Payden Managed Income Fund Institutional Class
NAV / Daily Prices
NAV ($)
10.22
NAV Change ($)
0.01
Change %
0.10%
MTD Return
0.49%
YTD Return
1.19%
Statistics
30-Day SEC YieldA
6.08%
30-Day SEC Yield (Unsubsidized)B
5.07%
Interest Rate DurationC
2.65 Years
Credit Spread DurationD
3.08 Years
Expenses
Total Fund Operating Expenses
1.62%E
With Expense Cap
0.66%
# of Funds
Overall
★★★★
334
3 Year
★★★★☆
00
Category
Multisector Bond
Data as of
1/31/2026
| Total Returns | Quarter-End (12/31/2025) | Month-End (01/31/2026) |
| YTD | 6.67% | 0.69% |
| 1 Year | 6.67% | 6.68% |
| 3 Year | 7.01% | 6.41% |
| 5 Year | 4.26% | 4.22% |
| 10 Year | - | - |
| Since Inception | 3.82% | 3.86% |
Yearly Returns
2025
6.67%
2024
8.19%
2023
6.19%
2022
-3.60%
2021
4.26%
2020
2.21%
2019
6.67%
2018
1.12%
2017
3.43%
2016
2.03%<sup>*</sup>
Past performance is no guarantee of future results.
DividendsI
Dividend
None
Dividend Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Dividends Paid
Annually
Capital GainsI
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Investment Minimum
Adviser Class - Regular Account
$25,000
SI Class
$25,000
Adviser Class - IRA Account
$25,000
Retirement Class
$25,000
Institutional Classes
$5,000,000
Fund Snapshot
Fund Inception Date
09/22/2008
Share Class Inception Date
06/01/2016
Share Class
Institutional Class
Ticker
PKCIX
CUSIP
70432T404
Fund Total Net Assets
As of 01/31/2026
$118.1 Million
Sales Charge
None
Benchmark
ICE BofA U.S. 1-Month Treasury Bill IndexH
Date as of
Role in Portfolio
Designed for investors seeking greater yield opportunity given credit focus with less interest rate sensitivity and reduced correlations to traditional asset classes. The Fund is diversified across a wide menu of public fixed-income sectors with periodic equity exposure and is not intended to outperform stocks and bonds during strong market rallies.
Investment Strategy
The Payden Managed Income Fund primarily invests in corporate, mortgage, and emerging-market debt along with other cash-flow-oriented securities. These holdings are complemented by securities positioned to take advantage of broader industry, interest rate, and currency views. The Fund seeks to manage interest rate duration with the use of futures contracts, which seek to limit exposure to yield curve fluctuations.
Why Investors Choose This Fund?
Seeks to provide total return, whether through price appreciation, or income, or a combination of both.
Utilizes all sectors of the fixed-income market with opportunistic equity usage.
Portfolio is structured with relatively low interest rate sensitivity.
Moderate use of hedging and defensive strategies.
Duration Allocation
Duration
Percent of Portfolio
0-1 yr
-28%
1-3 yrs
106%
3-5 yrs
20%
5-7 yrs
9%
7+ yrs
-7%
Credit AllocationK
Credit
Percent of Portfolio
AA
6%
A
7%
BBB
24%
BB
31%
B
16%
CCC
2%
Unrated
14%
Sector Allocation
Sector
Percent of Portfolio
Emerging Markets
35%
Mortgage-Backed Securities
16%
High Yield
16%
CMBS
15%
Bank Loans
11%
Asset-Backed Securities
10%
Other
-3%
Market
Markets began the year with a broadly constructive tone, as risk assets delivered positive returns across most sectors, supported by steady earnings and improving investor confidence. January’s data releases suggest solid growth in economic activity, a weak labor market, and moderating inflation. Against this backdrop, fixed-income markets delivered positive returns despite modest upward pressure on interest rates, as income and credit risk premium compression helped offset rate-related headwinds. Credit markets proved resilient, with strong demand supporting compressed credit risk premiums across corporate and structured credit, even as primary market issuance remained elevated. While volatility increased at times amid shifting rate expectations and global headlines, market conditions stabilized into month-end, allowing risk sentiment to improve and supporting performance across a broad range of asset classes.
