Payden High Income Fund
NAV / Daily Prices
NAV ($)
12.87
NAV Change ($)
0.00
Change %
0.00%
MTD Return
0.39%
YTD Return
1.01%
Statistics
30-Day SEC YieldA
5.67%
Average Maturity
6.24 Years
Effective DurationB
3.03 Years
Expenses
Total Fund Operating Expenses
0.63%
With Expense Cap
0.63%
# of Funds
Overall
★★★★
577
3 Year
★★★★☆
00
10 Year
★★★★
439
Category
High Yield Bond
Data as of
1/31/2026
| Total Returns | Month-End (01/31/2026) | Quarter-End (12/31/2025) |
| YTD | 0.61% | 8.73% |
| 1 Year | 7.93% | 8.73% |
| 3 Year | 9.28% | 10.48% |
| 5 Year | 5.32% | 5.35% |
| 10 Year | 6.52% | 6.41% |
| Since Inception | 5.64% | 5.64% |
Yearly Returns
2025
8.73%
2024
8.14%
2023
14.71%
2022
-9.76%
2021
6.62%
2020
7.38%
2019
16.75%
2018
-2.85%
2017
6.53%
2016
10.61%
Past performance is no guarantee of future results.
DividendsF
Dividend
$0.0486
Dividend Reinvest NAV
$12.82
Record Date
01/28/2026
Ex Date
01/29/2026
Payable Date
01/29/2026
Dividends Paid
Monthly
Capital GainsF
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
$100,000
Adviser Class - Regular Account
$5,000
SI Class
$10,000,000
Investor Class - IRA Account
$100,000
Adviser Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Fund Snapshot
Fund Inception Date
12/30/1997
Share Class Inception Date
12/30/1997
Share Class
Investor Class
Ticker
PYHRX
CUSIP
704329572
Fund Total Net Assets
As of 01/31/2026
$1.1 Billion
Sales Charge
None
Benchmark
ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index
Date as of
Role in Portfolio
High-Yield Bond – Appropriate for investors who seek higher yields and diversification in the growing $1.5 trillion high-yield bond market.
Investment Strategy
The Payden High Income Fund invests in corporate high-yield bonds, which provide a premium to U.S. Treasury bonds. The Fund generally invests in the higher-quality segment of the market and looks for companies with good growth prospects, superior and defensible products and strong management teams.
Why Investors Choose This Fund?
Primary focus on the upper tier (BB or B rated) of the global high-yield bond market.E
Potential for both income and capital appreciation.
Credit AllocationE
Credit
Percent of Portfolio
AAA
2%
BBB
4%
BB
34%
B
52%
CCC
7%
Unrated
1%
Top-10 Holdings
Top-10 Holdings
Percent of Portfolio
Energizer Hlds
0.7%
Banpu Pcl
0.6%
California Buyer/Atlanti
0.6%
Phoenix Aviation Capital
0.6%
G Holdings
0.6%
Fr Br Holdings Llc
0.6%
Enstar
0.5%
KeHE Distributors
0.5%
Kraken Oil & Gas Partner
0.5%
Midcap Financial
0.5%
Sector Allocation
Sector
Percent of Portfolio
Consumer Cyclical
19%
Financials
16%
Energy
14%
Communications
12%
Consumer Non-Cyclical
11%
Industrials
6%
Utilities
6%
Basic Materials
5%
Loans
5%
Cash
2%
Other
4%
Market
High-yield bonds posted a robust return during the month despite both rates and spreads (i.e., the difference between bond yields and comparable-maturity U.S. Treasury yields) rising modestly during the first month of the year.
The ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index returned +0.51% during the month. BB-rated bonds returned +0.50%, B-rated bonds returned +0.51%, and CCC-rated bonds returned 0.01%.
During the month, new issuance reached $30 billion, of which $7 billion represented net new borrowing.
High-yield mutual fund and exchange-traded fund (ETF) flows were -$1.3 billion during the month.
Outlook
In our view, high-yield issuers are entering 2026 with sturdy fundamentals, which should help limit defaults overall. While idiosyncratic risks remain, systemic risk appears low.
Speculative issuance was limited in 2025 with CCC bonds making up only 3% of new deals. As a result, these bonds represent less than 10% of the overall high-yield market, which is the lowest level in 25 years, and should help reduce market volatility.
Current yields in the mid-6% range look attractive, but careful security selection and active management will continue to be important in 2026.
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. Effective duration is a measure of the Fund’s price sensitivity to changes in interest rates.
C. 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.
D. Returns less than one year are not annualized.
E. 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 lowest rating of Moody’s, S&P, and Fitch.
F. 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.
G. 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.
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.