLC 1.18%
  9. BANIJAY GROUP US HOLDING 1.10%
  10. Leslie's Poolmart Inc 1.09%

Asset Allocation

Weighting Return Low Return High PYFIX % Rank
Bonds
96.51% 0.00% 161.82% 32.96%
Cash
8.93% -61.90% 20.29% 19.85%
Other
2.01% -52.39% 26.58% 12.73%
Stocks
1.16% 0.00% 100.78% 49.81%
Convertible Bonds
0.23% 0.00% 5.51% 17.36%
Preferred Stocks
0.00% -3.99% 6.22% 86.52%

Stock Sector Breakdown

Weighting Return Low Return High PYFIX % Rank
Utilities
0.00% 0.00% 100.00% N/A
Technology
0.00% 0.00% 100.00% N/A
Real Estate
0.00% 0.00% 48.61% N/A
Industrials
0.00% 0.00% 100.00% N/A
Healthcare
0.00% 0.00% 100.00% N/A
Financial Services
0.00% 0.00% 89.61% N/A
Energy
0.00% 0.00% 100.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 100.00% N/A
Consumer Cyclical
0.00% 0.00% 97.66% N/A
Basic Materials
0.00% 0.00% 1.36% N/A

Stock Geographic Breakdown

Weighting Return Low Return High PYFIX % Rank
US
1.16% -0.01% 100.78% 49.81%
Non US
0.00% 0.00% 0.68% 82.40%

Bond Sector Breakdown

Weighting Return Low Return High PYFIX % Rank
Corporate
88.18% 0.00% 99.80% 66.42%
Cash & Equivalents
8.93% 0.00% 25.03% 20.60%
Securitized
2.66% 0.00% 91.68% 18.11%
Municipal
0.00% 0.00% 0.47% 81.89%
Government
0.00% 0.00% 3.18% 80.38%
Derivative
0.00% -11.50% 1.00% 95.13%

Bond Geographic Breakdown

Weighting Return Low Return High PYFIX % Rank
US
96.51% 0.00% 143.64% 23.97%
Non US
0.00% 0.00% 63.23% 87.27%

PYFIX - Expenses

Operational Fees

PYFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.91% 0.03% 12.26% 67.15%
Management Fee 0.55% 0.00% 1.89% 23.36%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.02% 0.27% 80.00%

Sales Fees

PYFIX 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% 1.00% N/A

Trading Fees

PYFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 32.56%

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.

PYFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 40.00% 4.00% 180.00% 25.00%

PYFIX - Distributions

Dividend Yield Analysis

PYFIX Category Low Category High PYFIX % Rank
Dividend Yield 8.77% 0.00% 11.13% 36.00%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PYFIX Category Low Category High PYFIX % Rank
Net Income Ratio 3.05% 1.77% 9.82% 80.53%

Capital Gain Distribution Analysis

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

Distributions History

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PYFIX - Fund Manager Analysis

Managers

Jordan Lopez


Start Date

Tenure

Tenure Rank

Nov 11, 2013

8.56

8.6%

Jordan Lopez, Chartered Financial Analyst (“CFA”), a Senior Vice President and portfolio manager, deal with portfolio construction, broad security selection and risk assessment. Jordan has been with Payden and in the investment management business since 2004.

James Wong


Start Date

Tenure

Tenure Rank

Feb 28, 2017

5.25

5.3%

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.

Alfred Giles


Start Date

Tenure

Tenure Rank

Feb 28, 2017

5.25

5.3%

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.

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.

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.

Nicholas Burns


Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.03 3.25