Payden Emerging Markets Corporate Bond Fund SI Class
NAV / Daily Prices
NAV ($)
8.88
NAV Change ($)
0.00
Change %
0.00%
MTD Return
0.11%
YTD Return
1.09%
Statistics
30-Day SEC YieldA
6.25%
30-Day SEC Yield (Unsubsidized)B
5.87%
Average Maturity
6.08 Years
Effective DurationC
3.87 Years
Expenses
Total Fund Operating Expenses
1.20%D
With Expense Cap
0.85%
| Total Returns | Month-End (01/31/2026) | Quarter-End (12/31/2025) |
| YTD | 0.97% | 7.92% |
| 1 Year | 8.03% | 7.92% |
| 3 Year | 7.23% | 7.85% |
| 5 Year | 2.60% | 2.40% |
| 10 Year | 4.84% | 4.71% |
| Since Inception | 4.35% | 4.30% |
Yearly Returns
2025
7.92%
2024
8.03%
2023
7.60%
2022
-11.05%
2021
0.90%
2020
8.36%
2019
12.00%
2018
-3.22%
2017
9.22%
2016
9.71%
Past performance is no guarantee of future results.
DividendsG
Dividend
$0.0459
Dividend Reinvest NAV
$8.86
Record Date
01/28/2026
Ex Date
01/29/2026
Payable Date
01/29/2026
Dividends Paid
Monthly
Capital GainsG
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Investment Minimum
Investor Class - Regular Account
$5,000
SI Class
$10,000,000
Investor Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Fund Snapshot
Fund Inception Date
11/11/2013
Share Class Inception Date
11/11/2013
Share Class
SI Class
Ticker
PYCIX
CUSIP
704329176
Fund Total Net Assets
As of 01/31/2026
$96.6 Million
Sales Charge
None
Benchmark
J.P. Morgan Corporate EMBI Broad Diversified Composite Index
Date as of
Role in Portfolio
Appropriate for investors with long investment time horizons who seek diversification via corporate bonds issued by emerging-market countries.
Investment Strategy
The Payden Emerging Markets Corporate Bond Fund invests in a diversified portfolio of emerging-market corporate bonds. The Fund invests in companies that are identified through extensive global industry and company analysis, consistent with our sovereign views. The Fund maintains geographic diversification across Latin America, Europe and Asia. Most of our investments are U.S. dollar-denominated, but we also see attractive opportunities in select local markets.
Why Investors Choose This Fund?
Emerging-market corporate focus - opportunistic exposure to sovereigns and quasi-sovereigns.
Managed by Payden & Rygel with over 25 years of experience managing emerging-market portfolios.
Corporate market expertise - dedicated credit analysts.
Pure bond strategy - limited use of credit default swaps or distressed debt.
Credit AllocationI
Credit
Percent of Portfolio
AA
2%
A
4%
BBB
38%
BB
35%
B
17%
CCC
3%
Unrated
1%
Sector Allocation
Sector
Percent of Portfolio
Corporates
77%
Government/Gov't Related
18%
Other
5%
Top-10 Country Allocation
Top-10 Country
Percent of Portfolio
Mexico
13.4%
Peru
11.3%
United States
7.1%
Brazil
7%
India
6.6%
Turkey
5.6%
Chile
4.5%
Colombia
4.5%
Guatemala
2.8%
Cayman Islands
2.5%
Market
Emerging-markets (EM) debt indices began 2026 the same way they finished 2025, demonstrating positive momentum. Yields on hard-currency sovereign and corporate credit narrowed by 0.08% and 0.13%, respectively, relative to similar-maturity U.S. Treasuries. In both credit sectors, high-yield-rated issuers outperformed investment-grade-rated issuers. Local markets also fared well, with interest rates stable and most currencies appreciating against a weaker U.S. dollar.
Outlook
EM fundamentals enter 2026 on a solid footing. Sovereign credit ratings have been on a net upward trend for more than two years, and we expect this improvement to continue. Growth has been steady, inflation remains contained, and external accounts are broadly balanced, underpinned by elevated foreign reserve buffers. Financial conditions have also loosened over the past year, helped by strong equity returns and declining interest rates, which support the economic outlook. EM countries vary in their exposure to higher U.S. trade barriers, and the economic impact to date has been manageable.
EM central banks have generally been easing monetary policy, though most have remained prudent by maintaining a gap between policy rates and inflation. Low-cost Chinese exports and currency appreciation against a weaker U.S. dollar should help moderate potential inflation pressures. While further rate cuts are likely in the near term, easing cycles may reach their natural conclusion in 2026.
Over the long term, structural forces continue to benefit EM debt, including stronger growth prospects relative to developed markets and a widening set of investment opportunities across nearly 90 countries, spanning sovereign, corporate, and local market bonds. Recent global liquidity trends and renewed interest in diversification have been favorable for EM asset flows. In our view, EM debt offers value as a strategic allocation, with attractive yields that can generate income over time.
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. Effective duration is a measure of the Fund’s price sensitivity to changes in interest rates.
D. Payden & Rygel has contractually agreed to limit Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement to 0.85%. This agreement has a one-year term ending February 28, 2026. Please note that the 0.85% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses.
E. 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.
F. Returns less than one year are not annualized.
G. 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.
H. 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.
I. 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.
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.