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Trending ETFs

Payden Emerging Markets Corporate Bond Fund

mutual fund
PYCEX
Payout Change
Pending
Price as of:
$8.26 -0.06 -0.72%
primary theme
Emerging Markets Bond
share class
Inv (PYCEX) Primary Inst (PYCIX)
PYCEX (Mutual Fund)

Payden Emerging Markets Corporate Bond Fund

Payout Change
Pending
Price as of:
$8.26 -0.06 -0.72%
primary theme
Emerging Markets Bond
share class
Inv (PYCEX) Primary Inst (PYCIX)
PYCEX (Mutual Fund)

Payden Emerging Markets Corporate Bond Fund

Payout Change
Pending
Price as of:
$8.26 -0.06 -0.72%
primary theme
Emerging Markets Bond
share class
Inv (PYCEX) Primary Inst (PYCIX)

Name

As of 09/28/2023

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

Payden Emerging Markets Corporate Bond Fund

PYCEX | Fund

$8.26

$69.8 M

5.61%

$0.47

1.32%

Vitals

YTD Return

1.6%

1 yr return

8.1%

3 Yr Avg Return

-1.1%

5 Yr Avg Return

1.7%

Net Assets

$69.8 M

Holdings in Top 10

18.5%

52 WEEK LOW AND HIGH

$8.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.32%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 84.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$5,000

IRA

$2,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 09/28/2023

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

Payden Emerging Markets Corporate Bond Fund

PYCEX | Fund

$8.26

$69.8 M

5.61%

$0.47

1.32%

PYCEX - Profile

Distributions

  • YTD Total Return 1.6%
  • 3 Yr Annualized Total Return -1.1%
  • 5 Yr Annualized Total Return 1.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.13%
DIVIDENDS
  • Dividend Yield 5.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Payden Emerging Markets Corporate Bond Fund
  • Fund Family Name
    Paydenfunds
  • Inception Date
    Nov 11, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kristin Ceva

Fund Description

ª
The Fund invests in a wide variety of debt instruments and income-producing securities. These include (1) debt securities, loans and commercial paper issued by U.S. and foreign companies and (2) 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). 
ª
Under normal market conditions, the Fund invests at least 80% of its total assets in corporate bonds issued by Corporate issuers (as defined below) organized or headquartered in emerging market countries, or whose business operations are principally located in emerging markets countries. 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 Corporate issuer is an issuer located in an emerging market country or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more emerging markets countries or that has at least 50% of its assets in one or more emerging market countries. For these purposes, Corporate issuers may include corporate or other business entities in which a sovereign or governmental agency or entity may have, indirectly or directly, an interest, including a majority or greater ownership interest. 
ª
The Fund may invest up to 20% of its total assets in other debt securities and similar debt instruments, 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
The Fund invests a majority of its assets in debt securities payable in U.S. dollars, but will also invest in debt securities payable in foreign currencies. The Fund may hedge this foreign currency exposure to the U.S. dollar. 
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. 
ª
The Fund may invest up to 20% of its total assets in equity securities of U.S. or foreign issuers, and may use derivatives to gain exposure to such equity markets. 
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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PYCEX - Performance

Return Ranking - Trailing

Period PYCEX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.6% -6.2% 7.3% 59.26%
1 Yr 8.1% -8.6% 11.5% 80.80%
3 Yr -1.1%* -17.9% 1.0% 16.83%
5 Yr 1.7%* -15.2% 0.9% 16.84%
10 Yr N/A* -8.9% 0.2% N/A

* Annualized

Return Ranking - Calendar

Period PYCEX Return Category Return Low Category Return High Rank in Category (%)
2022 -15.2% -58.7% 15.1% 25.24%
2021 -4.2% -24.0% 25.4% 12.42%
2020 3.7% -14.0% 11.1% 10.77%
2019 6.6% -19.2% 13.0% 69.07%
2018 -8.0% -16.9% 5.2% 17.95%