Outlook
We see a divided path ahead for the U.S. economy, with meaningful upside and downside outcomes driven by the trajectory of the labor market, growth trends, and inflation dynamics. Against this backdrop, and with credit risk premiums reflecting unattractive valuations, we are modestly cautious on downside risk while emphasizing yield optimization through disciplined relative-value positioning. Interest rate pricing in the U.S. suggests a "soft-landing", with expectations that the federal funds rate will settle near 3%, and that inflation indicators will remain stable.
We remain constructive on the short- and medium-term of the U.S. Treasury curve, where yields appear more stable than longer-term bonds, which are more affected by supply pressures and policy uncertainty. Within credit, we prefer an elevated degree of exposure to emerging-market debt, as higher real yields, moderating inflation, and ongoing policy easing make these bonds more attractive.
Our positioning in developed-market credit remains selective, while we prioritize higher-quality opportunities in securitized credit, such as commercial mortgage-backed securities (CMBS), where credit risk premiums and yields compare favorably to lower-quality corporate alternatives. Overall, we believe this approach strikes a better balance between bond quality, potential price risk, and yield, while preserving liquidity and flexibility across portfolios.
A. The 30-day SEC yield represents the dividends and interest earned for a 30-day period, annualized, and divided by the net asset values per share at the end of the period. The SEC yield is computed under a standardized formula which assumes all portfolio securities are held to maturity. This value may differ from the actual distribution rate of the fund.
B. Represents a 30-day SEC yield without adjusting for fee waivers or expense reimbursements.
C. Interest rate duration is a measure of the Fund’s price sensitivity to changes in interest rates.
D. Credit spread duration is a measure of the Fund’s price sensitivity to changes in yield differences between non-government bonds and U.S. Treasuries.
E. Total Annual Fund Operating Expenses include all direct operating expenses of the Fund, as well as 0.01% Acquired Fund Fees and Expenses incurred indirectly by the Fund through its investment in other mutual funds. Payden & Rygel ("Payden") has contractually agreed that, for so long as it is the investment adviser to the Fund, Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement will not exceed 1.25%. Please note that the 1.25% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses. Payden has contractually agreed to further waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Further One-Year Fee Waiver or Expense Reimbursement exceed 0.65%. This agreement has a one-year term ending February 28, 2026. Please note that the 0.65% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses.
F. Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, go to the Mutual Funds > Performance page on this website, or call 800 572-9336.
G. Returns less than one year are not annualized.
H. Effective February 28, 2025, the Fund’s benchmark changed to the ICE BofA U.S. 1-Month Treasury Bill Index (previously the 30-year U.S. Treasury securities crediting rate defined by the Internal Revenue Service).
I. Why do Payden mutual fund shareholders receive a distribution? Mutual funds are required by the IRS to distribute substantially all realized profits they earn to shareholders on at least an annual basis. If a fund has net gains from the sale of securities, or if it earns dividends or interest from securities, the fund must distribute those earnings to its shareholders. All distributions are taxable, unless an investor's shares are held in a tax-deferred or tax-exempt account such as an IRA. Payden shareholders have the option to receive their distributions in cash or to automatically reinvest the distribution back into the Fund. This information is not intended to provide tax advice. Please consult a qualified tax professional for advice specific to your circumstances. Dividends shown are historical and not guaranteed. Amounts may vary and do not predict future income.
J. The minimum initial investment may be modified for certain financial intermediaries that submit trades on behalf of underlying investors. Payden Funds’ distributor may lower or waive the minimum initial investment for certain categories of investors at their discretion.
K. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest) and are subject to change. Security ratings are assigned using the highest rating of Moody’s, S&P, and Fitch.
For more information and to obtain a prospectus or summary prospectus, visit payden.com or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information about the Fund, which is contained in these documents.
Investing in equity securities poses certain risks, including a sudden decline in a holding’s share price, or an overall decline in the stock market. The value of the Fund’s investment in any such securities will fluctuate on a day-to-day basis with movements in the stock market, as well as in response to the activities of individual companies whose equity securities the Fund owns. Fund price may fall when the U.S. stock market declines. Moreover, purchasing stocks perceived to be undervalued brings additional risks. For example, the issuing company’s condition may worsen instead of improve, or the pace and extent of any improvement may be less than expected.
Interest Rate Risk: As with most funds that invest in debt securities, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase.
Investment in foreign securities entails certain risks from investing in domestic securities, including changes in exchange rates, political changes, differences in reporting standards, and, for emerging-market securities, higher volatility.
Investing in high-yield securities entails certain risks from investing in investment-grade securities, including higher volatility, greater credit risk, and the issues’ more speculative nature.
The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.