Fund Evaluator:

Payden Emerging Markets Corp Bd SI Overview

Payden Emerging Markets Corp Bd SI (PYCIX) is an actively managed Taxable Bond Emerging Markets Bond fund. Paydenfunds launched the fund in 2013.

The investment seeks a high level of total return. Under normal market conditions, the fund invests at least 80% of its total assets in corporate bonds issued by corporate issuers 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.

About Payden Emerging Markets Corp Bd SI (PYCIX)

There are 4 members of the management team with an average tenure of 8.00 years: Kristin Ceva (2013), Arthur Hovsepian (2020), Alfred Giles (2020), Zubin Kapadia (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and JPM CEMBI Broad Diversified TR USD index with a weighting of 100%. Payden Emerging Markets Corp Bd SI has 324 securities in its portfolio. The top 10 holdings constitute 27.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Payden Emerging Markets Corp Bd SI is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Payden Emerging Markets Corp Bd SI has 85.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.2% allocated to foreign stock, and 1.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.4% (11.4% domestic bond, 85.0% foreign bond and 0.0% convertible bond). Payden Emerging Markets Corp Bd SI has 2.0% of the portfolio in cash.

Assets Under Management

The fund has $60 million in total assets, which is below the $325 million average for the Emerging Markets Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

PYCIX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Payden Emerging Markets Corp Bd SI expense ratio is high compared to funds in the Emerging Markets Bond category. Payden Emerging Markets Corp Bd SI has an expense ratio of 0.86%, which is 15% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Payden Emerging Markets Corp Bd SI has a portfolio turnover rate of 132%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 83% for the Emerging Markets Bond category.

Recently, in the month of July 2026, Payden Emerging Markets Corp Bd SI returned -0.2%, which earned it a grade of A, as the Emerging Markets Bond category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Payden Emerging Markets Corp Bd SI has a trailing yield of 6.52%, which is above the 5.99% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Payden Emerging Markets Corp Bd SI Grades

Year to date, the fund has returned 2.1%, 0.4 percentage points worse than the category, which translates into a grade of C. The fund has returned 5.7% over the past year (grade of F), 7.5% over the past three years (grade of D) and 2.6% per year over the past five years (grade of C) and 4.0% per year over the past 10 years (grade of B).

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