Total Return Ranking - Trailing

Period PYCEX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.6% -3.4% 10.1% 59.26%
1 Yr 8.1% -7.5% 14.8% 80.80%
3 Yr -1.1%* -12.8% 2.8% 16.83%
5 Yr 1.7%* -10.2% 4.8% 16.84%
10 Yr N/A* -4.0% 4.3% N/A

* Annualized

Total Return Ranking - Calendar

Period PYCEX Return Category Return Low Category Return High Rank in Category (%)
2022 -11.0% -58.7% 15.1% 34.82%
2021 0.8% -18.5% 25.4% 13.73%
2020 8.2% -7.8% 18.0% 15.82%
2019 11.9% -19.2% 23.0% 73.20%
2018 -3.3% -11.0% 5.2% 14.29%

NAV & Total Return History

PYCEX - Holdings

Concentration Analysis

PYCEX Category Low Category High PYCEX % Rank
Net Assets 69.8 M 49.1 K 71.8 B 68.31%
Number of Holdings 250 4 2121 50.93%
Net Assets in Top 10 12.9 M -134 M 1.25 B 71.12%
Weighting of Top 10 18.47% 2.2% 95.0% 52.98%

Top 10 Holdings

  1. Payden Cash Reserves Money Market Fund 6.58%
  2. United States Treasury Bill 1.90%
  3. CW Senior Financing DAC 1.63%
  4. EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 1.55%
  5. Sitios Latinoamerica SAB de CV 1.21%
  6. JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc 1.15%
  7. Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 1.14%
  8. Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL 1.14%
  9. Indofood CBP Sukses Makmur Tbk PT 1.09%
  10. Terraform Global Operating LP 1.08%

Asset Allocation

Weighting Return Low Return High PYCEX % Rank
Bonds 		93.67% -0.02% 116.66% 44.10%
Cash 		6.58% -16.66% 101.67% 40.99%
Convertible Bonds 		1.17% 0.00% 8.47% 16.30%
Other 		0.64% -3.28% 3.53% 26.40%
Stocks 		0.00% -0.47% 2.07% 88.51%
Preferred Stocks 		0.00% 0.00% 0.00% 84.16%

Bond Sector Breakdown

Weighting Return Low Return High PYCEX % Rank
Corporate 		87.13% 0.00% 93.26% 6.58%
Cash & Equivalents 		6.58% 0.00% 99.89% 18.94%
Government 		4.37% 0.00% 99.79% 98.12%
Securitized 		0.57% 0.00% 1.31% 8.78%
Municipal 		0.00% 0.00% 0.00% 84.01%
Derivative 		-0.27% 0.00% 64.87% 85.09%

Bond Geographic Breakdown

Weighting Return Low Return High PYCEX % Rank
US 		91.69% -74.21% 36.99% 23.60%
Non US 		1.97% 0.00% 159.42% 76.71%

PYCEX - Expenses

Operational Fees

PYCEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.32% 0.17% 43.25% 43.96%
Management Fee 0.80% 0.00% 1.10% 80.62%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.02% 0.65% 73.04%

Sales Fees

PYCEX 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% 5.00% N/A

Trading Fees

PYCEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% 82.35%

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.

PYCEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 84.00% 0.00% 218.00% 76.16%

PYCEX - Distributions

Dividend Yield Analysis

PYCEX Category Low Category High PYCEX % Rank
Dividend Yield 5.61% 0.00% 28.12% 62.46%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PYCEX Category Low Category High PYCEX % Rank
Net Income Ratio 4.13% -2.28% 9.04% 47.13%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PYCEX - Fund Manager Analysis

Managers

Kristin Ceva

Start Date

Tenure

Tenure Rank

Nov 11, 2013

8.56

8.6%

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

Feb 28, 2020

2.25

2.3%

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.

Alfred Giles

Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

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.

Zubin Kapadia

Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.34 6.11

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