Payden Equity Income Fund
NAV / Daily Prices
NAV ($)
17.57
NAV Change ($)
-0.23
Change %
-1.31%
MTD Return
1.15%
YTD Return
3.60%
Statistics
BetaA
0.7
Price-to-Book RatioB
3.3xF
Price-to-Cash-Flow RatioC
14.4xF
Price-to-Earnings RatioD
23.9xF
Weighted Avg Market CapE
528.2 B
Expenses
Total Fund Operating Expenses
0.76%G
| Total Returns | Month-End (01/31/2026) | Quarter-End (12/31/2025) |
| YTD | 2.42% | 11.40% |
| 1 Year | 9.70% | 11.40% |
| 3 Year | 11.18% | 10.79% |
| 5 Year | 10.01% | 9.36% |
| 10 Year | 10.17% | 9.60% |
| Since Inception | 7.32% | 7.25% |
Yearly Returns
2025
11.40%
2024
15.91%
2023
5.36%
2022
-6.71%
2021
23.28%
2020
0.74%
2019
27.95%
2018
-6.69%
2017
15.70%
2016
14.92%
Past performance is no guarantee of future results.
DividendsK
Dividend
None
Dividend Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Dividends Paid
Quarterly
Capital GainsK
Short Term
$0.0000
Long Term
$0.8756
Reinvest NAV
$17.14
Record Date
12/22/2025
Ex Date
12/23/2025
Payable Date
12/23/2025
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
11/01/1996
Share Class Inception Date
11/01/1996
Share Class
Investor Class
Ticker
PYVLX
CUSIP
704329739
Fund Total Net Assets
As of 01/31/2026
$1.0 Billion
Sales Charge
None
Benchmark
Russell 1000 Value Index
Date as of
Role in Portfolio
Large-Capitalization Value – Appropriate for conservative equity investors who seek current income and moderate exposure to equity markets.
Investment Strategy
The Payden Equity Income Fund invests primarily in large-capitalization common stocks with above-average dividend yields and other income-producing securities such as preferred stocks, master limited partnerships (MLPs), and real estate investment trusts (REITs). The Fund focuses on companies that have strong fundamentals and are expected to achieve positive earnings and dividend growth.
Why Investors Choose This Fund?
The Fund seeks to provide current income and equity-market participation through a variety of stocks, sectors, and security types such as common and preferred stocks, MLPs, and REITs.
The Fund seeks to achieve lower volatility and better risk-adjusted returns than competitors and the broad market overall.J
Security Type Allocation
Security Type
Percent of Portfolio
Common Stock
91%
Master Limited Partnerships
3%
REIT
3%
Preferred Stock
2%
Cash
1%
Top-10 Holdings
Top-10 Holdings
Percent of Portfolio
Alphabet Inc-cl A
4.2%
JPMorgan Chase
4%
Morgan Stanley
2.7%
Amazon.com
2.7%
Wells Fargo
2.6%
Bank Of America
2.5%
Blackrock
2.2%
Duke Energy
2%
GE Aerospace
2%
Merck &
2%
Sector Allocation
Sector
Percent of Portfolio
Financials
26%
Industrials
13%
Health Care
13%
Technology
10%
Communication Services
8%
Utilities
7%
Energy
6%
Consumer Discretionary
6%
Consumer Staples
4%
Materials
4%
Other
3%
Market
U.S. equities posted positive returns for the first month of 2026, with the S&P 500 rising 1.4%.
We saw a rotation in market leadership over the month as value-oriented and more cyclical segments outperformed, supported by better-than-expected corporate earnings, resilient economic data, and optimism around expansionary regulatory policies in the U.S.
Sector performance was mostly positive, led by energy (+14.4%), as elevated oil prices responded to shifting geopolitical headlines. Materials (+8.7%) and consumer staples (+7.7%) were the next best performers, while financials (-2.5%), technology (-1.7%), and health care (0.0%) were the worst performing sectors.
Outlook
We maintain a positive outlook on the U.S. equity market in 2026, supported by expectations for continued corporate earnings growth over the next 12 months and a potentially lower interest rate environment.
In the near term, however, we are moderating our expectations for significant price appreciation given concerns of elevated valuations, market concentration, and rising geopolitical uncertainties.
We continue to favor quality companies with durable cash flows and strong balance sheets, to capture secular and cyclical growth opportunities, while emphasizing the importance of diversification and reasonable valuations to help dampen portfolio volatility.
A. Beta is a measure of sensitivity of a portfolio’s movement versus that of the overall market.
B. Price-to-book is the current stock price divided by the book (net asset) value per share.
C. Price-to-cash-flow is the current stock price divided by the trailing 12-month cash flow per share.
D. Price-to-earnings is a stock’s current price divided by next year’s expected earnings per share.
E. Weighted average market capitalization is the market capitalization (number of outstanding shares multiplied by the current share price) of each holding weighted by its percentage allocated within the portfolio.
F. Multiples represent the common stock portion of the Fund only and exclude preferred stock, real estate investment trusts and master limited partnerships.
G. 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.
H. 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.
I. Returns less than one year are not annualized.
J. A risk-adjusted return measures the amount of total return per unit of risk.
K. 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.
L. 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.
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.
The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.