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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

$9.54

$181 M

5.54%

$0.53

0.87%

Vitals

YTD Return

2.1%

1 yr return

6.9%

3 Yr Avg Return

1.0%

5 Yr Avg Return

2.6%

Net Assets

$181 M

Holdings in Top 10

20.1%

52 WEEK LOW AND HIGH

$9.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.87%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 90.00%

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 06/17/2024

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

$9.54

$181 M

5.54%

$0.53

0.87%

PYSIX - Profile

Distributions

  • YTD Total Return 2.1%
  • 3 Yr Annualized Total Return 1.0%
  • 5 Yr Annualized Total Return 2.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.65%
DIVIDENDS
  • Dividend Yield 5.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Payden Strategic Income Fund
  • Fund Family Name
    Paydenfunds
  • Inception Date
    May 08, 2014
  • Shares Outstanding
    N/A
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Salvay

Fund Description

ª
The Fund invests in a wide variety of securities across many asset classes in an unconstrained fashion. It seeks opportunities by employing a flexible approach that evaluates security attractiveness on a global basis and across currencies.
ª
The Fund will invest in income-producing securities and equity related securities payable in U.S. dollars and other currencies. 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; (5) convertible bonds and preferred stock; and (6) equity securities and equity related securities such as common stock and master limited partnerships.
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 will invest in both developed and emerging markets.
ª
The Fund invests in both investment grade debt securities and securities 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
In evaluating preferred stocks, convertible bonds, equity securities and equity-related securities such as common equity and master limited partnerships, Payden seeks instruments consistent with the income generating focus of the Fund.
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. There may be circumstances when the duration of the Fund is negative to protect against rising interest rates. Duration is an analytic measure of the Fund’s sensitivity to interest rate movements.
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PYSIX - Performance

Return Ranking - Trailing

Period PYSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% -85.4% 12.9% 32.46%
1 Yr 6.9% -84.9% 23.7% 12.52%
3 Yr 1.0%* -47.2% 4.4% 27.34%
5 Yr 2.6%* -31.1% 4.8% 5.74%
10 Yr 2.9%* -19.2% 169.9% 2.94%

* Annualized

Return Ranking - Calendar

Period PYSIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.7% -1.6% 7.6% 25.28%
2022 -10.0% -17.7% -2.6% 91.43%
2021 -1.6% -4.0% 4.4% 52.76%
2020 3.0% -7.1% 7.6% 17.71%
2019 4.9% -2.3% 9.3% 1.25%

Total Return Ranking - Trailing

Period PYSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% -85.4% 12.9% 32.46%
1 Yr 6.9% -84.9% 23.7% 12.52%
3 Yr 1.0%* -47.2% 4.4% 27.34%
5 Yr 2.6%* -31.1% 4.8% 5.74%
10 Yr 2.9%* -19.2% 169.9% 2.94%

* Annualized

Total Return Ranking - Calendar

Period PYSIX Return Category Return Low Category Return High Rank in Category (%)
2023 7.5% 1.8% 15.2% 7.30%
2022 -6.5% -17.3% -1.3% 82.10%
2021 1.8% -2.7% 7.7% 7.87%
2020 6.4% -2.4% 14.5% 9.05%
2019 8.6% 0.6% 12.6% 1.04%

NAV & Total Return History


PYSIX - Holdings

Concentration Analysis

PYSIX Category Low Category High PYSIX % Rank
Net Assets 181 M 14.5 K 57.3 B 81.90%
Number of Holdings 292 2 9251 69.22%
Net Assets in Top 10 36.5 M 993 K 6.33 B 84.51%
Weighting of Top 10 20.13% 2.1% 103.0% 65.30%

Top 10 Holdings

  1. United States Treasury Note/Bond 3.87%
  2. United States Treasury Inflation Indexed Bonds 2.76%
  3. United States Treasury Bill- When Issued 2.76%
  4. United States Treasury Note/Bond 2.19%
  5. United States Treasury Note/Bond - When Issued 1.75%
  6. United States Treasury Note/Bond 1.75%
  7. United States Treasury Inflation Indexed Bonds 1.52%
  8. United States Treasury Bill 1.31%
  9. United States Treasury Note/Bond 1.18%
  10. United States Treasury Note/Bond 1.05%

Asset Allocation

Weighting Return Low Return High PYSIX % Rank
Bonds
92.26% 0.00% 131.18% 34.51%
Other
3.92% -0.97% 69.02% 60.26%
Convertible Bonds
2.57% 0.00% 27.71% 47.29%
Stocks
1.71% 0.00% 99.97% 12.69%
Cash
1.53% -20.59% 55.85% 65.49%
Preferred Stocks
0.59% 0.00% 22.27% 5.04%

Stock Sector Breakdown

Weighting Return Low Return High PYSIX % Rank
Healthcare
23.11% 0.00% 23.11% 3.33%
Financial Services
19.50% 0.00% 100.00% 26.67%
Technology
16.07% 0.00% 24.45% 15.00%
Consumer Defense
9.79% 0.00% 21.37% 8.33%
Utilities
9.22% 0.00% 81.48% 8.33%
Real Estate
8.31% 0.00% 8.31% 3.33%
Industrials
8.00% 0.00% 100.00% 26.67%
Communication Services
6.00% 0.00% 65.64% 41.67%
Energy
0.00% 0.00% 100.00% 95.00%
Consumer Cyclical
0.00% 0.00% 10.75% 90.00%
Basic Materials
0.00% 0.00% 22.71% 95.00%

Stock Geographic Breakdown

Weighting Return Low Return High PYSIX % Rank
US
1.71% 0.00% 99.97% 12.69%
Non US
0.00% 0.00% 0.01% 82.46%

Bond Sector Breakdown

Weighting Return Low Return High PYSIX % Rank
Corporate
35.04% 0.00% 100.00% 56.26%
Government
20.16% 0.00% 73.63% 45.79%
Securitized
18.03% 0.00% 97.27% 75.51%
Municipal
3.21% 0.00% 17.46% 6.17%
Cash & Equivalents
0.52% 0.00% 55.85% 69.40%
Derivative
-0.12% -0.33% 28.01% 93.47%

Bond Geographic Breakdown

Weighting Return Low Return High PYSIX % Rank
US
88.05% 0.00% 130.36% 44.22%
Non US
4.20% 0.00% 82.77% 7.09%

PYSIX - Expenses

Operational Fees

PYSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.87% 0.01% 3.24% 33.15%
Management Fee 0.55% 0.00% 1.19% 93.10%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.01% 0.41% 80.91%

Sales Fees

PYSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.50% 4.00% N/A

Trading Fees

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

PYSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 90.00% 2.00% 500.00% 61.06%

PYSIX - Distributions

Dividend Yield Analysis

PYSIX Category Low Category High PYSIX % Rank
Dividend Yield 5.54% 0.00% 11.11% 9.33%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PYSIX Category Low Category High PYSIX % Rank
Net Income Ratio 2.65% -1.27% 4.98% 3.24%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PYSIX - Fund Manager Analysis

Managers

Michael Salvay


Start Date

Tenure

Tenure Rank

May 08, 2014

8.07

8.1%

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.

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.

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.

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.

Kristin Ceva


Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 28.77 6.16 2.41